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Traditional banking functions have gone digital, which have rendered several banking functions obsolete. Several job roles and functions that were synonymous with banking have now either been eliminated, evolved, enhanced or consolidated. For example, the traditional teller and accountant roles have now evolved to include tax and advisory services.
Draup deep dives into several banking functions and job roles to assess how digitization has impacted their existence, the impact of new age technologies on the industry and what the future holds for the industry’s foreseeable future.
Digitization of Banking Functions
Customer Relationship Management
Mobile/internet/digital banking facilitates the debit/credit activities, account access, e-statements, Interactive teller machine and investment planning.
Manual tasks involving customer onboarding account transactions, statement generation, account linking procedures have been eradicated.
Lending
Customers can choose, Buy and Pay for loans based on automated systems and apps that conduct RPA-based credit scoring through KYC documents and historic transactions.
Eradication of manual verification and authentication of customer data and documents.
Finance & Payments
Automated payments reduce expenses and errors, improves productivity and cash management, and operational efficiencies with payment security and privacy.
Automation of paperwork, funds transfer and basic customer support activities.
Regulatory & Compliance
Banks can save project cycle time and cost, and focus more on closure of MRAs and improve regulatory compliance and reporting accuracy.
Manual efforts put on regulatory reporting, AML, KYC profiling and validation, and account closure processing will be automated.
Role of Technology on Banking Processes
RPA & Analytics have automated redundant workloads which allow the bank employees to focus on core finance activities.
Cloud & AI based roles will help banks in automating data documentation workloads and offer personalised customer services. It also reduces the dependencies on legacy machines and provides new dimensions to banking functions.
IoT & Blockchain roles are expected to offer new levels of convenience through enhanced customer experiences as well as redefining security measures of banking systems and user data.
