Automation in self-service banking

Can a combination of RPA and AI Automate self-service banking?

Retail banks are confronting an unprecedented wave of change, and the pace will only intensify. Accustomed to the fast, easy and virtually seamless interactions provided by online retailers and streaming entertainment services, customers now expect the same from banks: a few quick clicks to open and close accounts, pay bills, move money and address a long list of other tasks.

Fortunately, technology is rapidly redefining what banks can do. What seemed fanciful as recently as five years ago is now not only achievable, but quickly becoming standard. Robotic process automation (RPA), artificial intelligence (AI), employee virtual attendants and other forms of smart automation have advanced at a furious clip.

These capabilities have a broad set of potential benefits. For example, data mining and digital analysis tools can reveal trends and behaviours that enable banks to improve customer loyalty, proactively spot upselling and cross-selling opportunities, and identify process inefficiencies. New desktop automation technologies can connect human and robotic workforces, automating repetitive and tedious tasks so that employees can focus on higher-level customer services and more efficiently manage back-office operations. Virtual attendant robots, a more advanced form of desktop automation technology, can enhance employee performance by offering real-time process guidance, helping the employee spot opportunities to offer an additional product or service—or perhaps prevent the employee from taking an action that may result in a compliance breach.

The challenge for banks is how to embrace and integrate smart automation in a way that produces real value. Nearly all banks have automation pilots of some sort; however, precious few have cracked the code on how to drive value at scale.

NICE RPA have worked with retail banks of all sizes to embed smart automation capabilities, supporting the banking workforce with new digital technologies that boost productivity and improve service delivery.