C A S H I N G I N document and data-intensive tasks that have the potential to introduce delays and friction for the customer . Not to mention , their potential to introduce unnecessary costs , inefficiency and backlogs internally . For example , for small claims , the cost of processing it manually can sometimes be higher than the claim amount itself .
C A S H I N G I N document and data-intensive tasks that have the potential to introduce delays and friction for the customer . Not to mention , their potential to introduce unnecessary costs , inefficiency and backlogs internally . For example , for small claims , the cost of processing it manually can sometimes be higher than the claim amount itself .
Now is the time to bridge the transformation gap and bring these backend processes into the digital age . By doing so , financial service organisations can offer customers the real-time experience they seek whilst drastically reducing back-office costs .
Automate to accelerate
When introduced correctly , technologies such as intelligent document processing ( IDP ) and RPA can automate back-end processes such as claims and loan processing , removing the need for manual data extraction and keying data into downstream systems .
Instead , by utilising AI , these tools can accurately extract data from a variety of documents – and populate it into an easyto-interpret interface . This means – if an insurance claim is submitted on a Friday , instead of being added to a queue to be reviewed by a human worker on a Monday , the documents can be checked in real-time . If anything is missing , customers can be notified right away , even on the weekend .
Additionally , in the case of applying for loans , if the customer has already been pre-approved and previously passed internal checks , they can get an instant response about their loan approval . Depending on the exact use case , we have witnessed Straight-Through-Processing rates of 80 % and above achieved with IDP systems , with a human-in-the-loop required on less than 20 % of the most complex and / or ambiguous cases .
Essentially , when processes are automated , bottlenecks are removed and lead times are shortened , meaning that customers can receive faster responses . This results in higher customer satisfaction as service delivery becomes more efficient , streamlined , and consistent .
Increasing employee satisfaction
Whilst customer satisfaction is crucial , the automation of back-end processes can also positively impact employee morale . Automating the repetitive and often tedious back-end tasks associated with document processing means that employees can be freed up to focus on more interesting and impactful work . For financial service organisations dealing with thousands of documents every week , removing the need for manual email routing and data entry allows workers to engage in higher-value decision-making or customer interaction , boosting job satisfaction and engagement . Peaks and troughs in workload also become much more manageable , rather than having to add additional staff for peak season and / or at times heavily stretching existing staff . Ultimately , when employees
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