Of late, there has been a trend towards renewing the existing banking system by thanks to complete overhaul of the existing infrastructure and roles. This involves working closely with Data Scientists and Analysts, AI/ML Engineers and RPA developers to automate and develop new analytical tools and applications to enable this change.
The transformation that the system is undergoing will lead to increase in efficiency that allows banks to focus on core financial activities while automating redundant back-office workloads. Some of the success stories are of big banking agencies, like ANZ, BNY Mellon, JP Morgan and Bank of India, that saw this as a profitable endeavour moving forward. For instance, ANZ implemented RPA to fix time consuming operational errors that occurred on a daily, which after implementation was reduced from a 40 to 2. State Bank of India’s e smart SME is using data analytics gathered by e-commerce players to assess the credit worthiness of sellers.
All this is possible solely based on changing technology in the sector. Cloud and AI based roles are helping banks in developing analytical tools to enhance product development and advisory services across the value chain. Santander’s Openbank improved its provisioning of resources by running its ML capabilities in real time by using a hybrid model of a private and public cloud. HSBC has also made some key changes to its banking by integrating AI and screen data for suspicious activities to help spot money laundering, fraud and terrorist activities.
All the uses of API and Blockchain roles are redefining several aspects of Banking like, the transactional workflow, banking applications development and security architecture of banking systems. Standard Chartered makes use of an API portal for transactional banking, which allows third-party developers to optimize management of working capital and Account Balance among other things. Bank of America plans to use the technology for user identification and validation and make changes to a user’s identity.
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