The Impact of Automation in Retail Banking

The covid-19 pandemic has contributed to a change in people's access to services. All went online with minimal cost and full productivity. Everything came to our fingertips from booking a plane ticket to purchasing grocery stores.

Fremont, CA: All sectors are undergoing a digital transformation. Pandemic accelerated automation and creativity through businesses that helped them achieve agility and resilience at a time of crisis. While the pace of change is still at its height, the retail banking sector is not far behind in handling technology. 

The Need for Automation

The covid-19 pandemic has contributed to a change in people's access to services. All went online with minimal cost and full productivity. Everything came to our fingertips from booking a plane ticket to purchasing grocery stores.

There was a substantial rise in consumer inquiries, which were taken care of by contact centers. Banking and other financial markets were on the verge of digitization. But what's with the progress? In order to stand a chance on a competitive footing, the retail banking sector needs the successful implementation of automation. PayTM, Google Pay and other digital wallet systems that allow touch transactions are strong competitors.

Automation of retail banking would ensure improved interaction between customers. Imagine making all the transfers, deposits and other services without spending hours in queues. Market banking requires a great deal of data transfer. Embedding automation can minimize the physical labor involved in gathering data. It will fix the waste of time involved in manually collecting customer information and reduce the monotonous, repetitive interactions between the employee and the customer. This encourages workers to transfer their attention to more skill-based activities.

What are the Impacts?

There are some important outcomes of automation implementation in retail banking.

• Strengthened consumer interactions with intelligent voice assistants working alongside live agents. Providing better customized services across digital platforms would help to draw more loyal customers.

• The introduction of robotic process automation (RPA) makes bots more intelligent. This technology can be used to notify the customer (KYC) of processes that easily monitor customer identity, verification and promote data analysis.

• Conversational AI plays a crucial role in making consumer experiences more engaging and interactive. This will change the workload of live agents and allow them to concentrate on other important roles.