Intelligent Operations in the Banking Industry
It would not be a misplaced statement to say that banks world over are under pressure to maintain a profitable bottom line. Stringent regulatory reporting and compliance requirements, a challenging market environment, and competition from fintech start-ups have squeezed profit margins for banks and have forced them to look inwards to improve operational efficiency.
In these circumstances, banks are now looking beyond the usual improvement measures which included outsourcing or offshoring; process improvements; deploying lean and six sigma processes, etc. This is where the role of robotics and cognitive technologies for intelligent operations come into play. Through this whitepaper, IBS Intelligence aims to explore the emerging concept of Intelligent Operations, which is driven by the adoption of cognitive technologies in banking processes.
Banks across geographies have already realized the potential of robotic automation and have invested heavily in this technology. Institutions such as Royal Bank of Scotland and ICICI have implemented RPA and Cognitive technolo¬gies, and reported benefits such as reduction in operational costs and lower response time to customer queries. In fact, ICICI Bank reported reduction in response time by about 60%, with a 100% improvement in accuracy.