“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.
“NIIT Technologies Limited, a leading global IT solutions organization, today announced that NelsonHall has positioned it as a ‘Leader’ in the Overall market segment for RPA and AI in Banking in its latest NelsonHall NEAT report 2019.
Gautam Samanta, Global Head-BFS, NIIT Technologies said, ‘We are delighted to be recognized as a Leader in NelsonHall’s RPA and AI in Banking NEAT evaluation report. This recognition is a strong endorsement of our strategy to transform client’s business with AI and RPA working at the intersection of deep Financial Services domain knowledge to enable our clients to derive real-world business impact. It also reflects that we are well positioned to respond to the changing need for RPA and AI engagements in the Financial Services sector.'”