Banks In The US Utilise Automation To Increase Efficiency

According to VP analyst at Gartner, Saikat Ray, executives across sectors are looking to automation to achieve cost minimization and increased productivity goals, as reported by CIO Dive in August. By the end of 2022, the market for robotic process automation software will be worth $2.9 billion, a 19.5% increase from 2021.

BB&T and SunTrust’s merger, the reduction of manual work for Wells Fargo contact centre agents through the use of digital personal assistants, and the delegation of some structured, rule-based routine work to bots at JPMorgan Chase are just a few recent examples of initiatives that large UiPath bank customers have used automation tools to support.

According to managing director of global digital transformation and integrated intelligent automation at JPMorgan Chase, Shefali Shah, one of the next steps on the company’s automation journey will be using bots to handle more complex tasks, such as examining unstructured procedures and unstructured data, and using machine learning to facilitate these efforts. Truist is implementing automation in support of incorporated relationship management, an initiative to use data from across the organisation to provide customers with more individualised service, according to executive vice president and head of enterprise enablement and intelligent automation at Truist, Diana Caplinger.

In the meantime, UiPath will have a natural language processing capacity that can mine data from client dialogues taking place over email, chat, or voice engagements through its August purchase of U.K.-based artificial intelligence company Re:infer. executive vice president for Products and Engineering at UiPath, Ted Kummert, stated that the toolset will be accessible to clients in the first few months of the upcoming year.

According to Forrester’s Clarke, it’s critical for banks to go beyond back-office use cases and progressively tie automation to enhanced client experiences and outperforming competitors in the market.

Financial services companies must use automation to improve and develop innovative customer experiences across the customer lifecycle, according to Clarke.