Digital banking has taken the world by storm and is now a crucial player in the banking industry. Although consumer preference was already trending towards digital channels before COVID-19, the pandemic accelerated that change within a matter of weeks, as consumers were forced to limit in-person interactions and adopt digital banking services. Wells Fargo alone reported a 35% increase in remote check deposits and 50 percent growth in online wire transfers. 

In 2022, it’s estimated that 203 million Americans used digital banking services, and that number is projected to reach 216.9 million by 2025. It’s clear that digital banking will be sticking around for quite awhile, so it’s time to prepare! 

In addition to the convenience digital banking offers consumers, it gives banks a unique opportunity to reduce costs and increase efficiency. By integrating artificial intelligence (AI) and machine learning (ML) technologies into intelligent process automation (IPA) platforms, banks are starting to automate tasks such as fraud detection, risk management, and compliance monitoring. By automating these tasks, banks can reduce costs, increase efficiency, and improve the overall customer experience.

Let’s explore how process automation platforms like Decisions are optimizing the digital banking landscape and revolutionizing the industry.

Credit Scoring

Process automation streamlines the credit scoring process, making it fast, consistent, and accurate. By analyzing a wide range of data sources, including credit history, employment history, and alternative credit and trade accounts, banks can use automation to predict creditworthiness and make faster lending decisions with greater consistency and compliance to policy.

Risk Management

Automation can be used to analyze risk, make migration recommendations, and align pricing with varying levels of risk and tolerance. By analyzing data from multiple sources, including internal data and external sources such as social media and news outlets, banks can quickly identify potential risks and take proactive steps to mitigate or price for them.

Fraud Detection

Process automation allows banks to identify fraudulent transactions when they happen, and establish safeguards to prevent them from occurring. By analyzing transaction data and customer behavior, banks can implement algorithms to identify suspicious activity and automatically alert customers and fraud prevention teams. 

Customer Service

A key benefit of process automation is the ability to analyze customer data and provide personalized recommendations for products and services. Using ML algorithms within curated workflows, banks can analyze customer behavior and preferences to assist customer needs with greater accuracy and offer targeted marketing offers. Using automation enables faster response times while freeing up your staff’s schedule to solve more complex requests. Automation keeps your customer services available around the clock, lending a helping hand no matter the time of day. 

Compliance

Automating compliance regulation checks, such as anti-money laundering laws and data protection regulations, reduces the risk of regulatory violations and associated fines. Automation also assists in the reporting of regulatory requirements, mitigating human error and ensuring timely and accurate reports. 

As consumers lean into digital channels and start relying on digitized banking options, the banks that invest in process automation technology will be better positioned to provide a seamless and efficient banking experience for their customers. These practices will grow your market share while also containing costs.

Get in touch with our team today to learn more about automation in the banking industry and keep ahead of the digitization curve.