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Benefits of Automation in Banking & Financial Industry 

automation-in-banking-financial-industry

 

The Banking& Financial Services industry is one of the most data-intensive industries that operate in a highly regulated market. The total volume of data and analytics that would be required in the future exceeds the current processing capabilities.

As the technology is getting updated on everyday, the topic of automation is at the top of the minds of many businesses across the world. According to some reports about 40% of the businesses are working on plan to automate their processes and specifically investing in advanced technologies like AI, advanced analytics in order to complete this automation process.

Finance process automation is nothing but the use of software to automate key finance-related tasks like preparing financial statements ,accounts reconciliation, and journal entries with minimal human intervention. It enables finance departments to streamline processes and ensure that everything runs as smoothly as possible.

Automation process can slot into your current processes and has the power to transform the way you do business, resulting in smooth flow of business process. Lets have a look on some of the advantages that Automation process can provide to your business :

  • Automation helps you in validation processes and give customers a faster decision. You can also react far more quickly to changes as per the need. It will not only increase your efficiency but also the productivity.
  • Automation helps you in coming over the human errors, it reduces the errors and allows you to get the benefit using the advanced analytics, better data quality and new data sources and improved techniques and methodologies.
  • One of the most important part of the business is to maintain the customer relationship. Automation allows you to build better customer relationships. Where you can improve targeting by using triggers to offer relevant products or services. You can improve retention and drive extra sales with new customer relationship methodologies and campaigns.
  • It facilitates better digital channels - Digital portals need to offer customers up-to-date balances, relevant marketing offers, easy application processes and transparency of information: all of which would be impossible to support without automation. Add a chat facility and you have a complete online service.
  • It guarantees consistent decision making - Automating core decision points eliminate the risk of bias, improving fairness, reducing confusion around individual decisions and shortening training cycles. Advanced techniques can also identify bias in the data.
  • It helps you better managing the risk. Well automation means each new loan operation adheres to your risk appetite and strategy and removes subjective interpretation. You can be more responsive, rapidly implementing changes to credit and fraud policies to avoid repeated problems and losses.
  • Automation process also improves workflow. As there are fewer manual processes, workflows are more streamlined and efficient. Processing straightforward applications or propositions automatically means underwriters are freed up to focus on more complex lending scenarios.
  • Automated underwriting typically gives organisations an improved process flow which includes better customer service, faster communications, accurate tracking, consistent decisions
  • Automation processes reduces paper processes because using a data-driven rules engine is an excellent step towards a paperless way of working. Electronic applications can negate the need for paper and are linked to an underwriting rules engine, meaning all mandatory fields are completed and there are no issues with interpreting handwriting.

Automation is the future – helped by the development of cloud based access which allows you to bring together all your applications and decisioning needs into a single place. As a result, you can make more sense of your data and unify your business processes, be more accurate, more efficient and armed with an ability to act on previously unseen insight.

Posted by Pankaj Tuesday, June 25, 2019 10:18:00 AM
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AI MARKETING-ENHANCING BUSINESSES MARKETING STRATEGIES  

 

Artificial Intelligence- AI is one of the most searched word by people across the globe. The word that when comes to mind people starts thinking about technical aspects of it and how it is helping businesses. It could be AI in Healthcare or AI in big data analysis for the companies.

The use of Artificial Intelligence was once thought of as a marketing technology that can help only large businesses, but today, now even smaller businesses are applying the technology and its algorithms to generate useful insights and create prediction models based on their customer’s behaviour.

Now AI for digital marketers is helping many businesses in their expansion and product transformation and for other various promotional activities. AI marketing is a method of using automation specifically Machine Learning in order to extract data and to predict user or customer needs resulting in improvement of customer experience.

We have seen that companies are implementing big data and advanced analytics to their methodology for catering their targeted audience. The methodologies are focused on online readers, users and the other casual business website visitors. Using Machine Learning and Big Data as AI marketing tools digital marketers are boosting the performance of their marketing campaigns leading to high ROI- Return On Investment.

Big Data allows marketers to extract, cluster and segment huge sets of data via automation and after segmentation and sorting of the data it is used for analyzing to find the best content to make positive impact on the targeted audience.

On the other hand Machine Learning helps marketers in identifying the insights, trends, patterns and abnormalities in the data. In other words we can clearly see that both are helping where big data helps in extracting and sorting of data and machine learning is helping in understanding the problems and overcoming the solutions, short comings.

AI can help marketers in different ways :

  • Predictive Analysis
  • Audience Targeting & Segmentation
  • Chat bots for quick response

In conclusion the idea of adding AI into the marketing strategies will give benefits to the marketers and businesses as finding the right customers, targeting them and sharing businesses products, services is the most important part for business growth and expansion. Not only AI can be used for insights, but it can also be helpful in implementing insights into new campaigns, optimizing outreach to target only the most relevant users.

Read Also: Do You Know How IT Outsourcing Can Help Your Business ?

 

Posted by Pankaj Thursday, June 13, 2019 4:34:00 AM
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How IT Outsourcing can help Your Business 

IT Outsourcing Services in London

Technology is just like a double-edged sword, where on the bright side, we have ever-changing and features that can be improved because of the rapid advancement of technology. On the other hand, we can see that this very pace of technology and the rate at which it is getting growth can cause business to be left out and outdated if they do not keep up. So it is very important to use the latest technologies for smooth running and expansion of your business.
If you are into Financial , Information Technology, Manufacturing, Banking, Automobile or any other sector ,you must have heard about IT outsourcing services. For many it sounds exciting and for some its boring, but the truth is managing the needs of business technology is the most exciting thing to learn.

IT Outsourcing company manages all IT needs and all day to day tasks of your business by taking all the responsibilities and handing over them to the experts. An IT support is very important for any organisation it can provide the necessary support to solve any IT needs either it is IT support or IT infrastructure needs,enabling the business operations to run smoothly. An experienced managed IT service provider can efficiently and quickly augment your in-house IT team, department and even can become your IT partner as per your business goals and budget.The studies and research done by many of the survey companies shown that about 60% of businesses that do not have the perfect IT staff close down due to non experienced professionals or experiencing unprecedented data loss.

Now once you find the right & experienced IT outsourcing services company, you will find amazing business advantages that comes with it. Some business benefits that you will find from your IT outsourcing expert are :-

  • Data backup, recovery
  • Information privacy & data security
  • Technical support
  • Technology planning
  • Increase in operational efficiency
  • Agile development
  • Application and database management

If you are facing problems while software development, unable to find skilled experts or you are unsure of whether or not you have relevant IT systems in place, have a lot of unexpected costs, don’t be late its time to seek an experienced IT partner an IT outsourcing services partner.

Give us a call today on +44 020 7993 5744, +44 020 7096 0101

Email- sales@generalsoftwares.com

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Read also: Do you know about technologies which are in great demand

Posted by Admin Thursday, June 6, 2019 2:58:00 AM
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