Banking and financial sector heavily involve processes abundant in repetitive and manual tasks that are resource and time intensive. Digital automation has emerged as the transformation step across industries which can reimagine end-to-end business operations by integrating the latest advancements in technology with people and processes. While some of these digital automation solutions have extensive usage in security and fraud detection, its biggest impact can be from automating repetitive and menial tasks that can free-up personnel for work of higher value.
Business horizons of financial institutions can be significantly extended by integrating technology such as robotic process automation (RPA) and AI. Along with the task-executing capability of machine learning, with analytical and cognitive abilities such as Natural Language Processing (NLP) and computer vision, it is possible for financial institutions to keep pace with the digital evolution of allied platforms and services. Banks and financial institutions can process more data and automate tasks that require flawless execution along with other traditional procedures such as account operations, loan processing, trade finance operations, etc.
With the financial industry increasingly embracing the no-code technology solutions such as RPA and AI, it is only a matter of time before the digital acceleration extends all the way from the C-suite to customer care and operations.
Coforge is leading the charge in cognitive-led innovation with actionable insights and smart decision making for the workforce of the future in IT and finance. With more than 50 existing solution accelerators, we are primed to deploy automation across corporate functions and industry processes for our banking and finance clients.