Fractured processes, complex and ever-evolving regulations, and repetitive due diligence requests are slowing down customer interactions and creating competitive vulnerabilities for financial institutions. Fintechs and neobanks are waiting and ready to exploit these vulnerabilities with their cutting-edge technologies to gain market share. This is driving more and more financial institutions to look for ways to introduce intelligent process automation (IPA) to reduce risk and achieve operational excellence. Unfortunately, they are finding that implementation is not simple, and there is no shrink-wrapped solution.
In its work with thousands of clients, ABBYY has identified the specific steps that financial institutions must take in order to implement intelligent process automation in a way that delivers significant benefits. It starts with clearly articulating the key objectives and design principles of the technology solution and then taking four specific actions to ensure they embed the right solution in the right process.