26 Jun What can Artificial Intelligence do for your company?
Digital transformation and process optimization are the two strategic priorities for Spanish companies with 66% of managers intending to invest in technological tools this year. Robotic Process Automation (RPA) and Artificial Intelligence (AI) are two of these tools; both of which are closely linked to Business Process Management (BPM). These are in the top three solutions chosen by companies to undertake their digital transformation projects. KPMG talks about this in their article “Taking the next steps towards AI“.
According to another report entitled ‘State of AI in the Enterprise’ by Deloitte Consulting, the three main benefits of implementing AI are to enhance current products, optimize internal operations and make better decisions. But as AI is often used in combination with other technologies such as RPA, Big Data and other cognitive tools, its added value also increases.
In the financial services sector, the use of AI offers opportunities in the front office such as improving customer service, and in the back office, to improve efficiency and services. Let’s see some examples of use:
• Chatbots and virtual assistants: can respond to customers’ questions and perform small tasks 24/7.
• Personalization of products and services: thanks to all the data processed, personalized care can be offered. This improvement to current offerings can even create new business models.
• Control of money laundering and fraud prevention: Intelligence makes it possible to analyze a greater volume of data, compare it with other sources and detect behavior patterns that may be hiding some type of anomaly.
• Credit rating: this analysis improves the credit checks and loan terms and conditions.
• Regulatory compliance: the heightened analytical capacity allows companies to track all the changes to regulations and to apply those changes to guarantee compliance.
Up to 27% of financial activities can be automated using technology already used by most financial institutions; by integrating these tools with new technology such as AI, digital business platforms, RPA, etc., this figure could rocket. As in the case of BDF, a leading mortgage provider in Nicaragua, that implemented AuraPortal iBPMS platform and integrated existing technology to automate and streamline their processes, promote a culture of continuous improvement and heighten customer satisfaction. The key to ensuring efficiency, profitability and cost reduction while digitally transforming your company is to control and coordinate all technologies using a BPM suite. This ensures that no data is lost, the full potential of AI is leveraged and that all previously-defined actions are executed with precision.