Topic: Financial Services
Thrive in a Post-COVID World: The Future of Financial Institutions and Insurance Organizations
The pandemic forced financial institutions and insurance organizations to make overnight changes in how they operated, and for two industries not known for speed in adapting to change—or changing processes on the fly—this proved that they can be nimble when they need to be.
Reimagine Your KYC Strategy in 2021
Fraudsters spent much of 2020 focused on intercepting government stimulus programs and upping their game to make illicit gains from enhanced unemployment benefits. There was also an increased focus on phishing attacks targeting “digital newbies,those who were previously inexperienced with online digital services and who were compelled to go online for services that were previously carried out in person.
How the COVID Era Makes KYC/AML Interesting
By now it is accepted as given that banking interactions and the processes and technology enabling them have become normalized around social distancing. The accelerated adoption of Hyperautomation, originally conceived for making operations more efficient with AI and bots, now is a strategic element of making contactless business for both customers and employees work.
Do You Need Process Intelligence for Successful Digital Transformation Outcomes?
While 80% of the companies surveyed by McKinsey consider digital transformation a top corporate priority, nearly 70% fail to meet expectations. ABBYY Process Intelligence is designed to help organizations discover and measure how current processes work, identify process bottlenecks, and surface areas for process optimization based on four foundational pillars.
Financial Industry Becoming Leaner through Digital Intelligence
It’s no secret that digital transformation has become a necessity for businesses to gain a competitive edge. With increasing customer expectations, the ability to get processes done faster and more efficiently has never been more important.
Why AI Matters in LIBOR Transition
On July 27, 2017, the UK’s Financial Conduct Authority announced that the London Interbank Offered Rate (LIBOR), one of the world's most widely used interest rate benchmarks, will be phased out by the end of 2021. While officially a UK protocol, LIBOR is used as a reference rate by financial institutions around the world, including the United States, and its impending demise has generated calls to action across the global banking and finance industry.
Financial Services - Ready for Business in the Year of COVID Transition
Just 6 months ago, no one would have imagined that social distancing would be the normal way of interacting in public settings or doing business. But now, just halfway through the year, we can hardly imagine what it was like going to the store, getting a meal, or going to the bank without a mask, hand sanitizer, avoiding cash, and being vigilant about safe distance.
Why Process is Such a Big Problem
A recent survey commissioned by ABBYY asked decision makers across multiple industries – Financial Services, Insurance, Government, for example – how consistently they believed workers followed processes. As one would expect with any survey, results varied by industry, with Financial Services and Insurance scoring pretty high, but most surprising was the comparatively lower scores Government decision makers (leaders) gave their organizations.
ABBYY Helps Banks Overcome Process Challenges
The financial services industry is facing unprecedented pressures due to a perfect storm of the pandemic, technological disruption and customer expectations. As a result, the pressure on operating margins is high, loan deferrals are up, loss provisions are increasing and interest income is declining.
Modernizing the Insurance Industry: The Missing Link
If you work in the insurance industry, a bad day at work might look like this. One customer announces that she’s cancelling her policy and going to a competitor after experiencing delays in exchanging the accident reports, appraisals and other documents needed to settle and pay her claim.