Banking Automation – The right start for all your automation needs

Introduction

When a company is in a state of growth, they can suffer from a lack of efficiency. Often, this is due to a high demand on employees. This can be impossible to meet if the employees are not well organized. To help combat the issue, employers can implement software that automates all or parts of the business. This can greatly increase the efficiency of the company and their ability to meet the demands of the market. In a similar manner, companies typically seek to outsource to robots and computers when humans say, in essence, “Please take this tedious work away from me.”

Good thing, banking automation can be used in many aspects of organizations, including risk management, fraud detection, and marketing. Further, automation for banks will be a key factor in the coming years and will help cut down on problems. Banks will be able to cut down on fraud and disputed charges 24/7. Automation also increases the amount of transactions that banks can do. This will allow banks to get more money and get more out of their employees.

Table of Content

1. How do companies benefit from automation? 
2. Is your bank ready for automation?
3. More points to consider: Investigation of suspicious transactions
4. More points to consider: Machine learning
5. More points to consider: Banking Automaton reduces false positives

How do companies benefit from banking automation? 

Banking automation can assist financial institutions (FI) to counter illicit finance (IF) by using advanced analytics to process and synthesize seemingly unrelated indicators of risk (IAR) amongst payment platforms, geographic regions, depositors and recipients. Using IA can help identify and understand hidden financial black markets, modus operandi and networks.

Moreover, integrated analytics in banking automation is the fusion of data, analytical methods, and technologies for the purpose of improving outcomes. For example, banking automation can perceive seemingly unrelated indicators of risk between payment platforms, geographic regions, depositors and recipients, and meaningfully relay these signals. It is used in many aspects of organizations, including risk management, fraud detection, and marketing.

Is your bank ready for automation?

One of the most common signs an organization is ready for or needs automation is employee requests to be relieved of work that is either difficult and/or repetitive. Other signs and symptoms of the need for automation include:

• Excessive complaints and resistance from employees
• Low levels of workplace morale and low levels of employee engagement
• Poor customer satisfaction
• Sub-par performance of employees
•  High employee turnover rates

More points to consider: Investigation of suspicious transactions

An investigation into suspicious transactions and business practices can be time-consuming and often yields unsuccessful results due to overly protective mechanisms. The first step is to investigate the background of the business and the individuals involved. Next, find out the reason behind the suspicion of illegal activity. If illegal activity is suspected, it’s possible to use the law to aid enforcement of the business. After all investigations are completed, it can be difficult to prove illegal activity. This is where monitoring plays an important role. With all the information collected, it helps to monitor additional transactions. When illegal activities are found, they can be reported to the authorities for prosecution.

More points to consider: Machine learning

Suspicious activities can be identified by the machine learning tools and staff members can investigate the transactions. Algorithms can keep an ongoing eye on complex patterns and report serious transactions for staff to investigate. It is difficult for staff members to identify suspicious activities manually, but with the help of machine learning tools, they can easily identify complex patterns and report serious transactions to staff and flag transactions and accounts for further investigation. When an algorithm identifies a suspicious activity, it will be reported and flagged for further investigation. The algorithm can then be updated and retrained to identify new types of suspicious activities.

More points to consider: Banking Automaton reduces false positives

Identity Analytics in banking automation reduces false positives when monitoring transactions, allowing compliance teams to focus on genuine threats. The system looks at the overall patterns of behaviour of users to determine whether or not they are part of a criminal or terrorist group.

Moreover, first, it reduces the risk of data breaches. Without banking automation, malicious actors can use social engineering to breach an organization’s system and obtain proprietary data and IP. Automation reduces the risk of this. Second, it can be used to detect and prevent cyber and security threats and cybercrimes. Finally, it can be used to monitor all transactions and account access. This allows compliance teams to focus on genuine threats to an organization and prevents false positives from detracting from the organization’s ability to monitor for genuine concerns.

Conclusion

Bank automation is the process of improving the efficiency of the bank. These improvements usually revolve around automation of financial operations, so it is important to understand the benefits of automation for bank owners. Three main  benefits are  improvements in staff retention, overall bank performance, and a reduction in overall operating expenses. Banks that have implemented automated systems have a higher staff retention rate, which means a better overall bank. One of the main reasons for this is because the automated systems are easier to use, which means that employees have a high rate of efficiency. While there are a number of bank automation software systems that can be integrated into a bank, these are the main benefits that owners should be looking for.

Hence, banking automation is a great way for bank owners to save money and have little to no work on their part. Automation is something that is definitely available, but it can be a little complicated, so you have to get a great deal of information about how to do it. One of the most important things you can get is a company to help get things automated for you. For example, you can get a company to manage your email marketing for you, which will allow you to save a lot of time and energy. This information is essential in order to get things running in the right direction and you will be in a position to start saving a lot of time and energy in the process!

Next Step

Automation has many benefits for business owners. You can increase work efficiency through automation. You can also save money by using automation technology. There are many ways you can use automation in your business. Using Integromat which is a platform that was designed to make integrations with social media, ecommerce platforms, email marketing, and many other platforms easier for you. It’s a ‘No Code’ platform which means you can create integrations without having to write a single line of code. In fact, there is no coding necessary for any integrations that you create on Integromat. If you want to get an idea of how easy it is to create integrations on Integromat, follow our step-by-step Integromat Tutorials in our Integromasters Course . By the time you’re finished, you’ll have a clearer picture on how to automate your business in 30 days or less. Find out more here.