Banks have been in a constant struggle to increase operational efficiencies, reduce costs, and improve customer satisfaction, while ensuring compliance to stringent regulatory requirements. Over the past few years, banks have embraced Robotic Process Automation (RPA) solutions to help achieve these objectives. However, traditional RPA solutions alone are unable to deliver holistic automation for banks.
Several processes in the banking industry involve substantial manual effort to extract meaningful information from semi-structured and unstructured documents, which cannot be automated through traditional automation solutions. Here is where Intelligent Document Processing (IDP) can help, as IDP solutions can process such documents with reasonable accuracy using Artificial Intelligence (AI).
In this research, we examine the use of IDP solutions in the banking industry and suggest how, together with RPA, they can expand the scope of automation in various banking processes, such as customer onboarding and KYC, mortgage lending application processing, and check processing.
Scope
Industry: banking
Geographic scope: global
Contents:
In this study, we examine:
The intelligent automation ecosystem
IDP solutions and their capabilities
The scope for expanding automation outcomes within banking using IDP
Common use cases for IDP within banking
Key factors to consider when embarking on an IDP journey
