- “Keeping the Digital strategy in mind, apart from the digital products and services which bank has to offer, one of the key differentiators would be the increased use of Chat Bots and Analytics in Banking.
- A right blend of RPA, Analytics and machine learning can achieve wonders in terms of mitigating operational challenges of the Bank. Banks are adapting to this use of AI/RPA in their banking journey and increasing the overall customer experience.”
- “After exploring intelligent automation for several years now, BMO is accelerating its robotic process automation (RPA) strategy.
- BMO has employed automation for hundreds of processes and in doing so, created millions of dollars in value for the bank.
- Bots are helping their BMO colleagues by performing testing and monitoring functions, tightening controls, fighting crime and speeding up client onboarding processes.
- Launched on March 13, RAMBO (Remote Access Management Bot) was integral during the first stages of the COVID19 response, enabling BMO to quickly and effectively transition its workforce to remote network access. More than 11,000 requests were reviewed and triaged by RAMBO, providing an additional 1,300 hours of team capacity to address this critical activity.”
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- “Like many lending institutions, Vista Bank, and its community network of 15 branches across Texas is helping small businesses apply for funding across the state within a mandated filing timeline of only 10 days.
- With so many businesses rushing to get loans, the bank was looking for a scalable solution that could meet audit requirements and process an estimated 1,000 applications for customers – more than the total numbers of loans it processed last year.
- ‘In an industry where an estimated 35 percent of processes are still manual, the case for process automation in banking is compelling,’”
“‘There are billions of people in call centres today,’ he said in an interview. ‘If I can automate [repetitive] functions they can focus on higher-level work, and that’s what we wanted to do. Those trying to solve simple requests shouldn’t. It’s one example where AI can be put to good use. Help desk employees want to work and become programmers, they don’t want to do mundane tasks. They want to move up in their careers, and this can help give them the roadmap to do it.’”
- “In a series of demos, PwC highlighted how it is using robotic process automation to scan invoices and input data and collect documents in a way that reduces hours of work to about a minute in an audit.
- A platform called Cash.ai monitors a company’s treasury to boost cash flow and spot issues early.”