With the introduction of the new range of companies such as Apple and Google, among many others, which provide financial services akin to some of the most profitable products and services being offered by Banks, the latter are now facing new, disruptive challenges to their existing business models and current range of products and services. |
Although the banks are responding by amending their current business models and offering services similar to these new-range companied, they continue to face huge challenges in terms of adapting their existing technologies, legacy systems and business architectures. These are the areas where Banking Robotic Software is helping make rapid changes happen.
While the conventional response to new competitors would be to replace existing IT systems with the most up-to-date technologies available, it would be a very disadvantageous move, given that the replacement of the core systems would take at least years, along with large amounts of capital and great operational risk. In light of this, banks are now taking up the option of augmenting the current systems with the application of Banking Robotic Software - an approach which allows new and improved products and services to be offered through new customer interfaces, where Robots would process the various transactions through the user interface of current legacy applications.
While a manual approach would indeed be less feasible, it is practical because of the fact it is done with Robots, not humans. The benefits with using robots are many: not only can they work every hour of every day without any kind of break whatsoever, being able to work on virtual computers means they do not require any infrastructure, coaching, ongoing training and are insusceptible to attendance and management overheads which are otherwise key factors when dealing with human workers.
Additionally, Banking Robotic Software can be deployed faster than IT projects; not only can robots be easily trained on lines similar to that of training a staff person, training a single robot stands as equivalent to training all robots since they receive the same training.
Banks also apply Banking Robotic Software to other departments in order to improve upon customer service and reduce costs significantly. At an equivalent expense of less than $7.5K annually, Robots enable large companies to repatriate work from business process outsourcers, which results in considerable savings in cost and much better customer service.
Insurance Robotic Software:
Insurance Robotic Software helps in greatly reducing cost, mitigating risks and improving upon customer service. While ever-evolving Insurance policies are increasingly accommodating new technologies and situations, the need to support legacy policies remains. Previously, companies relied to manpower to retain experience and know-how of the support legacy policies; however, employment markets today see a higher turn-over of staff along with the risks involved with losing staff well-versed with administering legacy policies.
In this regard, Robots can be highly effective since they can be trained in complex business logic and can subsequently perform claims across an entire range of policies with high speed and precision, and the guarantee of 100% accuracy, and also eliminate the risk of staff turnover completely. Conclusion:
The option to use an insurance Robotic software means better service delivery by increasing production as well as accuracy, cutting down the cycle times and even lowering the need for every day training. Unlike workers, robots can be set to work all hours of a day, and all days of the week. Typically, a single robot can easily do the work of three to five people every day.
Robotics is one of the best options available today, since they outperform human, and can work 24/7 with 100% accuracy and a much lower cost than humans. As a company, if your requirement is to boost your Insurance business performance, Insurance Robotic Software is a great option. Meanwhile, if you aim to boost back office processing functions within your Banking operations, Banking Robotic Software would be a well suited option.
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