‘Intelligent’, ‘Robotic’ or simply ‘Business’ Process Automation; whatever you call it we can’t seem to get away from it. Which is why we are having so many exciting discussions with people across the financial services industry on how they are planning to use cutting edge process automation tools to optimise business processes.
So why is the financial services industry interested?
- Speed: The rate at which processes can be executed can be increased by up to 80% with near pinpoint accuracy and oversight.
- Cost Benefits: By reducing the time taken to execute processes in the business, there is potential to see a reduction in overhead costs between 65-75%.
- Ease of Compliance: With industry regulations like the FCA and Sarbanes-Oxley Act in force, using process automation tools to create auditable and scalable processes ensures that businesses can prove they are adhering to industry regulations and compliance.
Some typical use-cases within the financial services industry include:
- Customer Due Diligence and compliance when opening new bank accounts
- Assessing and risk management of lines of credit to consumer and corporate customers
- Sending notifications when customers may miss payments and follow up processes
- Managing incoming / outgoing correspondence and communication
To find out more about how process automation platforms such as THESIS can help your financial services business, get in touch by emailing email@example.com or call +44 (0)20 3214 5110.