The Digital Bank – the future of success

80% of the data that retail & commercial banks receive is unstructured, meaning substantial amounts of human resource is required to process this information. Digitization can automate the majority of data processing and free employee time, allowing for increased productivity. Find out how in our whitepaper.

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THE CURRENT BANKING CLIMATE

For the past decade, the banking industry has been subject to numerous difficulties including larger regulatory demands, rising customer expectations, and the emergence of the ‘robo-advisor’. To top it all off, low interest rates in many countries has led to a reduction in profit margins.

By embracing automation and advanced digital technologies, financial institutions can cope with these pressures and develop new opportunities. Modern digital technologies include:

  • Robotic process automation (RPA)
    RPA is the deployment of software to perform actions previously done by humans. The software is seen as a robot because it replaces human resource. Combined with artificial intelligence, RPA can be used to assist handling unstructured data in support of fraud / anti money laundering (AML).
     
  • Artificial intelligence (AI)
    AI is the ability for software to think and learn for itself. This allows it to grow progressively better at performing tasks based on historic data and patterns.
     
  • Natural language processing (NLP)
    NLP can understand the nuances of human language. This is a very powerful tool when it comes to extracting the meaning from communications such as email.
     
  • Optical character recognition (OCR)
    OCR processes unstructured data from chatbots, text messages, emails, email attachments, and paper documents and turns that data into a structured form.
     
  • Intelligent character recognition (ICR)
    ICR is similar to OCR but processes with written text.

The use of these technologies frees banks up to allocate their human resources to work on less autonomous and more complex tasks - increasing staff retention and efficiency.

 


REGULATORY COMPLIANCE FOR DIGITAL BANKING INDUSTRY

One aspect of RPA is Regulatory Technology (RegTech). As the name suggests, RegTech helps facilitate the delivery of regulatory requirements; allowing banks to cope efficiently with changes in regulations.

Digital technology can be used for internal policing to ensure a bank’s highest standards are constantly being met (quality assurance). If banks combined RPA and AI it can help them to monitor potential fraud committed by customers or employees.

  • Case Study

    BNP Paribas

    To implement strategic growth targets through innovative concepts, this fund bank partnered with SPS due to the expertise in the financial sector.

    Read Case Study about BNP Paribas Read Case Study

IMPROVING CUSTOMER EXPERIENCE

Improving customer experience (CX) can increase the likelihood of customers renewing or buying new products by 30-50%

Automation can improve efficiency by making the digital front-end run smoothly - resulting in fewer errors that can impact the customer.

Digitization can allow a bank to reduce response time to customer requests, an example being credit card applications. For longer processes, automation can improve transparency. Whilst this may not influence response times, end customers will be able to see the progress of their request.


DIGITAL TRANSFORMATION

75% of manual processes in the banking sector can potentially be automated. Embracing automation will help to reduce costs, improve processes, provide better banking services, and free up employee time.

All SPS systems integrate with a bank’s legacy technology. This allows clients to be more agile and fulfill more of their needs in a short timeframe, with minimum changes required to existing systems.

Digital transformation isn’t something that happens overnight. However, there are areas that can be addressed immediately and will set up a bank for future success.

Download the Whitepaper

 

 


Voice of the customer

  • testimonials

    A high level of goal orientation with pragmatic approach as well as ambitious demand for quality resulted in an attribute by our joint project. There is still plenty of potential in the written contact channels such as Chat, WhatsApp and our community. We would like to enhance this jointly with our partners.

    Wolfgang Lanfer, Director, Head of Department Customer Dialogue, Consorsbank