October | 2016
In most instances employees want to continuously improve on their goals, targets and achievements. "Do more" is high up on their agenda, but crippling manual activities, reams of documents, external validations, etc. tie them down. It is not unusual to see client relationship officers in a bank or an insurance organization spend endless hours going over documents to assess risk and meet compliance norms before sanctioning a loan or underwriting a policy. An increasing number of banking and finance organizations now have the opportunity to streamline these repetitive processes and improve operational efficiency by leveraging cognitive process automation (CPA) technology.
CPA uses OCR, algorithms, business rules, Artificial Intelligence (AI), ontologies and semantic associations to scan, analyze, organize, contextualize and interpret documents. In other words, CPA executes a number of complex processes, thereby allowing humans to go back to acting like humans.
Organizations need to bring 7 strategies into play to ensure their CPA initiatives deliver on the promise the technology offers. These strategies are the outcome of a study conducted by consultants at a financial services organization:
The study concluded that many financial organizations were already working to enhance their workflows. But those opting for CPA could introduce several additional magnitudes of improvement. These results could get a further boost through "learn and adapt" methods enabled by advanced Machine Learning technologies.
Sasi Koyalloth is an Enterprise Architect with 18 years of IT experience in Retail and Corporate Banking, Insurance and Capital Markets. As a Vertical Offering Lead for FS business in Connected Enterprise Services, Sasi assists the team in strategy formulation and Thought Leadership. He has held key roles in architecture and consulting on various transformation programs across the US, Europe, the Middle East and India. He can be reached at sasi.koyalloth@wipro.com.
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