NuMantra’s Integrated GenAI Platform Powers Banking Automation

26 Mar NuMantra’s Integrated GenAI Platform Powers Banking Automation

Since its introduction into the mainstream during early 2023, Generative AI has transformed how we create, innovate, and enhance process efficiencies. For industry, the adoption of AI models has been a huge game changer with a multitude of applications, particularly with respect to customer/client and employee interactions. This is particularly true for the BFSI (Banking, Financial Service, and Insurance) industry, where employee interaction, efficiency, and confidentiality are vital prerequisites of success. A report by McKinsey shows an overall 9%-15% increase in operating revenue and efficiencies in operational activities that the industry stands to gain.

While the numbers are compelling, the adoption of GenAI in the BFSI industry hasn’t been fast enough. A study by Gartner indicates that while there is an eagerness among banking leaders to join in the AI revolution, constraints around legacy technology, compliance adherence, customer-sensitive data, and the mammoth task of integrating GenAI through internal applications are some major hindrances. Nonetheless, the use cases for GenAI in BFSI institutions are numerous and solutions thereof are the need of the hour.

This blog proposes GenAI solutions for BFSI institutions that incorporate the use of RPA (Robotic Process Automation), ML (Machine Learning)/AI (Artificial Intelligence), Process Mining, and Business Intelligence. It will also cover GenAI use cases in different BFSI processes like Consumer Banking, Risk and Compliance, Finance and Accounting, and Information Technology.

Understanding GenAI

In simple terms, GenAI is a type of AI technology that generates data or information as content. This could be in the form of texts, audio, video, imagery, or code. The introduction and rapid advancements in machine learning, natural language processing, and deep learning have accelerated GenAI’s capabilities in enhanced user engagement with use cases for various business applications. The technology also gives GenAI broader cognitive capabilities, allowing it to adapt, reason, and learn in various contexts, making it ideal when deciphering large amounts of proprietary data and managing complex processes.

Features of GenAI:

Before we get into the different use cases of GenAI in banking automation, let’s look at some of its features.

• Improved Conversational Ability: Thanks to GenAI’s superior conversational abilities, customer interactions in the BFSI sectors are more personalized and accurate. Through its machine learning capabilities, GenAI is skilled at understanding context and subtle language differences. As a result, banks can expect increased customer engagement, increased trust, and higher levels of customer satisfaction. For example, GenAI technologies can be trained on financial datasets, thereby reducing manual effort, processing time, and improving accuracy.

• Enhanced Personalization: GenAI can be trained on specific data sets, such as customer interactions or product information, to provide personalized recommendations and responses. Its capacity to analyze large datasets allows for customized experiences based on customer requirements and preferences. GenAI can also perform sentiment analysis of unstructured text data and generate personalized financial advice based on customer online interactions.

• Higher Accuracy: GenAI is highly accurate in producing responses. This is mainly because it’s devoid of human intervention (human error) in generating information and picks up data from credible sources. The responses are based on past chats and incorporate elements of chat history to generate new responses. Because of its contextual awareness and training based on large datasets, GenAI can accurately respond to customer queries and provide financial insights that improve customer satisfaction.

• Constant Learning and Relearning: The ever-evolving learning nature of GenAI allows it to constantly develop and adapt to an ever-changing environment. This is done by taking in user feedback and learning from previous interactions. As a result, GenAI constantly keeps itself up to date with changing customer preferences and industry trends.

• Cost-Effective: With its low operating costs and scalable deployment options, GenAI offers an affordable automation solution. Without having to make large financial investments, businesses can use GenAI for a variety of applications, including risk management and customer service. Because of its scalability, BFSI institutions can adjust to shifting business strategies and meet increasing demands without having to incur significant additional costs.

How BFSI Institutions Can Hyper-automate with GenAI?

Organizations can hyper-automate with GenAI by leveraging its advanced capabilities (mentioned above) across various functions and operational activities. Here are some specific strategies and applications:

• Maintain compliance and enable business process automation through RPA

Integration of GenAI with RPA can be very beneficial in streamlining routine banking processes. This is done by automating repetitive tasks that were previously done by humans, such as data entry, account reconciliation, and transaction processing. This combination of GenAI with RPA increases automation, reduces manual intervention and operational efficiency, reduces manual errors, and accelerates process execution. Banks can expect an overall increase in productivity and the resultant improvements in customer satisfaction. 

• Transform customer experience with ML/AI

ML algorithms and GPT Models of GenAI can analyze vast amounts of financial data to identify patterns, trends, and anomalies in the dataset. Predictive analytics for risk assessment, fraud detection, and behavior analysis in banking automation are greatly aided by this feature to achieve better financial results. 

• Identify areas of improvement with Process Mining

When combined with Process Mining, GenAI can enable BFSI institutions to gain insights into their operational processes, identify bottlenecks, and streamline workflows. Process mining includes analysis of transactional data to optimize processes like loan approvals, customer onboarding, and compliance procedures, which in turn enhances procedural and process management abilities. 

• Accurate decision-making with Business Intelligence

Leveraging GenAI to produce Business Intelligence can provide BFSI institutions with insights and data-driven strategies for more accurate decision-making. By analyzing data from various sources, which include historical, current, third-party, and in-house data, BFSI leaders can make informed investment decisions for their customers. This data can also be accessible in various views, such as reports, dashboards, charts, and graphs, to make it user-friendly.

NuMantra’s Solution to Streamlining Banking Process Automation

NuMantra’s integrated GenAI platform offers BFSI institutions sophisticated machine learning and AI capabilities to automate quickly while addressing diverse operational needs across consumer banking, risk and compliance, finance and accounting, and information technology domains. As a result, institutions can expect superior customer experiences, meet regulatory compliance, and improve business outcomes.

By combining RPA, ML/AI, Process Mining, and Business Intelligence technologies with GenAI features within its Hyperautomation platform, NuMantra aims to enable BFSI institutions to break free from automation challenges.

Conclusion

With growing customer demand and an urgent call to upgrade from legacy systems, BFSI institutions must begin adopting their existing workflows with AI driven automation & analytics. This trend will be inevitable in the BFSI sectors as more and more institutions look to transform digitally. What’s more, this technology holds greater promise for operational efficacies, productivity, and, most importantly, customer experience. BFSI institutions must carefully consider if the overall solution achieves the complete goal of digital transformation. Choosing a Hyperautomation solutions platform unlocks the full power of AI in contrast to implementing point solutions. Only an integrated platform like NuMantra can enable Gen-AI driven automation to ensure the best results.

With NuMantra’s integrated GenAI solution, financial services providers can automate crucial processes with enhanced efficiency, accuracy, and agility across a range of operational domains. What’s more, NuMantra’s solution helps providers within BFSI get the right insights about operational efficiencies and customer preferences.