Advanced Automation RPA for Banking—Boost Your Bottom Line (part 3 of 6)
Advanced Automation and RPA (Robotics Process Automation) Promote Security and Maximize Efficiencies
Simply replacing human interaction with reliable mechanized operations can produce signifiant benefits and quickly pay for itself. Throughput can be reduced from days to hours for business processes that require high volume document capture and processing. Companies can net significant ROI using advanced automation for processing like mortgage applications, invoices and receipts, bills of lading, claims and purchasing documents.
It Doesn’t Have to Take an Army of IT to Implement
Supervised machine learning, a subset of artificial intelligence, is quickly becoming very reliable and significantly faster to implement. It can be trained by non-technical knowledge workers to automatically identify document types and extract data for hands-free processing.
Automated Processes Help You Meet Service Level Agreement and Ensure Security
Some examples of hands-free processing include:
- Verify and prefill data on web and payment forms through database integration
- Configure automatic email alerts for action, inaction or an exception
- Automatically request additional information or documents when triggered
- Automatically initiate workflow for data and documents as they come in via fax, email, etc.
- Identify type of document start appropriate workflow
- Automatically extract data from a document and share with another system
- Automatically convert document formats upon import or during workflow
- Update metadata to an existing document
- Create document packets and automatically update with incoming documents
- Provide automation around KYC screening for better compliance
Additional Benefits Abound
Mechanized processes are accurate and reliable than those executed by humans. In addition, data that’s obtained can easily be leveraged through RPA for other critical executables. For example, data extracted from a mortgage application can be used for content analytics for rapid iteration and flexibility to support your customers' evolving needs. It can be used for forecasts and predictions. Or it can feed a data lake to used for tasks such as reporting, visualization, analytics and marketing.
If you’re considering automating your high volume business processes, it’s important to engage an experienced technology partner, like ImageSource, to help evaluate your current state and calculate the expected return on investment. We’ve helped multiple financial services companies save labor, make decisions faster, take advantage of discounts, and more. With flexible ILINX solutions, ILINX eForms, ILINX Capture, ILINX Capture Workflow and ILINX Advanced Capture work seamlessly together to automate transaction processing to better serve customers, business partners and your bottom line.
Check out the 5 other posts in this series:
Ingest and Process Secure Data, Documents and Payments Real-Time During Customer Transactions
Extend Online Invoice Upload Capabilities to Business Partners
Integrate Data from All Systems to Optimize Business Process Management (BPM)
Control the Flow of Information and Access to Manage Risk and Identify Problems
Meet compliance and regulatory policies to mitigate risk of litigation