The provision of financial services naturally involves a plethora of repetitive tasks that firms have traditionally managed manually. The digital age has already increased automation in the back office— but AI and machine learning tools are now helping turbo-charge administrative processes and further reduce human intervention. Through data-science-driven process automation, firms have been able to increase productivity, improve the customer experience and scale up their services. Successful use cases include chatbots, call-center automation, paperwork automation and even the gamification of staff training. And the success stories keep coming. JPMorgan Chase, for instance, has used natural language processing (NLP)—a form of AI that gets computers closer to a human understanding of language—to automate the processing of commercial loan agreements. The manual review of 12,000 contracts would typically take up around 360,000 labor hours, the bank’s new NLP-powered platform does the same job in just a few hours. 14
5 PROCESS
AUTOMAT ION
© 2019 PROVENIR ALL RIGHTS RESERVED
Made with FlippingBook Digital Publishing Software