Business analytics and Robotic process automation gives a chance to reinvent banking and improve customer service levels in Middle East countries. Eminent personalities have turned up for Gitex technology week 2017 in Dubai.
Julen Mohanty, regional lead for strategic business engagements at JP Morgan has said that implementing these processes to make banking easy and more secure. With the new technology banks will be having the same process but the way of doing business would be different.
Banks will be opening a new channel of business but with the same banking process. He said there are numerous applications which can make integration a difficult task followed by acquisition. This one difficulty or a process has made automation a very necessity. With this kind of scenario it is difficult for the humans to go to different systems, collecting the data and making the information out if it. This lends itself to automation which means robotic process automation.
The key message of the banking domain of Gitex conference running along Gitex technology week Dubai is to how banks are going to prepare for competitive advantage. With this automation processes banking system will transform. This transformation was very much needed as the resources with us are not ample to create competitive advantage environment. With automation technology, for e.g., one can get a savings bank account open without visiting the bank as the whole process can be done electronically.
The core idea is that the new automatic system could be able to identify and verify everything from the information hard copy, extract the required information and get it verified with the government or other related sites. If verified, bank account can be opened within the same day in no time.
RPA is the key to all the processes. For example; when someone upload the scanned copy of a passport or any other identity, RPA should be able to read it using object character reader OCR.The new system will recognize all those documents, convert the unstructured data to structured , move automatically to different government websites to verify the documents and get it done with e sign and then open the account.
According to a report, finance firms and investment sector would spend $1.5 bn on robotic process automation, deep learning, cognitive analytics and machine learning which is going to get increased to $2.8 bn in 2021.
Block chain technology in banking
This would be discussed by eminent personalities like Julen Mohanty – from what it is, how it works, how it will help and why the banks region should look at it as futuristic aspect in banking sector.
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