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AI in the Finance Sector : How to Benefit from Conversational AI?

AI in the Finance Sector

AI in the Finance Sector : How to Benefit from Conversational AI?

Human intelligence has been unparalleled for centuries now. With the newest developments in technology and science, Artificial Intelligence (AI) is rapidly becoming the closest thing to human thinking. From being a common man’s virtual diary to acting as a planner for a country’s defense program, AI handles it all well. The technology is relatively new and hence unknown to many, but that doesn’t render it unusable daily. AI has been establishing its prominence in various sectors, and the development that can we can witness in the near future is just as unimaginable. One such industry is finance

Online banking has seen exponential growth lately, given the COVID-19 pandemic and the need for virtual monetary transactions. As suggested by a finance study, digital banking will experience a revolutionary rise and reach 78% by 2023. This massive figure works well for various financial institutions across the globe. The profits gained will be humongous, and cost savings will be in billions of dollars. Most of the banks are aware of the potential AI upholds, and various departments are scrambling around to get ahead in the field. Various sectors of finance can be benefited from conversational AI. Some of the sectors and perks are mentioned below.

How Artificial Intelligence Transforming Finance Industry

How Artificial Intelligence Transforming Finance Industry

Consumer finance

These entail various professional finance companies around the world. With the help of AI, security is at its maximum, and customers find it easier to trust the online applications if the interface is simple yet detailed.

Frauds can be easily prevented using AI, which wasn’t possible in the past due to the manual input of data. AI analyzes the data algorithms, and any fraud patterns are immediately taken note of. This ensures a secure transaction and helps establish a loyal consumer base.

With a rise in cyber-attacks and unethical hacking cases, AI is the only option for financial organizations to minimize their losses and cater to their consumers’ impeccable quality of service.

Personal finance

Humans tend to move towards situations that guarantee the least interference from a third party. Organizing finances is something that renders their independence incomplete. People have to turn towards financial establishments for bits of advice on investments, and this process is rather tedious, given the number of agents involved.

AI minimizes the need to interact with these financial bodies. Economic advice can be generated via chatbots on various sites, without the individual revealing their monetary stand. AI can be relied upon to create long term solutions, and the methods projected are after endless scrutiny of the market and various industries

AI in the Finance

Corporate finance

Corporates and other big enterprises should have a firm foundation of knowledge regarding the market trends and availability of specific resources. For this, AI can be the perpetrator. It possesses the capability to analyze risks and growth factors faster and produces results with a low error margin.

Frauds, losses, and anomalies in the system can all be reduced by putting AI to use. Not only does it save money and time for the corporate, but it also reduces the workload for the company’s employees. Reduction in the required human resource is a perk with cons of its own but eventually works in favor of the organization.

For financial institutions to benefit from the conversational AI tide, they need to keep the following things in mind –

    1. Enable interactions as humane as possible – The consumer interaction with the company keeps it in the news. The conversations via chat bots should be effortless and to the point. Also, the system must run 24/7 to gain maximum space and attention in the market.
    2. Avoid repetitive processes – AI should work to reduce the user’s efforts, not double it. Voice assistants are often found to be redundant in their answering methodology, which renders them mundane.
    3. Save money on certain departments but feel free to splurge it on the R&D one – This department is essential as it designs every application for the company from the very basics. Hence, resources should be handled properly for the same

Conversational AI still has a long way to go, but companies are already benefiting from it. Keeping the above-stated points in mind, an institution can surely maximize their profits in the upcoming financial quarter.

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DT : How Digital Transformation Drives Customer Experience

Digital Transformation

DT : How Digital Transformation Drives Customer Experience

Digital transformation is forcing businesses to amend their business methodologies and models in order to adapt themselves to the increasingly digital market. Well, what’s interesting to note is it’s not the businesses that are driving this change to digitalization. It’s is actually the customer.

In today’s world, customers expect automation and expect all the information related to the service or the product on their preferred device before making the buying decision. It’s their customer journey that dictates your business strategy.

Hence, in order to keep your buyers persona always connected to your offerings and make all the information accessible to them anytime, your organization must embrace technological innovations to deliver an unmatched and exceptional customer experience.

Fortunately, businesses realize the importance of digitalization and are already adopting it to deliver the customer first experience.

The net global spending on digital transformation in 2018 was approximately $1 trillion.

State of Digital Business Report by IDC

That explains the increasing digital spending by businesses globally. However, what’s interesting to know is that the number is expected to increase to more than $2 trillion by 2022. The business is increasingly adapting themselves to the digital transformation over the traditional methods, and the proof that 79% of the organizations admitted that COVID-19 increased their budget for digital transformation.

Doesn’t that give a clear hint to how fast we’re approaching complete digital adoption?

They say exceptions are everywhere! 47% of organizations haven’t embarked on digital transformation yet, and 59% of organizations believe it’s already too late for them to get started.

Well, better late than never! All a business needs to do is change how their services and products interact with its customers/clients and provide their best possible customer experience through all available digital touchpoints.

The businesses that successfully transform digitally create highly engaged and loyal customers. According to a study by Rosetta, customers that receive digital experiences from a company are,

  • 6 times more likely to try a new service or product from that company
  • 4 times more likely to refer the brand to their friends and other connections
  • 2 times more likely to buy products or purchase services

What’s more interesting to know is that MIT’s study observed that companies that have embraced digital transformation are 26% more profitable than their competitors!

Finding it surprising? Well, have a look at how top companies are benefitting from digital transformation within the organization.

How Digital Transformation Drives Customer Experience?

Digital Transformation Time Frames and Growth Rates

Digital Transformation

the best possible customer experience, it’s inevitable for businesses to understand the right way to stay connected to the customer through digital touchpoints.

So, have you embarked on your journey on digital transformation for your business? Or, are you from that 59% who consider it’s already too late to transform themselves?

Well, whatever be the case, we always have your back. Linkfields’ digital transformation services help businesses like you evaluate their digitalization requirements and how best to deploy transformation that drives business growth.

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RPA : How is Robotic Process Automation Transforming the Digital World

Robotic Process Automation

RPA : How is Robotic Process Automation Transforming the Digital World

When most people hear the term artificial intelligence, the first thing they usually think of is robots. That’s because big-budget films and novels weave stories about human-like machines that wreak havoc on Earth. But nothing could be further from the truth. Artificial intelligence is based on the principle that human intelligence can be defined in a way that a ma chine can easily mimic it and execute tasks, from the most simple to those that are even more complex. The goals of artificial intelligence include learning, reasoning, and perception.As technology advances, previous benchmarks that defined artificial intelligence become outdated. For example, machines that calculate basic functions or recognize text through optimal character recognition are no longer considered to embody artificial intelligence, since this function is now taken for granted as an inherent computer function.

“Robotic Process Automation (or RPA) is a rapidly emerging technology that will fundamentally change how SSCs (Shared Service Centre’s) operate, slashing the effort for routine tasks and enabling advanced cognitive applications that augment or replace human judgment in knowledge-based processes”.

Deloitte 2017 global shared services survey

Whether it’s Predictive Analytics or Machine Learning or Robotic Process Automation, these technological advancements have left the human race in awe with the remarkable benefits it brings to the table. Out of which, Robotic Process Automation has been the topic of greatest interest in the technology arena, given the fact it is growing and advancing at lightning speed across different business sectors.

According to leading technology industry analysts, the Robotic Process Automation market by 2022 will be worth at least $4.3 billion, which in 2018 valued at $1.7 billion. That clearly signifies that organizations worldwide from various sectors are increasingly adopting RPA, chasing the benefits like enhanced customer experience, operational cost reduction, error-free operations, better management, and effective implementation and growth. Well, maybe that’s the reason why 53% of organizations have already begun their RPA implementation journeys and is expected to increase to 72% next year and a “near-universal adoption” by 2022. Doesn’t that sound incredible?

However, some organizations look at RPA as just a short-term fix for the temporary goals, and visions need to re-think. In contrast, it needs to be considered as a catalyst for bigger digital transformations. Implementing RPA in one or the other area of the organization is merely the first approach to automation in the journey to complete digital transformation.

Though most of the RPA implementations emerge from the business need to automate all the manual, time-consuming, and repetitive operational tasks, the complete potential of the automation can be leveraged only through integrating it with other digital technologies within the organization like digital assistants, machine learning, smart organization workflow tools, and AI, generating maximum benefits as well as driving end-to-end business digital transformation.

Well, these are just the benefits that RPA yields on implementation. But, how is the Robotic Process Automation shaping and transforming the digital world?

1. RPA integrates and deploys easily since it doesn’t require complex coding or integration. Just because it doesn’t affect the underlying business logic doesn’t mean it’s completely easy. All it means is its quite easy to test and pilot the particular technology, allowing the organizations to figure out how various lines of their business are all experimenting with their own RPA pilots, with limited input and support from the IT department or technical head. That said, such capabilities potentially drive efficiency and growth within the organization.

2. RPA tackles building and deployment queries and challenges faster than the traditional solutions do. Additionally, since RPA is competent enough to access information and data from multiple diverse sources such as legacy systems, ERP systems, and other external systems, it doesn’t require re-engineering old organizational processes or ripping out traditional digital platforms that are core to your business operations.

3. RPA is a pretty accommodating technology. It allows organizations to adjust business processes as per the changing or the new requirements and solves the challenge without leaving any negative impact on the business. Well, consider reconciling invoices rather than sustaining manual reconciliation or invest months to build a custom and complex digital integration? That would be a loss of time, productivity, and results!

Needless to say, cost reduction is a complimentary benefit that organizations gain through such technological transformations with RPA. Companies can muster more to focus on customer/client-related issues that certainly require a human touch.

Well, looking at the way RPA has been digitally transforming the businesses across the globe in the last couple of years, organizations must realize the competency of robotic process automation software and how to leverage it to its full potential.

Digital transformation through technological advancements like RPA can work wonders, but a few organizations are still struggling to get their heads around. Being stubborn about traditional digital methods and policies, they miss out on opportunities to further cut down the operational costs and generate great results quickly.

According to Gartner, two-thirds of business leaders believe their companies must pick up the pace of digitization to remain competitive in today’s world. Well, better late than never. Companies like Linkfields have been actively working to raise awareness regarding how crucial it is to incorporate RPA in the business process and support clients from different sectors with RPA consultation and development services. Their team of RPA developers and RPA software strategies is all you need to automate your business for better growth and efficiency. It’s time to reshape business processes with RPA!