TOP 10 Digital Banking Trends for 2023

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banking automation system

More than 16,000 financial transactions take place on the platform every hour, so every minute counts. In this article, we’ll go over the trends you should expect from the financial services industry and which trends you should consider incorporating into your digital products, such as banking apps, etc. Visibly or not, Covid-19 has disrupted almost every industry globally and transformed existing ways of doing business for enterprises. Banks are transforming digitally by shifting to new business models and introducing fully digital banking services to keep up with the digital banking trends of 2023.

What is a intelligent automation in banking?

Artificial intelligence (AI) in process automation is set to transform bank operating models. So-called intelligent automation will change the day-to-day routine of bank staff and their clients.

View our case study on how Sutherland delivered a fully comprehensive virtual finance and accounting training program for a client in just 8 weeks. Getting the process right lets you better understand customers while getting better prepared to respond to market conditions. Working on non-value-adding tasks like preparing a quote can make employees feel disengaged. When you automate these tasks, employees find work more fulfilling and are generally happier since they can focus on what they do best. Automation can help improve employee satisfaction levels by allowing them to focus on their core duties. Cybersecurity is expensive but is also the #1 risk for global banks according to EY.

Criteria for Determining Which Bank Processes to Automate First

Learn more about the development of online service for managing company finances. Traders, advisors, and analysts rely on UiPath to supercharge their productivity and be the best at what they do. Address resource constraints by letting automation handle time-demanding operations, connect fragmented tech, and reduce friction across the trade lifecycle. Discover smarter self-service customer journeys, and equip contact center agents with data that dramatically lowers average handling times.

Artificial Intelligence in Banking 2023: How Banks Use AI – Finextra

Artificial Intelligence in Banking 2023: How Banks Use AI.

Posted: Mon, 12 Jun 2023 05:32:06 GMT [source]

Once the application is approved, our solutions can go the extra mile and generate new customer documents like approval letters, contracts, leases, and security agreements. Along the years, we have helped some of the largest banks in Finland and Vietnam achieve cost savings, increase operational efficiency and productivity through RPA. For example, our customer POP Bank has been using robotics since 2017 to streamline their operations, develop their customer service and improve the quality of processes. You can read more about their story here, but we will also discuss the case in this text. That is one major factor why process automation can yield particularly significant results in banks.

Commercial Banking

Consider the vendor’s ability to expand beyond rule-based automation and introduce intelligent automation that usually involves AI and data science further down the road. While RPA is much less resource-demanding than the majority of other automation solutions, the IT department’s buy-in remains crucial. That is why banks need C-executives to get support from IT personnel as early as possible. In many cases, assembling a team of existing IT employees that will be dedicated solely to the RPA implementation is crucial. Retrieving vendor data, checking for mistakes, and initiating the payment – are all rule-based processes that organizations can do without human involvement. RPA software augmented with optical character recognition (OCR), can automatically capture and re-enter data while simultaneously providing an audit trail.

banking automation system

Financial marketers can leverage customer data and advanced analytics to provide predictable personalization and delight their customers. For example, in the wake of the Covid-19 pandemic, many businesses will need steady cash flow to fight the aftermath. With the help of AI and digital transformation, FinTech companies can use banking software development to simplify the process of acquiring funds to pay their employees’ wages on time.

All-in-One No Code Digital Process Automation Solution

Sutherland helps leading lending platform increase efficiency with Sutherland Robility™ bots. It’s time to reinvent AML by prioritizing the customer using Sutherland AML’s customer-centric approach to drive efficient and effective compliance processes. For example, you can add validation checkpoints to ensure the system catches any data irregularities before you submit the data to a regulatory authority. Since little to no manual effort is involved in an automated system, your operations will almost always run error-free. For example, a sales rep might want to grow by exploring new sales techniques and planning campaigns.

banking automation system

Nevertheless, many customers still want the option of a branch experience, especially for more complex needs such as opening an account or taking out a loan. Increasingly, banks are relying on branch automation to reduce their branch footprint, or the overall costs of maintaining branches, while still providing quality customer service and opening branches in new markets. Digital workflows facilitate real-time collaboration that unlocks productivity. Lastly, you can unleash agility by tying legacy systems and third-party fintech vendors with a single, end-to-end automation platform purpose-built for banking.


High degree of automation and built-in AML and KYC compliance checks allow for drastically lower operational costs, less human error and credit risk. Most businesses that are doing their cash flow forecasting in Excel are struggling with the manual work and errors that the process is known for. When companies grow, Excel forecasts become increasingly difficult to manage. This is when cash flow forecasting tools start to become interesting for finance teams as they provide the automation necessary to reduce inaccuracies and time spent on the process.

  • Leverage the power of cloud computing or on-site hardware for advanced solutions, including high-volume robotic process automation in investment banking where quick decisions are key.
  • Cognitive capture and advanced automated document processing put customer documents, critical reports and data in the right places in your systems without extra input.
  • Years on from the global financial crisis, banks still struggle with profitability and high cost-income ratios.
  • Meanwhile, digitally transformed competitors are beating them to market, operating with faster and more relevant information.
  • Customers want organizations to understand their preferences quickly, especially when they have given complete data already.
  • RPA combined with Intelligent automation will not only remove the potential of errors but will also intelligently capture the data to build P’s.

Regardless of the niche, automating low-value-adding tasks is one of the most effective ways to realize employees’ full potential, achieve superior operational efficiency, and significantly increase customer satisfaction. Rather than spending valuable time gathering data, employees can apply their cognitive abilities where they are truly needed. These new industry players with digital at their core have now become key competitors to their older rivals—big banks with decades-old legacy systems.

Cards and Payments

Banks are already using generative AI for financial reporting analysis & insight generation. According to Deloitte, some emerging banking areas where generative AI will play a key role include fraud simulation & detection and tax and compliance audit & scenario testing. Instead of waiting for mistakes and their possible consequences to happen, your organization can drastically reduce the number of errors, imbalances, and more by automating the balance sheet reconciliation process. Catching minor mistakes prevents them from compounding into inaccuracies further along. Intelligent automation in banking can be used to retrieve names and titles to feed into screening systems that can identify false positives.

Automation in mortgage lending allows banks to accelerate these processes, including mortgage fraud checking, better loan workflow navigation, and reconciliation process management. Banks have a lot of internal back-office processes that benefit from automation. For our customer POP Bank we have automated processes regarding reconciling data, confirming and archiving interbank transactions and processes related to the bank’s internal control, like confirmations and reports.

benefits of RPA in banking

Here are five things banks and financial institutions can do to improve the dispute management process. Improved security is another major benefit of banking automation software. Automated systems can monitor transactions for potential security issues and alert bank employees to potential threats. The banks were constrained by the number of branches / staff they had to service the transactions. Advent of internet in mid 1990’s and rapid growth in usage of internet paved the way for Wave 3.

CFPB highlights AI-driven chatbot risks for FIs – Bank Automation News

CFPB highlights AI-driven chatbot risks for FIs.

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Every bank needs to increase the speed of its bureaucratic working systems. Businesses now need to make decisions more quickly, requiring a trustworthy and quick banking partner to channel their funds more efficiently and rapidly. These technical glitches have raised many concerns about the reputation and credibility of the institution. Thus, banks need to invest considerable time and money to ensure that their systems are always functioning error-free. There are still FinTech startups and banks out there that are doing heaps of manual data work. Unfortunately, upper management is busy checking manual work instead of formulating strategies.

Getting started with Intelligent Automation in Banking

It also eliminates the need for physical servers, systems, and people to manage them. According to the latest trends, a bank will need to focus more on openness and transparency instead of just relying on typical retail banking practices. For example, Monzo — a completely app-based online bank formed in the UK in 2015 — has more than five million users.

banking automation system

What type of AI is used in banking?

Predictive analytics

AI can detect specific patterns and correlations in the data, which traditional technology could not previously detect. These patterns could indicate untapped sales opportunities, cross-sell opportunities, or even metrics around operational data, leading to a direct revenue impact.

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