Digital Transformation in Banking and Financial Services, Banking Innovation Trends - ByteScout

Digital Transformation in Banking and Financial Services, Banking Innovation Trends

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Digital Transformation Examples in Banking
In banking and other commercial and service industries, decision-makers are using digital transformation to lower operation costs and to free employees from repetitive manual tasks. Although each bank chooses its own digital banking transformation strategy, some of the common automated tasks include data entry, online retail transactions, sorting and forwarding mails, and acknowledging receipt of transaction requests. Moreover, while there are many underlying technologies that have made digital transformation in the banking industry possible, the [...]
Banking and Finance Innovations in February 2020 (Industry Digest)
The financial services industry has been evolving with fintech disrupting the status quo across the entire spectrum of the industry. We analyze innovations across the front office (customer engagement), middle office (automation), and back-office (settlement processes). Table of Contents: Summary Building and Communicating Customer Loyalty more effectively Micro-customization: Personalizing customer insights Augmented Reality to communicate card benefits Chatbots – Using voice & becoming interoperable Automating Middle Office Tasks using RPA Blockchain to secure transaction processing [...]
5 Main Areas of Digital Transformation
Many organizations are actively going through digital transformation, irrespective of the actual industry, irrespective of the organizational structure. Digital transformation presents a wide variety of lucrative incentives such as better sales models and higher customer satisfaction. TABLE OF CONTENT Summary Healthcare Finance Logistics and E-Commerce Telecommunication Hospitality Summary There are certain differences between the transformation of a sector from another. Every organization is different - the organizational structure, processes, and culture vary even between organizations [...]
Digital Trends and Ongoing Transformation in the US Finance Industry
The financial services sector in the US is undergoing a dramatic technology-led evolution that is changing the landscape of the entire industry. Some of the most pronounced disruptions have been caused by: Artificial Intelligence (AI) across the investment workflow. Incorporation of Big Data. Evolution of new-age payment systems and apps. Blockchain Among these trends, we explicitly analyze the impact of AI on the wealth management industry in the US. AI has pervaded all aspects of [...]
What Industries Were Affected by Digital Transformation
Digital transformation has been around for close to two decades now. However, many businesses have not embraced it yet. In that regard, let us look at how businesses in different industries are taking advantage of digital transformation. Industries Affected By Digital Transformation Transportation / Auto Digital transformation in the transportation industry has largely affected how businesses manage their fleets. It has also affected how car owners can secure their vehicles. The integration of GPS devices [...]
How RPA is Changing Finance and Accounting
Accounting and financing both the profiles are known as one of the topmost job profiles across the globe. And the implementation of RPA doesn’t replace the accountants or financiers from their jobs, even helped them to lessen their workload and freeing them to step into the advisory and new strategic world.  If you are an accountant, financier, or banker, you must have experienced a delay in your work, even delay which happens always. RPA helps [...]
RPA in Banking: Real-Life Use Cases
Banks have numerous routine daily tasks. Solving those tasks with the help of humans will always take a lot of time and be error-prone. But, thankfully, Robotic Process Automation in banking saves us a lot by delivering quick, error-free, and smart solutions to all these problems. How does it do it? Let’s take a quick look! What is RPA in banking operations? RPA in the banking industry is a revolutionary technology that will change the [...]
Robotic Process Automation (RPA) in Finance: Use Cases
Robotic process automation (RPA) has been redefining automation in finance and accounting. It would not be an over-emphasis to conclude that the shift is faster than any form of technologies in existence. However, the question has always been, "Why is RPA gaining so much momentum?  For newbies, RPA will simplify data by 80% in financial close, accounts payable, tax accounting, and lots more. RPA optimizes credit card processing RPA Finance Processes secures endpoint against  cyber [...]
Great List of Robotic Process Automation Use Cases in 2020
Robotic Process Automation (RPA) Robotics process automation is driving the 4th industrial revolution. Together with artificial intelligence and machine learning, the technologies are creating opportunities for increasing scalability, reducing errors, improving compliance, and cost savings. The cloud can connect disconnected or discrete systems, virtualize resources, and crunch big data at fast speeds. The technologies free employees from repetitive tasks, empowering them to be more strategic and innovative in the workplace. Why Adopt Robotic Process Automation? [...]