Cognitive Automation, Cutting Edge Technology to Improve BFSI Business Processes

There are various complex business processes involved in banks, especially in handling and processing loads of customer request. These processes are mainly still rely manually on human-staff and paper, which are less effective considering that banks have many incoming customer requests to be processed every day. Therefore, it takes many people at back offices to process loads of customer request, not to mention any other works that they must do such as managing sales, financial, and administrative reports.

Consequently, there is a high degree of manual processing in terms of that matter. Manual processing is considered less effective since it takes more time to do and costly, also it possibly leads to an inconsistent result with high error rate due to human-staff’s fatigue of handling and processing loads of document work. These factors lead to shift perspective of banks to adapt digital and automation solutions to enhance and improve their internal business processes, especially customer-related front-end operations.

The desire and needs to achieve a rapid, effective and efficient, large-scale up automation to improve business processes are leading to the rapid and expanding growth of automation itself. This may also due to the shift in back-office processes of many BFSI sectors, which leads to competition of one another of who is effectively and successfully optimize their business processes by harnessing automation.

Since customer is the key of business growth, companies should consider the most convenient way of customer-facing operations. Cognitive automation arises as a cutting-edge technology that compromises and offers customers convenience and much more effective business processes.

Enabling Cognitive Automation in Internal Business Processes

There are possible ways to adapt and implement cognitive automation in order to achieve a two-way effective business processes for both company and customers.

• Loan Processing

Loan processing prediction comprises of time-consuming and high amount of information to be screened. Implementing cognitive automation can reduce the tasks and minimize the time to process loan prediction for customers. Cognitive automation has capabilities to speed up but not miss out the process of loan processing prediction and create an improved and effective business processes for both company and customers.

Enabling cognitive automation in loan processing prediction includes automatically give predict chances for an approved loan, managing the process flows, and prioritize the loans applications. It also has the ability to predict the abnormality of a customer that is beneficial for fraud detection and prevention.

• Customer on-boarding Process

Customer on-boarding process is an important matter to be taken into account of, as it’s about engaging new-customer to keep the business in circle. A complex and various process that a customer needs to experience can form in dissatisfaction and therefore inflict a financial loss.

Cognitive automation concepts can be applied to the customer on-boarding process in a practical way to engage customers experience into a satisfaction, which can also be considered as improved business processes.

Cognitive automation can leverage multichannel capabilities to authenticate submission, process documents faster automatically, detect and prevent fraud based on verification and validation of data and information. Cognitive automation can digitize and automate inbound and outbound communication, also eliminate manual processing of human-works to increase operational efficiency and most importantly, responsiveness.

• Customer Service / Support

Customer service / support department receives loads of incoming emails every day, which is time-consuming to sort out emails and classify them based on the issues. Moreover, fatigue might happen to human-staffs in terms of many emails they would need to handle, and this might also lead to missed-out important emails. Therefore, there is a desire to implement cognitive automation with key capabilities to reduce and minimize human-works, such as automatically classifying emails based on the issues, forwarding emails to specific department, responding to customers emails and giving solution to their issues. Amazingly, cognitive automation can fulfil these needs.

In a nutshell, cognitive automation offers a solution for a bright futuristic chance, that brings many values proposition for both companies and customers. Adapting and implementing this cutting-edge technology will shift business processes to a more effective and efficient way, as harnessing cognitive automation will theoretically save more FTEs (Full-time Equivalent).

Are you ready to shift your business processes more improved by cognitive automation?

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