Challenge: Customers updating particulars or submission of forms
- Governments are implementing “lock-downs” or restricting social interactions severely in many cities affected by COVID-19.
- Even though banks are allowed to stay open for providing essential services, many are operating with fewer officers to attend to customers.
- Additionally, with government enforcement officers limiting number of people allowed to go into a branch of a bank, waiting times for meeting bank-officers can be frustratingly long for customers.
- Banks have to adopt and implement more digital platforms and solutions to continue to represent their customers.
- Banks can allow customers to upload forms or scans of documents digitally in their secured web portals.
- When a customer uploads documents of different types/ sizes/ formats (e.g. identity card or scan of a form), banks can use various components of Cognitive Automation to extract data and automate the process of updating information.
- For example, data from a scanned document can be digitised first with OCR (Optical Character Recognition). After that, NLP (Natural Language Processing) and machine-learning will come in to make sense of the data for intelligent document extraction. This means extracting of information and classifying the data into specified fields/ categories, such as name(s) of person(s), address, identity card number, date of birth, etc.
- After data has been digitised, extracted and classified, the rules-based automation can take over to enter data into bank’s systems. Alternatively, it can also check existing data in the bank’s system (e.g. Customer Relationship Management system), compare with the new data, and update if there is any difference detected.
- For banks operating in Asia, it is important to choose a solution that has Artificial Intelligence capabilities to read non-English documents with data in languages such as Chinese, Indonesian, Malay, Vietnamese, etc.
- If an email is sent to a generic “customer service” mailbox, Cognitive Automation robot will deploy NLP and machine-learning to classify emails and forward them to relevant bank-officers for following up.