The Race to Use Technology for a Competitive Advantage
Digital Transformation is changing everything and driving higher expectations that consumers have with organizations. Financial service organizations are battling it out for customers and this presents both a challenge and an opportunity to achieve major business improvements through the use of business process automation and digital technology, such as:
- Streamlining processes and operations
- Enriching the customer experience
- Creating entirely new business models
Many of the organizations processes are rooted in "paperwork"—applications, investment documentation, etc., that need to be acted upon in some manner. Whether it's happening today or two years ago, this data exists electronically. Being able to capture, classify and extract data from both unstructured and structured documents to interact with a customer is important as well as being able to go into historical databases and reclassify documents based upon the content of the document. The latter is quite the challenge in the fact that this "dark data" is unknown not generally searchable or usable because of the volume of data most organizations have today.
AI Foundry solutions can help eliminate manual processing for many customer interactions including inquiries, trust and wealth management, credit card applications, mortgages, loan processing, and account openings or closings. With AI Foundry solutions, the ability to automate and streamline cumbersome manual processes while adding actionable intelligence to data sitting in existing repositories is a game changer in today's hyper competitive financial services and banking arena.