Automation in banking sector plays a huge role in present days.Today we live in a digital world and no industry is left where technology has not made a significant impact. Banking sector is one such example where automation has taken over. This has not only helped in transformation but also improved the productivity. To our surprise the affect of implementation of automation is helping immensely.
The various effects of automation in banking sector are:
Improved productivity:
Banking is one such sectors where the size of data is huge. Handling that amount and then processing it makes it difficult for humans and manual work takes a lot of time. There is an increase in the productivity if thing become automated. This time can be utilized in other work which will help in the improvement of the whole process. The repetitive tasks take the major time so that could be easily avoided through this.
Improved customer service:
With things becoming automated, the process speeds up. This helps in improving the customer experience since the wait time reduces. Along with this the speed of decision making and comprehensive transaction tracking time increases. All this helps in providing an improved customer service.
Easy fraud detection:
The accuracy for fraud detection or credit card scam increases. Cases like money laundering can also be reduced if things become automated and technology dependent. Manual work and human intervention takes a lot of time and the accuracy is not till that level.
Increased security and privacy:
These days internet related scams have increased a lot and people are actually losing a lot of money in cybercrime. But with the help of automation the level of security can be increased, and the data becomes safer. Suspicious behavior and phishing emails can be tracked to prevent and predict the possible security breaches.
Face and image detection:
With the help of face and image detection, the ATM have become more secure. This comes under the advanced artificial intelligence which includes real time machine learning and deep learning. This not helps in the easy secure access and along with that it helps in the fraud detection and prevention.
Improved personalization:
With technology it becomes easy to understand the needs and wants of the customer. Increasing personalization boosts customer response and conversion rates and increases returns on marketing investment. Banks use automatic replies and feedback mechanism for the customer’s benefit.
Increased flexibility:
Automation in banking business can help banks become more flexible so that they can adjust instantly to changing banking conditions within or outside the country. This is because automations can respond to any number of customers with various demands within or outside the country.
The banking sector is now implementing the automation and is constantly working to improve the banking experience, fraud detection and security. The process is being transformed into a customer centric process. They are trying to provide 24*7 service on the customer’s device.
There might be some obstacles too, while implementing automation in this sector. As people think that their jobs might come in danger if the manual work is reduced. But this is not the case, automation might rise but the human intervention will always be required. If the work on each employee is reduced that human effort can be invested in some other high-profile work which will increase the benefits of the bank.