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Cracking the Intelligent Automation Fintech Code

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Financial services organizations operate in a dynamic and complex ecosystem where new threats and opportunities emerge. They are under pressure to automate processes, cut costs, and become more agile to remain competitive. Customers expect these organizations to provide hyper-personalized services in all places, consistently. Agile Fintech companies that bring niche services offer better customer intimacy than traditional financial services organizations. Today, businesses need to react quickly to market changes and customer expectations. Being nimble is critical at the moment.

Unleashing the Power of People + Next-gen technology (RPA, Machine Learning, and AI) with Intelligent Automation

Automation methods have gone hand in hand with the changing nature of work. RPA, artificial intelligence, and machine learning have the potential to make business processes more innovative and efficient.

A recent survey by McKinsey reveals that companies that experimented with intelligent automation could automate up to 70% of the repetitive tasks that their employees were handling. Still, they could also see a 20–35 percent run-rate of cost efficiencies.

AI collects data from multiple sources and feeds it to tools to enhance the value of their interactions. RPA adds value by automating structured, data-driven processes that previously required manual intervention. Each provides value on its own. Bringing the two together (i.e., IA) adds enormous value in developing solutions that use a technological knowledge base to modernize processes as well as interactions between applications.

The resulting solutions are faster and more accurate, contributing to the four significant efficiencies:

  1. Better productivity: More efficient planning cycles can be achieved through the real-time integration of multiple sources of structured and unstructured data, automation of applications and processes, and decision-making and prediction.
  2. Increased precision: The combination of structured and unstructured data can ensure better decision-making; it also helps automate repetitive, manual processes and requires less human intervention, leading to more precise results.
  3. Cost savings: According to Deloitte, businesses anticipate an average cost reduction of 22% from intelligent automation. They realized, however, that organizations ramping up intelligent automation have already realized an average cost savings of 27% from their implementations thus far.
  4. Enhanced CX: Businesses that leverage digital technology can comprehend their customers’ needs, communicate more effectively, and produce higher-quality products.

 

Final Thoughts

Intelligent automation does not refer to a single technology. In its place, it indicates various sets of automation tools that can resolve complex problems. Intelligent automation does more than automate isolated processes; it also catalyzes the actual process and workflow transformation. The payoff can be pretty substantial in terms of increased productivity, streamlined processes, and exceptional customer service.

Over the last decade, the evolution of RPA (robotic process automation) has propelled us to the forefront of workforce unification through people + intelligent automation. At this stage of development, digital robots not only automate back-office processes but also complement, augment, and interact with your human workforce via human-in-the-loop capabilities such as AI, machine learning, and optical character recognition.

Thus, how can businesses move from basic RPA to enterprise intelligent automation while ensuring the long-term viability of their legacy systems?

What’s Next?

Reality check: There’s no time for “cookie-cutter” monotony

Break it with Tavant’s Intelligent Process Automation

Tavant’s consulting-driven approach to automation helps mortgage lenders, banks and real estate companies improve productivity and enhance customer experience with our deep automation and domain expertise. By combining the power of industry tools and accelerators, we drive organization-wide transformation through RPA, ML, and AI to solve your most important business challenges.

Key steps on the journey include:

  1. A Phase of Discovery and Planning: We begin with a maturity assessment to develop a comprehensive digital blueprint of all process activities that align with your business priorities.
  2. A Quick Automation Assessment: A quick assessment can help you understand immediate automation priorities, cost-saving opportunities, and the best-integrated automation framework for your needs.
  3. Assess and Build: Organizations must evaluate various technology, architecture, security, and governance solutions to determine which options are available to automate. We can help you decide how to use it, which technologies to leverage, and how to ensure that it is widely used throughout your organization.
  4. Optimize and Manage: By establishing a new human/digital partnership, we can simplify, standardize, transform, automate, and optimize business processes.

 

For more information on how intelligent automation can help Fintech companies transform their businesses, visit here or mail us at [email protected].

 

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