Banks are experiencing new and disruptive challenges to their traditional business models and product offerings. There is a whole new range of companies like Google, Apple and others starting to provide financial services focused on the most profitable products and services currently being provided by banks.
Banks are responding by offering similar services in a fashion now being expected by consumers, but they are facing huge challenges in adapting their existing technologies, legacy systems and business architectures. This is where Banking Robotic Software is making rapid change possible.
They traditional response to these new competitors would be to replace legacy IT systems with state of the art technologies. Unfortunately, replacing these core systems would take years and enormous amounts of capital and operational risk. An option banks are increasingly taking is to augment existing systems by applying Banking Robotic Software. This approach allows new products and services to be offered through new customer interfaces, with Robots processing the various transactions through the user interface of existing legacy applications. This approach would be less feasible if humans were required, however it becomes practical because Robots work at twice the speed of humans, 24 hours a day and 7 days a week. Since these Robots can work on virtual computers, they do not require any of the infrastructure that humans require and are not susceptible to the attendance, coaching and other management overheads required by humans.
Banking Robotic Software can be also be deployed much faster than large IT projects. Robots can be configured and trained on timelines similar to training a new staff person. However, once one Robot has been trained, all other Robots immediately receive the same training.
Banks are also applying Banking Robotic Software to their other business lines as a means of reducing cost and improving customer service. At a cost of less than $7.5K per year, Robots are also enabling companies to repatriate work from business process outsourcers, resulting in further cost savings and improved customer service.
Insurance Robotic Software
Insurance Robotic Software is helping reduce cost, mitigate risks and improve customer service. Insurance policies are evolving rapidly to accommodate new situations and technologies, while the need remains to support legacy policies. In the past, companies relied on humans to retain knowledge and experience to these support legacy policies, however todays employment market is seeing a much higher turn-over of staff and the resultant risks associated with losing staff experienced in administering legacy policies.
Robots can be trained in very complex business logic and are therefore able to process claims across a full range of policies, quickly and efficiently, with no human errors. They also eliminate the risks of staff turnover.