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AI and RPA - Dominant trends in Banking, Financial Services and Insurance (BFSI)

01/07/2020

RPA automates repetitive tasks in businesses without human intervention and supervision. AI helps solve cognitive problems commonly associated with human intelligence, such as recognizing patterns, learning from and making predictions based on recorded data. Many think of the RPA software robot as the “arms and legs,” and the AI components as the “brain.” The combination of AI and RPA will help businesses optimize their operation, then saving costs and resources as well as improving the available competitive advantages.

RPA - Automate tasks, optimize productivity

The emerging issue financial institutions are facing in the process optimization is their dependence on manual processes, which are inefficient, wasteful of resources and prone to errors and loopholes. RPA is the solution to this problem when it can remove all the limitations.

For example, the know-your-customer (KYC) due diligence process generates costs of up to USD 500 million per year per bank (according to a survey by Thomson Reuters). With RPA, banks can save significant KYC costs, as well as improve accuracy in data entry.

akaBot by FPT is a comprehensive RPA Solution, helping to automate business process for enterprises in various sectors. This automation process can save up to 80% operation cost and increase productivity because of 24/7 operation which improve Turnaround Time from hours to minutes and minutes to second.

AI - Customer care, prediction and security

Referring to AI in finance and banking industry, the most popular application is chatbot. Chatbots handle most of customer requests such as checking balance, transferring money, paying online, searching for investment options etc. Besides, they help reduce low-value work, optimize HR for customer care centers, cost savings for businesses.

Reading and analyzing customer data, chatbots offer personalized recommendations to each customer.

In addition, chatbot offers consistent 24/7 customer support. Some banks also deploy Virtual Agent for Call Center with natural language. These are truly new customer service experiences in the financial industry.

researching and applying AI to support businesses’ digital transformation. FPT.AI Chatbot is one of the typical products in the 4.0 solutions developed with the desire to help businesses optimize and transform their business models quickly for a breakthrough, especially in the post-pandemic period.

During the stressful social distancing period, SHB Finance became outstanding among banking and finance businesses thanks to Chatbots. This virtual consultant can automatically receive and process thousands of requests from customers, just like, and even better than a human consultant because of the ability to be available 24/7.

During 3 months of deployment, this "virtual employee" supported information queries for thousands of customers. It answered accurately up to 90% customers’ questions and brought about more than 10% of total leads on digital marketing channels.

Financial forecasting is extremely important to financial institutions, especially investment companies. Applying AI, businesses will make accurate predictions of investment trends, stock returns, market demand, even short-term and long-term revenue. In addition, AI also helps banks forecast and avoid cyber-attack risks, increasing the accuracy in managing fraudulent transactions.