500+ TASKS THAT A BANK CAN AUTOMATE

Front Office Automation

The front office at a bank interacts directly with customers. Automating these processes improves efficiency and customer satisfaction

1. Open Account Onboarding

Online account opening
Digital signature collection
ID verification automation
Data validation and scrubbing
Account origination

Here are some ways banks can automate the account opening and onboarding process:

1. Online Account Opening

Customizable account opening forms with smart fields
eSignature capture for agreements
Integrated ID verification checks
Real-time data validation and corrections
Immediate account number assignment

2. Digital Signature Collection

eSignature workflows tailored to each product
Authentication during signature process
Timestamping and external signature validation
Legally compliant audit trails
Secure storage for signed documents

3. ID Verification Automation

Data extraction from government IDs
Matching extracted data against forms
Facial recognition match to selfie photo
Authentication by knowledge-based questions
Checks against government databases

4. Data Validation And Scrubbing

Format standardization and corrections
Duplicate checking against existing databases
Outlier identification and flagging for review
Automated data completeness checks
Data enrichment from external sources

5. Account Origination

Automated account setup in core banking systems
Digital client profile creation
Collateral management and booking
Client onboarding notification triggers
Immediate account access provisioning

2. Sales And Service

Chatbots for basic inquiries
Appointment scheduling bots
Personalized marketing offers
Cross-sell and upsell bots
Automated outbound calling

Here are some ways banks can automate sales and service functions:

1. Chatbots For Basic Inquiries

Natural language AI chatbots on website and mobile apps
Integrations with core banking systems for account info
Secure authentication for accessing account details
Answering common questions on products, services, hours
Triaging complex issues to live agents

2. Appointment Scheduling Bots

AI chatbots or IVR systems for appointment booking
Integration with bank’s scheduling/calendar system
Notify customers of upcoming appointments via email/text
Send reminders and allow easy rescheduling/canceling

3. Personalized Marketing Offers

AI chatbots or IVR systems for appointment booking
Integration with bank’s scheduling/calendar system
Notify customers of upcoming appointments via email/text
Send reminders and allow easy rescheduling/canceling

4. Cross-Sell And Upsell Bots

AI chatbots or IVR systems for appointment booking
Integration with bank’s scheduling/calendar system
Notify customers of upcoming appointments via email/text
Send reminders and allow easy rescheduling/canceling

5. Automated Outbound Calling

AI system makes calls to customers for surveys or sales
Natural language conversations with speech recognition
Agent monitors and guides call with whisper coaching
Insights from call analytics to optimize scripts

3. Omni-Channel Banking

Integrating channels – online, mobile, call center
Secure customer authentication across channels
Transaction history across channels

Here are some examples of automating omni-channel banking:

1. Integrating Channels

Unified customer profile across web, mobile, branches
Omni-channel workflow with contextual hand-offs
Consistent product info and offers across channels
Shared CRM and account history across channels

2. Secure Customer Authentication

Single sign-on across web/mobile applications
Multi-factor authentication using biometrics
AI fraud detection working across channels
Blocking suspicious logins across channels

3. Transaction History Across Channels

Customers can view transaction history on all channels
Real time transaction syncing to customer profile
Interactive interfaces on web/mobile for transaction search
Relationship managers have holistic transaction view
Insights from analyzing transactions across channels

4. Additional Examples

Notifications consolidated across channels
Appointments booked on web reflected to branches
Changes to account alert settings sync across channels
New services enrollment reflected across channels
Marketing opt-ins, contact info updates consistent

4. Payments

P2P payments
Online bill pay
Real-time payments processing
Dispute management automation

Here are some examples of automating payment processes:

1. P2P Payments

APIs to connect bank accounts to third-party apps
Instant transfers between customer accounts
Send payment links via email or mobile
Chatbots to handle peer payment requests

2. Online Bill Pay

Scan bills and auto-populate payment info
Schedule recurring payments
Get bill reminders and confirmations
APIs to connect to biller payment systems

3. Real-Time Payments Processing

24/7/365 real-time rails integration
Instant validation, clearing, and settlement
Straight-through payment processing
Real-time alerts and confirmations

4. Dispute Management Automation

Chatbots to handle common disputes
Workflow automation for research
Automated submission of disputes to networks
Case management tracking and notifications
Analytics to spot customer friction points

5. Additional Examples

Mobile wallets, P2M, C2B payment automation
Micro-payments and tokenization
Cross-border payments optimization
Reconciliation automation with rules engine

BACK OFFICE AUTOMATION

The back office handles internal bank processes. Automating these tasks reduces costs and errors.

1. Accounting

Automated reconciliations
Transaction matching
Report generation
Expense management automation

Here are some examples of automating accounting processes:

1. Automated Reconciliations

Daily automated import of bank statements
Matching transactions with rules-based algorithms
Identifying mismatches and discrepancies
Workflow for managing exceptions
Audit trails for reconciliation reports

2. Transaction Matching

Importing transactions from multiple systems
Rules engine to match based on amounts, refs, dates
Automated booking after transaction matching
Reporting on unmatched transactions

3. Report Generation

Templates for commonly used reports
Automated data imports from accounting systems
Scheduled report delivery to stakeholders
Ad hoc report and visualization generation
Archiving reports in searchable repository

4. Expense Management Automation

Mobile app for submitting expenses
Automated policy compliance checking
Matching receipts to credit card transactions
Routing for electronic approval
Direct integration with accounting system

5. Report Generation

Templates for commonly used reports
Automated data imports from accounting systems
Scheduled report delivery to stakeholders
Ad hoc report and visualization generation
Archiving reports in searchable repository

2 Risk Management

Automated credit checks
ID verification and KYC/AML compliance
Transaction monitoring for fraud
Risk modeling and simulations

Here are some additional ways banks can automate risk management functions:

1. Automated Credit Checks

Customizable decision engines for instant credit decisions
Continuous monitoring for credit portfolio risk
Early warning triggers based on credit deterioration
Automated loan loss provision calculations
Stress testing credit models and scenarios

2. ID Verification And KYC/AML Compliance

Watchlist screening of customers against sanctions lists
Network analytics to detect money laundering typologies
Unsupervised anomaly detection for suspicious behavior
Ongoing customer due diligence and risk rating
Automated SAR filing and case management

3. Transaction Monitoring For Fraud

Real-time tracking of transactions across channels
Peer group analysis to identify outliers
Link analysis for organized fraud detection
Card fraud monitoring with machine learning
Automated fraud alert handling workflows

4. Risk Modeling And Simulations

Credit risk models across products and segments
Models for liquidity risk, market risk, ops risk
Automated data collection for model inputs
Differential stress testing scenarios
Capital optimization based on model outputs

3. HR Management

Automated onboarding
Benefits enrollment
Payroll processing
Performance reviews and goal tracking

Here are some ways banks can automate HR management processes:

1. Automated Onboarding

Digital onboarding portal for new hires
Integrations to collect paperwork and signatures
Automatic provisioning of accounts and access
Scheduling orientation sessions and training
Sending equipment and first day instructions

2. Benefits Enrollment

Online benefits selection with comparison tools
Integration with benefit providers to activate coverage
Automated confirmation statements
Life event change automation
Ongoing benefits education and prompts

3. Payroll Processing

Time and attendance integration
Automated tax calculations
Direct deposit setup and processing
Automated garnishment processing
Reporting and ledger integrations

4. Performance Reviews And Goal Tracking

Online performance review forms
Automated reminders for reviews
Real-time progress tracking for goals
Continuous feedback collection
Analytics to inform compensation and rewards

4. Procurement

Contract management
Invoice processing
Budget tracking
Vendor management

Here are some ways banks can automate procurement and vendor management processes:

1. Contract Management

Centralized contract repository
Extract key terms and dates for tracking
Automated notifications for renewals
eSignature workflows for new contracts
Tracking contract compliance and performance

2. Invoice Processing

Digital invoice capture (email, portal)
Extract invoice data and validate
Invoice approvals workflow
Integration with accounts payable
Reporting on invoices and spend

3. Performance Reviews And Goal Tracking

Data imports from general ledger
Real-time dashboards on spending
Automated alerts on exceptions
Spend analysis across categories
Forecasting of expenditures

4. Vendor Management

Central vendor risk rating and homologation
Performance scorecards and ratings
Onboarding workflow for new vendors
Vendor portal for managing documents
Analytics on vendor concentration risk

LENDING AND CREDIT AUTOMATION

Automating lending and credit processes allows faster decisions and improved access to capital.

1. LOAN ORIGINATION

Loan Origination

Online applications
Income/employment verification
Credit reports and scoring
Loan decisioning and pricing

Here are some ways banks can automate the loan origination process:

1. Online Applications

Customizable application forms with smart fields
eSignature capabilities for agreements
Integration with ID verification services
Auto-populated forms for returning customers

2. Income/Employment Verification

Integration with payroll providers for proof of income
Automated employment verification checks
Bank statement analysis for income patterns
Tax transcript analysis and retrieval

3. Credit Reports And Scoring

Real-time integration with credit bureaus
Automated credit report analysis and summaries
Risk-based pricing algorithms based on scores
Custom model creation for niche lending

4. Loan Decisioning And Pricing

Automated decision engines for instant decisions
Statistical models to evaluate risk factors
Waterfall approach with risk-based pricing
Generate loan documents with integrated data

5. ADDITIONAL EXAMPLES

Automated collateral management
Digital disbursement of funds
STP loan booking and servicing set up
Secondary market sale automation

3. Debt Collection

Payment reminders
Resolution negotiations
Repayment scheduling bots

Here are some examples of automating debt collection processes:

1. Payment Reminders

Automated past due notifications via email, text, phone
Personalized reminder messages with account details
Ability for customer to discuss options with chatbot
Notifications aligned with collections strategy

2. Resolution Negotiations

Speech analytics insights on negotiation calls
AI chatbots equipped for settlement discussions
Link analysis to detect connected accounts
Automated settlement offer generation
Workflow tools for agent guidance and tracking

3. Repayment Scheduling Bots

Chatbots can modify repayment terms
Integration with core systems for real-time changes
Bots prompt for payment method confirmation
Automated issuance of new terms
Sync updated terms across channels

4. Additional Examples

Predictive prioritization models
Workflow automation for legal proceedings
Automated credit reporting updates
Virtual collections agent guidance
Call analytics and campaign optimization

4. Credit Card Operations

Online account opening
Spending tracking tools
Customized offers and rewards
Fraud monitoring

Here are some examples of automating credit card operations:

1. Online Account Opening

Digital applications with smart form fields
Real-time approvals based on risk models
eSignature collection for agreements
Instant card provisioning and activation

2. Spending Tracking Tools

Transaction categorization and tagging
Personalized spend reports
Budgeting and projected payment tools
Alerts for unusual spending activity

3. Customized Offers And Rewards

Analytics on customer spend preferences
Targeted promotions based on spend history
Personalized reward program management
Real-time redemption options

4. Fraud Monitoring

Rules-based fraud triggers and alerts
Machine learning models to detect anomalies
Network analysis to identify organized fraud
Automated transaction holding for suspected fraud
Case management workflow automation

5. Additional Examples

Digital card management tools
Customizable CLI and repayment options
Automated dispute handling
ROI tracking on marketing campaigns

INVESTMENT AND WEALTH MANAGEMENT
AUTOMATION

Automating investment workflows improves trade execution, reporting and advisory.

1. ACCOUNT OPENING

Account Opening

Digital onboarding and risk profiling
Paperless documentation

Here are some ways banks can automate investment account opening and onboarding:

1. Digital Onboarding And Risk Profiling

Online applications with eSignature
Interactive chatbots for investment profiling
Automated KYC and suitability checks
Instant account opening and confirmation

2. Paperless Documentation

Digitally signed forms and agreements
Electronic fact find questionnaires
Regulatory disclosures delivered online
Secure online vault for documents

3. Additional Examples

Automated data validation and scrubbing
Integration with CRM systems
Risk rating models for profiling
Automated account setup with custodians
Identity verification automation

4. Benefits

Faster account opening turnaround time
Consistent customer experience
Lower administrative costs
Improved regulatory compliance
Ability to scale digitally

2. Trading

Robo-advisors and trading algorithms
Portfolio rebalancing
Performance reporting

Here are some examples of automating trading and portfolio management processes:

1. Robo-Advisors And Trading Algorithms

Automated portfolio construction based on risk tolerance
Rebalancing algorithms to maintain target asset allocation
Tax-loss harvesting algorithms
Lower trading costs through algorithmic execution

2. Portfolio Rebalancing

Monitoring drift from target allocations
Rules-based rebalancing triggers and thresholds
Automated generation of rebalancing orders
Seamless execution across custodians

3. Performance Reporting

Automated data aggregation from custodians
Custom benchmarks and reporting dashboards
Client portal for on-demand analytics
Automated generation of client statements
Required disclosures and disclaimers

4. Additional Examples

Automated trade order generation
Compliance supervision algorithms
Client billing and invoicing automation
New asset onboarding workflows

3. Compliance

Regulatory oversight protocols
Automated transaction monitoring
Fraud detection tools

Here are some examples of automating investment compliance processes:

1. Regulatory Oversight Protocols

Coded rules engines for restrictions checking
Watchlist screening for prohibited securities
Automated delivery of regulatory filings
Ongoing monitoring of advisor activities

2. Automated Transaction Monitoring

surveillance for suspicious activities
Automated trade reconciliation processes
Exception management workflows
Archiving and eDiscovery for audit trails

3. Fraud Detection Tools

Activity profiling to detect anomalies
Network analysis for organized fraud
AI models to detect insider threats
Automated case creation and escalation

4. Additional Examples

Automated client outreach for information updates
Maintenance of restriction lists
Testing protocols for new regulations
Cybersecurity policy management

Automating compliance allows investment firms to scale operations while maintaining strong oversight and auditability.

4. Customer Service

Natural language chatbots
Speech recognition call routing
Personalized notifications and alerts

1. Natural Language Chatbots

Chatbots handle common queries on portal
Integrations to pull client data in real-time
Conversational AI to provide personalized support
Seamlessly transfer complex issues to agents

2. Speech Recognition Call Routing

Automated client outreach for information updates
Maintenance of restriction lists
Testing protocols for new regulations
Cybersecurity policy management

Automating compliance allows investment firms to scale operations while maintaining strong oversight and auditability.