2022 Outlook: Banks Embrace Innovation Via AI, Digital Banking – Global Banking & Finance Review

Jason Chorlins, CPA, CFE, CAMS, CITP Principal, Threat Advisory Providers Miami
  1. Do you see banks doubling down on innovation and game-changing applied sciences? What would hinder banks from pursuing this?
Jason’s response: Sure, we see banks and monetary establishments specializing in investing in know-how and innovation in 2022.  With the help of innovation, banks are rethinking back-office processes whereas customers are more and more centered on experiences which might be pushed by their digital units. The vast majority of banks and monetary establishments are nonetheless supporting processes that depend on human beings, paper and severely outdated back-office processes that inhibit the deployment of quick, easy options that improve banking clients’ experiences whereas making it a extra seamless course of.

We’ve seen a much bigger push by banks leveraging automation to extend effectivity and enhance experiences.  By leveraging information and analytics, and automating repetitive processes by robotic course of automation (RPA), monetary establishments can have a lot smaller models run value-added duties, resembling deal origination, know your buyer (KYC) validation, primary information assortment and distribution of knowledge all through the group, and many others. RPA gives the advantages of value discount, elevated effectivity, enhanced accuracy, improved buyer experiences, and seamless flexibility. Just like the motion towards cloud computing, automation will proceed to achieve momentum due to the rising variety of exterior suppliers who've leveraged prior expertise to offer scalable options at an affordable value. Course of automation instruments resembling RPA and digital course of automation (DPA) will proceed to take pleasure in important progress in 2022 as banks begin realizing the advantages past improved effectivity.

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