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Four Steps to Ensuring Process Automation Technology Helps Financial Institutions Win
January 25, 2022
Maintaining business continuity, while working with legacy systems, is one of a host of challenges that financial institutions face. Fractured processes, complex and ever-evolving regulations, and repetitive due diligence requests are driving longer onboarding times, creating higher costs to serve, decreasing customer satisfaction, and putting financial institutions at risk for non-compliance.
Financial institutions have the data they need, but often it is stored across different systems of record. Merging these into a holistic view is the best way to protect the business—that's where intelligent process automation can make an impact.
Intelligent process automation powered by artificial intelligence (AI) and machine learning (ML) technologies—such as ABBYY Timeline—can deliver key capabilities that provide financial institutions with confidence in protecting themselves from both fraud and regulatory violations. In order to implement intelligent process automation in a way that delivers significant benefits, financial institutions must start with clearly articulating the key objectives and design principles of the technology solution, and then take four specific actions to ensure the right solution is embedded in the right process.
Manual, inaccurate processes involving documents are transformed into controlled, automated flows, reducing time to revenue, improving customer experience and loyalty, and enabling compliance with AML and KYC regulations.
Cheryl Chiodi, Director, Solution Marketing, ABBYY
We at ABBYY have identified the actions your financial institutions can take to embed the right solution and transform the business with intelligent process automation.
Action 1. Discovering and mapping: Identify variations from the ideal process flow to find the root cause of a problem that may be impacting efficiency or customer experience.
Action 2. Analyzing and optimizing: With the ability to automatically organize and visually display your entire processes end-to-end, it becomes easy to find areas for process improvement—discover opportunities in places you might not even have been looking.
Action 3. Predicting, monitoring, and processing: Monitor process execution and alert staff when specific situations are detected. Sustain process excellence and prevent backsliding.
Action 4. Predicting and forecasting: Achieve highly integrated and fully automated insights to forecast processes in their future state and take action to ensure positive outcomes.
To learn more about the key principles of a well-designed solution and what each action entails, download the white paper to get the full insights.
Intelligent Document Processing (IDP)
Intelligent Automation
Digital Transformation
Financial Services
Process Mining
Robotic Process Automation (RPA)