Natural language processing Extract quotes from emails
Added value for banks through intelligent automation
Banks and savings banks are sitting on a huge treasure trove of data that can only be processed automatically using digital processes. With a view to regulatory requirements, productivity can be increased and costs reduced.
Big data is one of the most comprehensive technology trends and, due to the variety of its possible applications, is extremely relevant for banks and savings banks. In the bank blog you will find current studies on this interesting topic.
Financial service providers are faced with major challenges. In addition to new competitors and increasing customer requirements for service and products, increasing regulation is forcing banks to expand their compliance teams and adapt IT systems so that the information requested by the regulatory authorities can be generated in a coherent form.
However, this means that banks have to provide new functions over existing systems that were not originally developed for digital business. In addition, 80 percent of the data at commercial and private customer banks is unstructured. The processing of this data is very personnel-intensive and therefore cost-intensive.
Opportunities through digital automation
Banks can withstand these pressures and seize new opportunities by leveraging automation and breakthrough digital technologies. In a whitepaper, Swiss Post Solutions shows how a large part of the processing can be automated through digitization, which frees up human resources and increases productivity.
According to the analysis, 75 percent of manual processes in the banking sector have automation potential. Automation can help reduce costs, optimize processes, offer better quality of service and free up human resources.
Technologies that are used to collect and process customer data via various channels
- Robot-assisted process automation (RPA),
- Artificial intelligence
- Natural language processing (NLP),
- One-touch processing and
- Intelligent character recognition.
How customer data can be collected and processed via different channels.
Together, these solutions automate manual tasks, increase efficiency, simplify adherence to compliance requirements and offer a better customer experience.
Robot-assisted process automation (RPA)
Robot-assisted process automation (Roboitc Process Automation, RPA) is the use of software for processes that were previously carried out by humans. The software is considered a robot because it replaces human labor. Combined with artificial intelligence, RPA can be of great benefit in combating fraud and money laundering when handling unstructured data.
Artificial Intelligence (AI)
Artificial intelligence (AI) describes, among other things, the ability of software to think and learn for itself. Based on historical data and patterns, it continuously improves as it carries out its tasks.
Natural Language Processing (NLP)
Natural language processing understands the nuances of human language. It is a powerful tool for extracting the meaning of communications such as e-mails.
Optical character recognition (OCR)
Optical character recognition processes unstructured data from chatbots, text messages, e-mails, e-mail attachments and paper documents and converts this data into a structured form.
Intelligent Character Recognition (ICR)
Intelligent character recognition serves similar purposes as OCR, but processes written text.
More freedom and efficiency
The use of these technologies gives banks more freedom and enables them to use their human resources for less monotonous and more complex tasks - which increases employee retention and efficiency.
Premium subscribers to the Bank Blog have direct free access to reference information on studies and whitepapers.
Not a premium reader yet?
Premium subscribers to the Bank Blog have direct access to all paid content on the Bank Blog (study sources, e-books, etc.) and many other advantages.
>>> Register here
A service from the bank blog
The Bank Blog regularly checks a large number of studies / white papers for you and presents the relevant ones here. As a special service, the search for purchase and download options will be relieved of you and you will be forwarded directly to the provider page. As a Premium Subscriber, you support this service and the reporting on the Bank Blog.
- How do you recognize bad intentions
- What is the benefit of anxiety
- What are biological threats to food safety
- Who introduced C and where
- What is torque in cars
- How is child benefit constitutional
- What are some remedies for deforestation
- Invest Indians in cryptocurrency
- Who produced the film Papillon
- What makes you angry, sad and disappointed
- What are motherboard configurations
- Hot Yoga Can Lower Your Cholesterol Levels
- What is numerical knowledge
- Squirrel bite is poison or not
- Which international companies should come to Pakistan
- Have you ever intentionally hurt a relationship
- Why do we use computers in biology
- Which mantra will get you through the day
- Does inbound sales work?
- Why is oil more expensive than gasoline
- What are network security mechanisms
- Which domain is better for SEO
- What makes the English language so special
- How to become wise 1