Financial Services and the New Automation Paradigm: What You Need to Know about AI-Powered Automation
April 2, 2021 · 2 min read
As members of the Banking Fraud Mitigation and Financial Crimes Investigation communities, we are challenged, year over year, to keep our costs low and outcome results we’re held responsible for high. We continue to look for innovative ways to cut our costs without sacrificing efficacy in our reporting and customer service capabilities. These real-life goals are not always achievable in our current workflow environments, yet we know we are expected to have access to information required to investigate and make decisions about our customers and be able to retrieve it. When we investigate how best to establish new and less-costly workflow capabilities, we naturally are attracted to automation. A simple search of automation within the banking industry typically yields use cases including:
When we seek to streamline these processes, it can be a challenge to bring better, stronger and faster detection and remediation methods into our current (often legacy) workflows. A clear view and understanding into our customers’ accounts and activities are necessary more than ever before — actually, it is expected. This requires superior automation, powered by machine learning.
The now-old ideas of the circa mid-2000s forms of automation, specifically RPA as a stand-alone solution, are no longer good enough. Simply put, those processes are rules-based. Today, we live in a continually mindful and culturally divergent world, where rules-based technologies will always have high false-positive outcomes. Labor-intensive work for your investigation and analyst teams is fraught with tedium, mistakes and high turnover. The new automation paradigm requires the use of AI-powered automation — using machine learning to capture, absorb and execute a degree of manual effort.
Powered by machine learning, automated Email Discernment and Decisioning; Routing; Fraud Investigations; KYC; New Account Opening and other core processes are key to streamlining financial crime-fighting, fraud detection and prevention, and your financial institution’s Operations functions. Intelligent Automation has proven to show increasing customer success and satisfaction rates, and create a short ramp-up to year-over-year cost savings.
By considering WorkFusion as your partner, you will be on the forefront of a transition to more meaningful work for all of your employees. What an amazing opportunity!