Disruption In Retail Banking - Powered by Intelligent Automation
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The financial sector is experiencing digital disruption from new technologies like RPA, IA, IoT, blockchains, analytics and AI. Even large incumbent banks face tight competition from new entrants adopting these technologies faster. Customer expectations are also changing with demands for virtual banking, assisted banking, peer-to-peer payments and more. This is reshaping the banking ecosystem and forcing players like retail banks, investment banks, and wealth management firms to develop digital strategies both internally and externally.
Disruption In Retail Banking - Powered by Intelligent Automation
- 2. ABSTRACT Like most of the other industries, the financial sector is also experiencing a digital disruption powered by the new generation of technologies including Robotic Process Automation (RPA), Intelligent Automation (IA), Internet of Things (IoT), Blockchains, Analytics and Artificial Intelligence (AI). Even the large incumbent banks are experiencing tight competition as the new entrants are adopting these technologies at a faster pace. Apart from the competitions, the increasing customer expectations and the introduction of innovative services based on the customer expectations are reshaping the banking ecosystem as a whole. Virtual Banking, Assisted Banking, Zero hour contracts, Peer to Peer payments, Connected payments and so on are some of the key trends that the new generation customers expect from their banking partners. These new trends and digital ecosystem are compelling the different players including Retail banks, Community banks, Investment banks, Private Equity firms and wealth management firms to adopt a sound and executable digital strategy inside and outside their organization. Acquiring new customers and on boarding them without manual intensive processes Launching of new products/ services in line with the customer expectations and under tight deadlines Keeping a balance between legacy systems and new age digital systems to drive back office operations efficiently Automating customer interactions & engagement to provide a seamless Customer Experience 01 02 03 04 However, are all the players able to bring in this efficient digital strategy into their existing banking ecosystem? Are the banking sector players experiencing challenges in the below areas? Digital Transformation powered by Intelligent Automation can address your challenges to a larger extent and bring in the business disruption by reimagining existing processes of customer acquisition and engagement, rolling out new lines of services, creating deeper pockets with existing customers with better insights, redefining employee engagement and streamlining back office operations. This paper explores some of the key pain points that banking sector experiences currently and how IA can address them to a greater extent.
- 3. To read the complete whitepaper visit For any Queries, Write to us at: business@happiestminds.com https://www.happiestminds.com/wp- content/uploads/2018/11/Digital- Disruption-in-Rental-Banking-Powered-by- Intelligent-Automation-Happiest-Minds.pdf