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.