Robotic Process Automation &Artificial Intelligence in the African Banking & Financial Sector

Robotic Process Automation & Artificial Intelligence in African Banking

The Next Step in the Efficiency Game for African Banks to Deliver Better Customer Experience

With the exploration and advancements in the adoption of artificial intelligence and robots, there is a growing view that machines will start performing a number of day-to-day jobs.

In the financial sector alone, the potential for machines to work with humans to produce better, faster and more efficient customer service is looming.

Already Robotic Process Automation (RPA) & Artificial Intelligence (AI) have helped banks improve efficiency in executing repetitive tasks, decision making and other complex labour activities by up to 70% with little or no human supervision.

The future of digital banking and superior customer service rests on the shoulder of a fully automated and seamless system which RPA & AI are poised to provide.

The introduction of Robotic Process Automation was to address the challenge of maintaining efficiency while keeping costs as low as possible. RPA is starting to change the way financial services are conducting business, it can produce vast information, data analysis & workflow which have proven to provide tangible benefits to banks as well as its customers.

Iterative and high volume tasks are better done by robots. It improves service quality, faster turnaround time, higher accuracy, multitasking and increases compliance.

It is cost effective because it can be implemented on existing banking solutions and provides tangible Return on Investment (RIO), as the more intelligent automation and reliability a bank can provide improves the customer experience and this spells success for the organization.

Security and privacy is another important factor that influences customer experience. This is one of the major concerning when customers are choosing a banking service.

AI has become an effective tool in cybercrime detection and prevention, using complex algorithms and smart learning to verify and protect the customer’s personal data and transactions against fraud and other cyber threats.

The robot workforce has impacted the performance output of the financial sector and helped minimize the need for human interaction to a great extent in executing tasks that were initially human labour heavy with faster decision making and improved operational efficiency.

By automating a number of these tedious tasks, banks can now significantly reduce the need for direct human involvement in every step of the way.

Banking calculations, account matching, predictive analysis and other activities with a high risk of human inaccuracy and error can now be tackled efficiently using RPA software’s.

Robotic Process Automation software’s like UiPathAutomation Anywhere, or Blue Prism, can be easily used to install desktop and end user device level software robot workforce or an artificial intelligence assistant to immediately help process any simple, complex or repetitive banking process and can be scaled by just implementing more robots during peak periods. 

The scalable opportunities of AI and RPA in banking is immeasurable and these are only just a piece of the effect full automation can have on our current banking system.

Jerome Govender, Robotics and Process Automation Specialist at Absa

Join Jerome Govender, Robotics and Process Automation Specialist at Absa, South Africa at the Intelligent Automation Africa (IAA) 2020 conference on 16th – 17th of June 2020 at Protea Hotel Johannesburg Parktonian, Johannesburg, South Africa as we uncover the full potential of software driven service provision and its impact on customer experience.

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