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Across the world, industries are exploring venues and new technology to help tide over the current scenario. One of the solutions is automation, which is integrated into existing systems across enterprises and this has penetrated the Banking sector as well.
Automation in Banking is gradually shifting from being primarily product centric to customer focussed. In fact, automation is helping businesses leverage the data captured from customers to offer them higher levels of experience at the end of the journey. It also involves driving operational efficiencies, and enabling employees to focus on other business related tasks.
McKinsey Global Institute estimates that using demonstrated technologies, more than 81 % of predictable physical work, 69 % of data processing, and 64 percent of data-collection activities could feasibly be automated.
Automation in Banking includes technologies such as AI, ML, NLP, RPA, OCR/IR, and conversational platforms as well. When integrated into the existing systems, they ensure banking operations are streamlined, less complex and increases speed, innovation opportunities and increased levels of customer engagement.