CXOToday has engaged in an exclusive interview with Divya Darshan Jannu, Intelligent Automation practice lead, ITC Infotech & Vimal Nair, Vice President & Global Head for Automation & Testing services, ITC Infotech
How is intelligent automation leading to improvement in efficiency and cost saving in BFSI vertical?
Intelligent automation is transforming the BFSI (Banking, Financial Services, and Insurance) sector by streamlining operations and enhancing efficiency. Repetitive tasks get automated, and AI, through advanced data analysis, serves as a critical tool for deriving actionable insights from extensive data sets. By examining patterns, trends, and anomalies in real-time, AI provides a deeper understanding of business operations, customer behavior, and market dynamics. This enhanced insight into performance allows BFSI organizations to refine their operations, leading to improved service quality and increased customer satisfaction. AI-driven analysis also reduces manual errors and accelerates processing times, resulting in lower operational costs and greater overall efficiency.
How is ITC Infotech leveraging intelligent automation to serve its clients?
For more than two decades now, ITC Infotech has been an imperative service provider to the BFSI verticals. With the emerging sets of AI and modern technology, ITC Infotech has moved a step ahead in leveraging intelligent automation for providing solutions to the banking industry.
ITC Infotech has effectively leveraged intelligent automation with its “Trinity” framework to deliver superior technological solutions and related services.
Three key technology pillars come under this framework:
- RPA (Robotic Process Automation): Automate repetitive routine tasks for efficiency and reduced operational cost.
- Artificial Intelligence: Machines that simulate human intelligence and perform tasks that typically require human cognition.
- Analytics: Math, statistics & technology combined to manage volumes of data and extracting meaningful insights
The convergence of technologies has helped to expand the horizon of the solutions. Some of the potential areas include process mining, Intelligent Document Processing (IDP), Contextual Content Generation / Summarization, etc. An example of IDP would be automated invoice processing. Similarly, through process mining, the solution inspects the data flow to identify inefficiencies in processes-such as tracking loan approval steps and finding the stumbling blocks of delay.
Give the key differentiators of ITC Infotech’s offerings in this space regarding its peers/competitors.
Key Differentiators of ITC Infotech’s Offerings are:
- Proven Expertise and Strong Client Engagements:
Extensive History: ITC Infotech enjoys a rich history in offering effective solutions to every kind of banking need. Our rich experience in the domain forms the foundation of our capability in handling complex needs and establishing enduring client relationships.
- Variety of Tools and Capabilities:
The comprehensive toolset is used in advanced tool usage and technologies, put to work at customized application levels in the banking industry. Such a wide array of tools opens possibilities to engage in certain services and solutions for very specific client requirements.
- Innovative Accelerators:
Fraud Detection: Our fraud detection accelerators will employ cutting-edge technology to detect and prevent fraudulent activities while improving security and protecting financial assets along with adherence to compliance.
ESG Compliance: We provide ESG compliance solutions that help banks act within the legal framework to support sustainable processes.
Risk Management: We make available advanced risk management systems that are proactive in identifying and mitigating various types of risks while ensuring sustained financial stability for the bank.
Trade Finance: Our trade finance accelerator for Letters of Credit (LC) offers a range of comprehensive features designed to streamline processing. Key functionalities include seamless application processing, document verification, accurate input for LC issuance, automated document classification, and efficient document receiving.
- Advanced Banking Solutions: Hyper-personalization: Advanced algorithms provide hyper-personalized banking experiences, improving customer satisfaction and engagement.
Loan Origination: Our straightened process of loan origination increases efficiency through the reduction of approval times, therefore making it seamless on both the bank and customer sides.
These critical differentiators mean that innovation, efficiency, and customer-centricity distinguish ITC Infotech in the financial services sector.
Are you integrating GenAI in your automation products/platforms? If yes, can you provide a glimpse of such an offering?
Yes, ITC Infotech is integrating Generative AI across its suite of automation products and platforms. Intelligent Content Generation & Contextual Summarization capabilities of GenAI is used in conjunction with RPA & AI to provide the next generational solutions. This shall provide transformative benefits to the banking industry along the following fault lines:
- Improved Customer Service: AI-driven chatbots and virtual assistants offer more natural contextual interaction, hence higher service and lesser wait time.
- Automation of Document Processing: AI automates complicated document processes such as loan applications and compliance reporting. Data extraction and validation processes are made easy.
- Fraud Detection and Risk Management: AI models analyse patterns in transactions to spot abnormalities that may indicate fraud. Hence, risk assessment and management show improvements.
Which segment within the BFSI vertical is witnessing the highest adoption of automation solutions?
At ITC Infotech, the importance of automation in the BFSI sector, about retail and investment banking, is something we are conscious of. Our progressive solutions smoothen operations, improve service delivery, and ensure compliance.
- Retail Banking and Capital Markets:
We employ Intelligent Process Automation (IPA) to automate repetitive tasks and thereby enhance efficiency in loan approvals, account maintenance, and customer onboarding to give a face-lift to customer experience.
- Investment Banking:
Our services leverage AI and machine learning on large data sets to identify trends in support of investment decisions. Automation enables the management of risk, fraud detection, and adherence to regulatory compliance.
- Intelligent Recommendations on Stock Market
Generative AI offers advanced analytics with forecasted insights into stock investments: predict the movement of prices, undervalued stocks, and personalized recommendations based on risk tolerance and investment goals.
Have you clinched any large deals with your unique offerings in the automation space?
With rich experience and innovative offerings, ITC Infotech has emerged as a significant player in the automation space-especially in banking. We have emerged as trusted partners for leading financial institutions. We have proved success with the client, which is reflected in high CSAT ratings for long period of time.
What kind of new products or solutions are you planning to come up with in this space?
ITC Infotech is at the forefront of automation in the banking industry. Our solutions comprise:
Treasury Management Solution: SaaS/cloud-based and on-premises solutions that help increase liquidity management, cash flow, and mitigate risks according to the specific needs of the bank.
Cognitive Customer Care: Using conversational AI in addition to machine learning, our CCC solutions automate routine inquiries and offer personalized recommendations for always-on support powered by AI-driven chatbots and virtual assistants.
Know Your Customer: The AI-powered processing of KYC accelerates the process and enhances the quality of customer verification. Greater accuracy and compliance are achieved, and speedier onboarding is made easier.
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