Software update instead of bonus - Is this what employee motivation will look like in the future?
You laugh, but in fact "software updates" could be a form of employee motivation in the future. Imagine your personal digital assistant getting better, faster and more efficient with a new update - that could be the difference between working overtime and calling it a day at 5 p.m. sharp!
But don't worry, the traditional bonus isn't likely to disappear anytime soon. However, as we become more reliant on digital solutions, improving these systems is definitely becoming a form of investment in employee satisfaction. Discover how intelligent automation is changing the way the banking industry works.
Why not take advantage of this momentum and read our in-depth article about intelligent automation in Banks. One Deep dive on intelligent automation here.
This article was written in German, automatically translated into other languages and editorially reviewed. We welcome feedback at the end of the article.
The Power of Intelligent Automation
Today's society is digitized, and consumer demands for financial services have changed dramatically. Fast and efficient digital channels for conducting financial transactions are no longer optional, but a necessity. In the competition for customer satisfaction and efficiency, the banking industry is increasingly relying on Intelligent Automation (IA) - a combination of Artificial Intelligence (AI), machine learning, and other electronic processes.
Intelligent automation is key to digital transformation in the banking industry by reducing costs, improving speed and accuracy, and requiring fewer human touch points.
The applications of Intelligent Automation
The practical applications of IA are far-reaching. Two central aspects are Robotic Process Automation (RPA) and Intelligent Acquisition Systems.
Robotic Process Automation
Robotic Process Automation, an aspect of IA, uses bots to take over repetitive and data-intensive processes. This saves valuable work time that employees can focus on higher-value tasks instead.
With Robotic Process Automation, banks can automate repetitive tasks, freeing up employees to spend more time on more valuable tasks.
Intelligent acquisition systems
Intelligent capture systems, another cornerstone of IA, enable banks and credit unions to capture and classify documents and data. In the article Data Capture learn more.
Intelligent capture systems are at the heart of Intelligent Automation. They enable banks to efficiently capture and classify documents and data.
The challenges of implementing IA
The challenge in implementing IA often lies in the design. It is not enough to simply automate processes - they must first be carefully analyzed and optimized. Only then can automation develop its full potential.
The biggest challenge in implementing Intelligent Automation lies in the design. Processes must be carefully analyzed and optimized before they are automated.
Intelligent Automation in Banking
In lending, IA can bring about a significant increase in efficiency. Historically, the lending process has been heavily paper-based and data-intensive. With the implementation of RPA, data can be efficiently collected, replicated and routed to the appropriate systems. This allows for faster credit decisions and therefore faster funding - which in turn leads to higher and faster revenue.
Intelligent Automation can significantly increase efficiency in the lending industry by speeding up the process and enabling faster funding.
Challenges and opportunities in implementing IA in legacy core banking systems.
Implementing IA in legacy core banking systems can be challenging. Nevertheless, advanced technology, especially in the form of open and functional APIs, offers opportunities for modernization.
Implementing Intelligent Automation in legacy core banking systems is challenging, but open and functional APIs provide opportunities for modernization.
Conclusion - The Future of Intelligent Automation in the Banking Industry
Intelligent automation in the banking industry is not a short-term trend, but a permanent change. It is time to take advantage of the opportunities this technology offers to meet the ever-changing needs and expectations of customers.
Intelligent automation is not a fad, but a permanent change. The banking industry must exploit the opportunities offered by this technology in order to meet customer requirements and expectations.
About the author
I'm happy to welcome you to Konfuzio's "Casual Corner". My passion is explaining complex technology topics in a way that is fun and easy to understand. I strongly believe that learning and discovery works best through stories and experiences.
When I'm not writing a new article for the Casual Corner or researching the latest technology trends, you'll probably find me in the mountains, where I love to hike, or in my kitchen, pursuing my second passion, baking sourdough bread.
For me, life and learning should be fun and that is reflected in each of my articles. I look forward to accompanying you on this journey through the world of technology and hope you enjoy reading my articles as much as I enjoy writing them. Welcome to the "Casual Corner"!
