- “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.”
- “Most banking transactions require little human intervention. However, in cases where items are flagged (for example, AML, fraud or screening checks), this requires human intervention. Given the high volumes involved this comes at significant cost to the organisation. It is therefore an excellent place to deploy new AI technologies such as Intelligent Process Automation (IPA). This streamlines processes and automates steps usually performed by people.
- Look at the typical ATM infrastructure that must be managed daily. Transactions and GL account balances must be reconciled to ensure machines are working correctly, that no fraud is taking place, and there is always the right amount of cash available for banking customers without over exposure of capital reserves. Using people to reconcile and investigate discrepancies is slow and inefficient. But using AI toolsets mean these tasks can be managed consistently, at high speed and with full auditability. Volume or capacity constraints are then no longer an issue.”
“The report, Ecosystm Predicts: The Top 5 Fintech Trends for 2020, identifies five key trends that will shape the Fintech market during the next 12 months. It highlights the areas of digital banking, digital payments and Insuretech as the domains where exponential growth will take place.
The top five Fintech trends in 2020 will be:
One for all and all for one
The year of the banks
Asia will see massive growth
The rise of Artificial Intelligence
Regtech will take centre stage”