For many years, the finance and banking sector has invested in digital transformation with varying degrees of success. We refer to banks at the forefront of business transformation throughout their operations as those who have set the pace since they immediately invest in AI technology. They want to invest more money in AI in several areas, including customer care and experience, sales and business growth, and customer onboarding.
AI combined with intelligent automation promises greater flexibility in developing fintech applications that can assist clients in taking control of their journeys during significant moments. Simultaneously, AI is becoming the driving force behind the empowerment and assistance of front- and middle-office staff, enabling quick, simple, and customized banking and financial experiences.
Impact of Intelligent Automation in FinTech
Due to its complicated procedures, strict regulations, and ever-rising demands for accuracy and speed, the financial sector remains complicated to some extent. Conventional manual processes are frequently rife with errors, inefficiencies, and high operating expenses. By automating repetitive operations, evaluating enormous datasets, and offering predictive insights, intelligent automation—powered by AI—addresses these issues. This change results in:
Higher Efficiency
Financial professionals are now able to focus more on strategic goals by using automation for repetitive processes, which shortens processing times.
Accurate Results
Higher data integrity is ensured by AI algorithms, which reduce human mistakes in data entry and analysis.
Reduced Costs
Better resource allocation and reduced operating expenses are the outcomes of streamlined operations.
Scalability
The design is appropriate for managing large-scale applications since it allows vertical and horizontal scaling.
Compliance and Regulations
Regulatory standards can be programmed into automated systems to lower the chance of non-compliance.
Transformation Catalyst: ServiceNow and the Power of AI
ServiceNow’s platform aims to digitize and unite businesses by offering quicker and more efficient solutions to streamline workflow. We can automate every process step, from transaction monitoring to customer onboarding, by incorporating ServiceNow into financial workflows. Predictive analytics is made possible by the platform’s AI capabilities, which assist financial institutions in anticipating consumer demands and market trends.
Accounts payable management, procurement, and sourcing are just a few of the business-critical tasks that ServiceNow’s Finance and Supply Chain Workflows intelligently automate. Finance professionals benefit from these AI-powered operations because they reduce overall expenses, speed up time to value, and improve user experience to a considerable extent.
FinTech Innovation Powered With AI
AI integration in financial services is not merely a fad but essential. AI-powered systems can analyze large volumes of data to identify fraudulent activity, evaluate credit risks, and customize consumer experiences. Financial organizations can use AI to:
Fraud Detection
AI systems can spot odd trends and instantly flag transactions that might be fraudulent.
Check Creditworthiness
Machine learning models consider a wider variety of data points to produce more precise credit evaluations.
Higher Customer Engagement
AI-powered chatbots and virtual assistants increase client happiness by providing individualized service.
With 11 deals totaling more than $1 million each, ServiceNow’s Now Assist generative AI tool has had the fastest start of any ServiceNow product, demonstrating its applicability across industries.
Recent Case Study
Velera’s ServiceNow-powered onboarding and project management platform illustrates AI integration in the financial services industry. Due to this system, which streamlines previously manual operations, credit unions may now access and view project demand and active project requests in real time. The platform’s success demonstrates how integrating AI and workflow automation in the banking industry can have a revolutionary effect.
What is the Future of FinTech with Intelligent Automation
Various automation technologies and AI are here to evolve and transform the fintech space. Applied to different areas and facets, ServiceNow ensures that it provides more innovative solutions and services to its customers. Being an active and efficient partner with ServiceNow, we at Whitelotus Corporation have provided multiple intelligent automation services to several companies. From our experiences, we found the following significant trends that are set to follow in the fintech space influenced deeply by AI and automation.
Financial Agents Autonomous
Agents are driven by AI that can carry out intricate financial transactions with little human assistance.
Predictive Financial Modeling
Advanced analytics provides real-time insights into investment opportunities and market trends.
Personalized Financial Services
Financial solutions and guidance that are specifically customized to capture each customer’s data and behavior.
Enhanced Efficiency
Customers may concentrate on more crucial financial decisions through task automation and digital assistants, and this will save enough time.
Decreased Errors
Automation lowers the possibility of human error, which ensures precise and effective work completion.
Real-time monitoring and automation makes effective management of risk,
compliance, and environmental, social, and governance (ESG) goals possible.
How Whitelotus Corporation Can Help You Develop Your FinTech Startup
With our successful partnership with ServiceNow, we are now providing valuable solutions to fintech companies. Our association with ServiceNow is a true testament to our top-quality services in AI-powered automation. In this category, we help financial companies by offering the following ServiceNow products:
IT Service Management (ITSM)
ITSM services give businesses reliable IT solutions that increase team productivity and efficiency. With the help of AI and machine learning techniques, companies can now swiftly address common problems and continue to develop fresh concepts for customers. There is only one cloud platform that makes all of this possible.
IT Operations Management (ITOM)
This service will allow businesses to see their IT environment more clearly. With data readily accessible from on-premise to the cloud, they could observe the precise effects of applications on business services. Strong AI and ML systems will also help management teams anticipate future problems and prepare solutions. Effective governance techniques allow teams to schedule, monitor, and reserve their cloud deployment.
Customer Service Management (CSM)
This product will work wonders if you’re an entrepreneur looking to improve client experiences. In addition to keeping operating expenses under control, it quickly fixes problems and increases customer satisfaction. AI-powered self-service techniques enable all of this. AI is also used to streamline procedures and improve deflection.
Strategic Portfolio Management (SPM)
Through the consolidation of your data on a single cloud platform, SPM services can help you achieve greater business productivity. Additionally, you may obtain 360-degree visibility into your content strategy, which guarantees you can quickly gain value throughout the enterprise.
Automation Engine
This service uses some of the most advanced and clever technologies. Its goal is to reduce manual labor and increase efficiency by automating workflows and procedures.
HR Service Delivery
With this service module, you can streamline your HR procedures and deliver attrition-free employee experiences. This will lead to improvement in providing employee experiences, HR case management, and onboarding assistance.
Whitelotus Corporation is dedicated to remain ahead of the competition by implementing all of these advancements, using our collaboration with ServiceNow to provide innovative solutions that propel FinTech’s intelligent automation forward.
Conclusion
The financial services sector is changing due to the integration of ServiceNow’s intelligent automation and AI capabilities, which present previously unheard-of chances for accuracy, efficiency, and customer interaction. Financial institutions that want to be competitive and responsive to customer needs must embrace these technologies as we continue to navigate this changing market. Whitelotus Corporation is committed to driving this change through our collaboration with ServiceNow, offering cutting-edge solutions that reshape the financial services industry’s future.
