Below are some of these solutions that benefited the banks greatly during & after COVID-19 crisis:
One of the main challenges that banks faced in COVID pandemic is the execution of different processes between different systems of the bank operations remotely but effectively, and here where RPA is one of the best-fit solutions to overcome this challenge.
RPA is a technology where the customer can hire Robots to do different work and integrate the actions that are manual within systems to automate different processes.
Robots are cost and time efficient, they make zero mistakes and never sleep.
by hiring, Robots banks can execute different processes with the best efficiency and avoid any business shutdown due to lockdown or remote operations and maintain business continuity.
By using RPA you can benefit from availing the experienced resources and allocate them to other activities that need experience and human intervention where they can be more valuable and effective.
During these tough days, business became difficult and the risk of losing customers is high, here where the prediction of customers’ behavior became mandatory.
Machine learning and Artificial Intelligence are not anymore a luxury, it’s now essential and each bank needs to know what is his customer’s right need, who the customer that could leave the bank, and how to re-gain him.
Machine learning and Artificial Intelligence now can provide this information by applying different algorithms and scenarios.
The banks now through Machine learning and Artificial Intelligence can know the next best offer to their customers or do the churn analysis to determine the customers that have a risk to lose them.