Intelligent automation is building a digital future for Financial Services – Part 1

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From quicker time to market for new products to data-driven cross-selling opportunities, intelligent automation solutions are driving business success through implementing smarter processes.

From freeing up employees to scaling operations, intelligent automation (IA) continues to revolutionize business operations across industries – and Financial Services is no different.

Robotic process automation (RPA), artificial intelligence (AI), and machine learning (ML) are expanding organizations’ operations in ways that surpass initial company goals, driving amazing results tied to business revenue and value as well as customer satisfaction.

In this series of two blogs, we bring you five trends on how IA is shaping the future of financial services, and how Capgemini is leveraging technology to enable our clients to stay ahead of their competitors.

Quicker time to market for new products

Product launches requires time to correctly assess important factors such as the potential return on investment. Fortunately, IA can speed things up.

Capgemini partnered with a UK-based financial services company to enable call center, client onboarding and underwriting process automation. They conducted a maturity assessment review, a performance management framework, and executed training transformation and workforce optimization by implementing agile scrum teams. This resulted in a 50% reduction of average handle time (AHT) and a 90% reduction in idle capacity, by collecting data from six systems and deploying 900 bots!

We also leveraged a chatbot service with another leading bank in South-east Asia to respond to home and renovation loan queries. It was so widely used that it responded to about 20,000 queries in the span of four months, converting more than one-tenth of these conversations into mortgage loan sales leads. Since its inception, the chatbot has generated north of $100 million in home loans with 90% of the users stating that they were satisfied with the chatbot interaction.

Enhanced cross-selling opportunities with with data-driven solutions

Automated yet personalized communication with customers often results in increased loyalty. IA can be gainfully employed to improve the marketing and selling process within organizations.

Capgemini leveraged IA with a major, US-based automotive financial services firm. The bank launched a targeted emailing tool, which achieved superior click-through rates in the ballpark of 70%. Loyalty rates went up by 50% for consumers looking to refinance their loans.

We implemented self-service accounts based on personal URLs, enabling customers to check their loan or lease-end information, such as mileage requirements, and purchase real-time extra mileage. These personalized websites offer up-sell and cross-sell opportunities, providing timely information from onboarding to lease-end education and retail retention.

In the second blog in this series, we’ll look at how intelligent automation solutions are building a digital future for financial services through faster response times with RPA, optimizing pricing and underwriting, and data-error proofing and correction for claims.

To learn more about how Capgemini’s Intelligent Process Automation  (IPA) can help you unlock value through IA at scale, helping you transition to – what we call – the Frictionless Enterprise, contact: aayush.gupta@capgemini.com

 

Aayush Gupta is. a manager in the E.L.I.T.E. General Management program at Capgemini. He works with banking and insurance firms to implement their IPA and RPA projects.

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