With 2023 kicking off, new technologies and useful updates are coming out almost every week.
In previous posts, we’ve talked about how new forms of automation like customer service chatbots and personalized shopping have been implemented in almost every wide-scale clothing brand or store. These forms of automation have drastically improved business, but their reach goes beyond the clothing and customer service industry.
If you’ve been using mobile banking in the last few years, it’s almost guaranteed that you’ve experienced some kind of update or automated experience with your bank. This is happening for you, the customer, but what else can automation do inside of a bank?
Read on to learn more!
What Does IPA Look Like in Banking?
As many of you know, IPA stands for intelligent process automation. When an IPA solution is implemented, software bots are coded to control and complete mundane, repetitive tasks like data entry, document scanning, and more.
IPA banking could look like anything, including instant payment processing, instant deposits/withdrawals, and other transactions that may have once needed human intervention.
Combining banking tasks with the power of artificially intelligent software bots lets banks replace their repetitive tasks so human workers can focus on more important things. According to Forrester, the IPA industry has already surpassed $3 billion since 2021.
As banking technologies grow, so does IPA banking. Cryptocurrencies, mobile banking, and mobile payments have all skyrocketed in popularity, leaving endless avenues for an IPA solution to take control of.
Since people use and need banking services 24/7, IPA solutions allow banks to run at this level. Bank tellers need time off, but IPA bots do not, meaning they can work at all hours doing all kinds of tasks.
IPA bots also learn over time even after they’ve been programmed, so they will only learn more about a bank’s customers and be able to help them in more efficient ways in the future.
Benefits of IPA Banking
No New IT Infrastructure
Traditional IT projects usually meant that a company would have to swap out its old infrastructure with the new. With an IPA solution, this is no longer the case. A bank can simply implement an IPA solution into its current infrastructure and begin to reap the benefits almost immediately.
One unique feature of IPA is that it can take advantage of the native user interfaces of existing legacy systems. By doing this, the solution can perform automated tasks that make it far less invasive compared to other infrastructures.
Save Time/Money
The pandemic forced a lot of businesses to reevaluate their budgets and make necessary cuts to their spending. This is no different for banks. When IPA is implemented in different departments of a bank, different processes can be completed faster, even while the employees are away.
Reports say that an IPA solution can increase the quality and productivity of a given process by more than 70%. Although some IPA solutions will reduce headcount (mainly low-level employees doing the repetitive tasks) banks who incorporate IPA see it as an opportunity to help their existing employees grow their skills.
Improved Processes
Digital banking now allows banks to reduce their need for paperwork since everything is online. IPA solutions allow a bank to scan documents quickly and effectively while also pulling data from the documents and analyzing them accordingly. Since IPA takes care of mundane tasks, human workers can focus on more creative or time-consuming work.
Improved Customer Experience
With banking taking such a digital turn, there is no longer a huge demand for bank tellers to speak with customers about common problems. IPA bots can analyze the challenges that customers are faced with, and then they can provide solutions. If an issue is too complicated for an IPA bot, it can alert a human employee who can spend more time fixing the problem. Additionally, as we’ve mentioned multiple times, IPA bots don’t stop working, meaning that customers will be more satisfied because their issues will be dealt with faster.
As you can see, IPA banking is incredibly important for the flow of both the bank and the customer. It speeds things up on both sides while also making processes faster and more efficient on both ends.
If you have a financial institution or simply have questions about intelligent process automation, get in contact with a Digital Workforce Solutions representative today!
