The digital revolution has reached every walk of life, and every industry and sector is using some form of AI and automation to speed up processes and increase efficiency within their system. AI is extensively used by digital services providers to tailor customer experience and create a feedback-focused environment. Data collected is efficiently used to drive innovation and customer experience across industries.
The banking sector is one of the industries where the acquisition cost of a customer is significantly high. Acquiring new customers on average can cost five times more than retaining existing customers. Retention of customers in the banking sector has taken a passive approach.
Over the past few years, the growth of digital wallet apps has been phenomenal. Driven by the adoption rate of mobile apps to check last-minute deals on travel, buy movie tickets, or order food – the digital wallet companies have grown along. Early adopters of these digital wallets were often digitally-savvy millennials that swayed for features that offered lower transaction time and convenience.
Banking | 1 min read
Most banking operations involve time-consuming, repetitive processes. Many of these processes, which do not require human intervention can be automated. With robotic process automation, bank operations can be done at a greater scale, speed, and accuracy than is not possible with humans. This has a direct impact on accuracy, efficiency to staffing issues, and its related expenses. With robotic process automation, the need for data reconciliation is also significantly reduced.