Making AI a reality in banking

Making AI a reality in banking
#AI #MachineLearning #Fintech #ML #Banking #tech

  • Extensive automation of business processes in international banking using artificial intelligence, robotics and machine learning, which I’m going to collectively call robotic process automation (RPA), is set to transform the way banks and financial services – firms do business – particularly in areas such as trade finance and similar complex…
  • The software robots will need to have access to the hundreds business – processing rules at the bank -the relevant common objects and components, in addition to the specific product-related objects and components.
  • This will be required so that entire business processes, from the relevant portal system for the bank’s customers, – through the mid- and back-office systems inside the bank, further on to the relevant business parties via the relevant channels (SWIFT, clearing houses etc.) around the globe, can be end-to-end automated…
  • To achieve this, banks need to scale back their reliance on legacy core banking systems and implement a modern IT platform built on international standards with all relevant business processing rules available.
  • This should include information and related – business processing rules about the customers, the customer accounts, the customer agreements, the banks, the bank’s accounts, agreements with banks, agreement between involved banks, GL accounts, the products, the commissions, charges and fees, interest, – the pricing rules, the clearing houses and clearing…

Extensive automation of business processes in international banking using artificial intelligence, r…

Extensive automation of business processes in international banking using artificial intelligence, robotics and machine learning, which I’m going to collectively call robotic process automation (RPA), is set to transform the way banks and financial services firms do business – particularly in areas such as trade finance and similar complex banking products.

A wealth of data is generated day in, day out in the financing of international trade – from documentary credits to guarantees, loans and cross-border payments, and today there’s still a huge amount of manual processing involved in managing the process.

Clearly, as banks seek to reduce costs and increase efficiency, they’re looking to automate as much as possible.  Recent studies by Accenture have found that AI adoption could as much as double economic growth rates within the coming decades, with the potential to increase productivity by more than 50% compared to today’s old fashioned and legacy IT systems.

Robotic Process Automation (RPA) involves the creation of software robots that act as virtual workers who can be rapidly “trained” by business users in an intuitive manner. This is akin to how an operational user would train a human colleague. Crucially this frees up the limited and valuable skills of IT professionals to concentrate on more strategic tasks.

From anticipating supply-chain disruptions to predicting future customer behaviour and better managing stock, RPA-based platforms can process data immeasurably faster than their human counterparts, which is going to save banks a level of resources…

Making AI a reality in banking