The banking and financial services industry is evolving rapidly with the advent of new technologies and digital platforms. To stay competitive, banks need to focus on providing superior customer experience to their institutional and retail customers. This should start with the initial Know Your Customer (KYC) process and continue through the entire customer lifecycle. Here are five keys to transforming practices for heightened customer experience in banking and finance.

Artificial intelligence (AI) has become increasingly important as organizations use it to drive innovation, enhance efficiency, improve decision making, and boost digital transformation efforts. But ensuring success requires significant, ongoing efforts. Consider setting up an AI center of excellence (CoE) to boost the success of your AI initiatives.

Do people in your organization regularly cut and paste data from one enterprise application into another? That kind of pain point in a workflow is exactly what process automation can help overcome. Repetitive tasks and manual processes lurking inside business processes slow down teams, introduce human error, and erode employee engagement. Slow, ineffective processes can also kill an organization’s time to market and customer satisfaction.

Do you know how many steps it takes you to complete a simple task like adding data to a record? What about how long it takes to send a follow-up email? For most of us, efficiency in our work is something we strive toward but not something we track. That’s where task mining and process mining can help. These tools enable you to see how work can be improved and where to optimize the larger process in which it’s involved. The more complex the process, the more the benefits add up.

Process discovery is a method for creating visual representations of business processes using data. It takes the guesswork out of business process improvement projects and makes it easier for business and IT leaders to spot inefficiencies. But to get there, you need to select the right set of process discovery tools.

Enterprise data. Whether you’re ready or not, it’s growing more and more important to organizational success every day. Business decisions, business insights, and business intelligence all depend on having the right data at the right time.

Data is the heart of business operations. And much of that data is sensitive or regulated. Cyber threat actors know they can benefit financially from your data by holding it for ransom or selling it on the dark web. The most recent Cost of a Data Breach Report 2022 from Ponemon Institute and IBM clocks the average data breach cost at $4.35 million USD (that’s $164 USD per data record). The stakes are high. Your security must be too.

2023 is looking likely to be a breakout year for artificial intelligence (AI) and machine learning (ML). Some industry-watchers predict that recent breakthroughs in AI might lead to a new revolution in society akin to the industrial revolution, the invention of the internet, or the advent of the smartphone. Yet, 2023 doesn’t mark the invention of AI—just the year it went viral thanks to OpenAI’s ChatGPT technology.

So, did you invest in RPA? Did you buy into the dream of automation? How's it going? Are your bots running at 100% reliability and delivering amazing ROI? Or are you fighting bot breakdowns and struggling to justify the expense of costly RPA bots with poor reliability?