Automating Financial Services with Robotics and Cognitive Automation has been saved
Given current cost pressures and the increase in the potential to automate identity and access management functions, financial institutions are considering an alternative to the often expensive manual processing by leveraging an automated provisioning solution.
This solution can reduce or eliminate highly manual provisioning activities, potentially reducing the total service level agreement (SLA) from days to minutes in some cases, providing significant Application Access Management operational efficiencies. A3M integrates with various AAM platforms, is highly available, and utilizes robust cloud and end-to-end encryption technologies.
Banks are faced with the challenge of reviewing hundreds of thousands of invoices and contracts with different terms, rates, formats and languages to identify inconsistencies and perform billing reconciliation. These challenges create an opportunity to automate processes that are labor-intensive, time-consuming, and prone to human error, which can contribute to revenue leakage.
This automated billing reconciliation solution leverages natural language processing to extract information from contract and invoice documents. It compares contracts against invoices based on a defined set of business rules and identifies revenue leakage from the mismatch between contract rates cards and invoices.
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Given current cost pressures, some financial institutions are considering alternatives to the often expensive and unstructured management of third party data licensing, by leveraging machine learning and cognitive analytics.
This solution automates the management of third-party data licenses by leveraging natural language processing, cognitive analytics, metadata management and industry subject matter advisors.
The potential to automate back-office functions has increased significantly, leading to process automation as a high priority for enterprises. These trends create an opportunity for retirement providers to automate processes that assist clients with rollover decisions pertaining to their 401ks.
This automated rollover solution leverages robotic capabilities to calculate client plan fees based on the information from 404(a)(5) Disclosure and Participant Statement.
Financial institutions are required by law to have systems set in place to detect and prevent criminals from cashing in on illegal activities and transactions. However, as banking customer information continues to grow, it takes more and more human capital resources to monitor transactions for illegal activity. Analysts need to look at different sources and systems to get enough information to identify suspicious activity. Reviewing all of the alerts can turn into long hours of research, as more time is often spent looking at false alarms, than escalating actual cases of fraud.
CognitiveALERT can help improve the AML process by helping organizations father and stage customer information. This smart solution scans multiple systems, helping to extend an organization’s reach on alerts. By automating data collection and staging, analysts can reduce the time they spend on all alerts, enabling for smarter identification of suspicious activity.
Let’s make this work.
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