A few years ago, inflation was in the low single digits, and markets were calm. In many countries, inflation has reached new highs and is expected to rise further before the end of the year. Corporate customers of banks are now confronted with price volatility. This has an impact on everything that businesses purchase and sell, such as raw materials, parts, and finished goods and services. This is because the number one strategy for how businesses react to inflationary pressures is by intensifying the removal of efficiencies from their supply and production lines.
To combat such situations, in almost every industry, including banking and finance, artificial intelligence and technologies like hyperautomation enablement have evolved into a vital game changer. Implementing intelligent automation into banking software and services can make the industry more client-centric and technologically pertinent. Let’s get deeper insights on this!
Inflationary Tendencies: The Evolving Lacunae of Banking Functions
Banks’ corporate and finance functions also get affiliated with the approach of cost-cutting during inflation-induced timespans. As a result, some level of service standard ends up getting compromised. For instance, payment and cash flow delays aren’t a positive thing, but they are particularly inconvenient in the present economic landscape. On the other hand, imposing cumulative sanctions on banks doesn’t really make things any easier. As a result, banks must tread cautiously when onboarding customers and processing transactions, which will result in long-term regulatory costs.
What is the Solution, then?
The primary aim must be to avoid extra delays that cause stress to the already overstretched operational processes of their corporate clients. AI and hyperautomation enablement platforms, as one might consider, can be remarkably beneficial in this scenario of inflationary uncertainty.
Suggested Reading: What is Hyperautomation?
How can AI and Intelligent Automation Address these Issues?
Banking institutions increasingly rely on natural language processing solutions to oversee inquiry channels and auto-respond quickly or route the request to a suitable and competent professional. The goal is to decrease the number of employees reading, answering, and processing responses while lowering duplicate requests.
Aside from that, artificial intelligence and hyperautomation enablement are helping the banking industry by granting them a way to quickly recognize suspicious activity. AI and hyperautomation enable financial organizations to make safer investments and serve a broader range of customers. They provide clients with a more user-friendly experience by enhancing accessibility and flexibility.
Also, it has been found that AI-based solutions can help banking institutions cut expenses in the right way by boosting efficiency and making decisions based on information that a human agent cannot comprehend. In addition, intelligent algorithms can detect fraudulent data in a matter of minutes.
Suggested Reading: Automation vs. Hyperautomation
Conclusion
The current triple whammy of rising inflation, supply chain challenges, and geostrategic complexities cannot be easily deferred. However, the real kicker is that several banks have organized and automated inquiry management and other trade and treasury services to enhance processing and larger payments. Because low-code solutions in AI and hyperautomation are now being made easily available, establishing these innovative service backbones to support corporate customers can be realized far faster than before, thus helping weather the current storms.
If you’re looking for automation enablement services, we can fully assist you in implementing the most suited and personalized AI and automation tools for your banking business using EvoluteIQ’s hyperautomation enablement platform. Contact us right away, and we’ll support you in discovering your real business potential.