- The biggest banks are using automation tools to achieve a variety of efficiency goals, including using bots to review and analyze data. The challenge they now face is connecting automation to better customer experience outcomes, suggested Forrester principal analyst Alyson Clarke, speaking Thursday at UiPath Forward 5 in Las Vegas, the company’s annual conference. automation software.
- Major banks, including Truist, JPMorgan Chase, and Wells Fargo, pointed out that they are increasingly looking at automation beyond the context of specific tasks and toward holistic processes. “That the journey is evolving, from what I see, is really reaching that end-to-end process automation space for us, rather than just automating tasks,” said Dolly Tanwani, Head of Enterprise Intelligent Automation Solutions at Wells. Fargo.
- “Much of the focus on automation, [artificial intelligence and machine learning] …it’s focused on what the business wants to achieve, it’s looking to cut costs, it’s looking to free up time for employees, but it’s really at that kind of operational and IT level,” Clarke said. “Financial services companies need to leverage automation to improve and create new experiences and across the customer lifecycle across the customer lifecycle,” she said.
Overview of the dive:
Leaders in all industries are turning to automation to achieve their goals of optimizing costs and improving productivity, Saikat Ray, VP analyst at Gartner, says CIO Dive in August. The robotic process automation software market will reach $2.9 billion by the end of 2022, up 19.5% from 2021, according to Gartner.
In recent years, UiPath’s large banking customers have used automation tools to facilitate initiatives that include data mining and data transfer efforts to support the merger of BB&T and SunTrust; reduced manual labor for Wells Fargo contact center agents with digital personal assistants; and delegating certain repetitive, structured, rules-based tasks to bots at JPMorgan Chase.
From JPMorgan Chase’s perspective, one of the next steps in its automation journey will include using bots to tackle more sophisticated tasks, including mining unstructured processes and unstructured data. , and the use of machine learning to facilitate these efforts, said Shefali Shah, managing director of Global Digital Transformation and Integrated Intelligent Automation at JPMorgan Chase.
Diana Caplinger, executive vice president and head of business enablement and intelligent automation at Truist, said the company is rolling out automation in support of “integrated relationship management,” an effort to use data across the organization to provide more personalized service to customers.
Meanwhile, UiPath, through its acquisition of UK-based artificial intelligence startup Re:infer in August, will add natural language processing capability that can extract data from customer conversations happening over e -mail, chat or voice interactions. The toolset will be available to customers early next year, according to Ted Kummert, executive vice president of products and engineering at UiPath.
For banks, it is imperative to move beyond back-office use cases and increasingly connect automation to improving customer experience and competitive differentiation in the marketplace. argued Forrester’s Clarke.
“Financial services companies need to leverage automation to improve and create new experiences throughout the customer lifecycle,” she said.