Automation enhances both customer-facing and back-end operations. This can range from software managing tasks such as data entry and account management to robots doing tasks like sorting and counting money. Let's look at some areas in the financial services sector where automation has greatly affected and enhanced ROI. 
 

Automation can assist in the financial services through:
 

Through the utilization of automation, your HR department can simplify and automate different duties like handling paperwork and document organization, arranging orientation and training programs, and communicating with new employees. HRMS is important for various parts of the human resource system like training, benefits, payroll, and compliance. Through automation, HR can focus on hiring the best talent, creating a positive culture, and enhancing customization. 
 

Automation has effectively reduced redundancies in the sales process. For example, modern sales automation tools easily connect with your lead sources and immediately gather new inquiries from various channels. These integrations provide plug-and-play functionality and cut go-to-market time by as much as 80% for numerous companies. Chatbots and website widgets are also customer acquisition technologies that are innovative. 
 
Deploying chatbots on your self-service channels helps in decreasing response time, engaging potential customers, and providing an excellent overall experience. After obtaining your customer data, the next step is to connect them with the appropriate agent. Lead distribution automation can analyze different lead characteristics (such as product type, income, region, language, etc.) and alert the right team member to assist the customer. 
 
If the designated officer is not present, the system will either reassign the lead or notify the team manager to make necessary adjustments. It may seem impossible, but it works well. Recent automation efforts like completely paperless processes, e-KYC services, and electronic signatures have greatly benefited everyone involved. Then, automated lead nurturing is another great instance of automation within the financial services industry. 
 
It is possible to conduct focused engagement and re-engagement campaigns by tracking sales indicators like page visits, email opens, and reading messages from potential customers, in order to guide them through the sales process. An example would be a tool for automating sales and marketing. It will enable brands to create nurturing workflow automation that guides potential customers toward conversion by engaging them at the appropriate times through a step-by-step process. 
 
If your customer visits your credit card page, asks a question, but doesn't finish applying, your sales teams can contact him through reminder or new offer campaigns via email, SMS, WhatsApp, or a call from agents. These offers may include a variety of cards, the advantages of using a credit card, notification of pre-approved cards, and more. Ultimately, it prevents agents from dedicating excessive time to following up on leads, while maintaining continual engagement to guide customers to purchase a credit card from your website/app. 
 

The terms for underwriting a financial product have always been dependent on the customer and the underwriter's subjectivity. This is the point at which underwriting automation has revolutionized the industry. Finance companies assess risks using data from their current customers with the help of AI and propensity modeling techniques. 
 
It allows them to assess terms using customer attributes and creditworthiness rather than relying on subjective judgments. Nowadays, numerous businesses utilize automated underwriting systems to determine loan conditions and insurance costs for their clientele, both new and existing. In the future, leaders can use automated underwriting to efficiently distribute risks and maximize their ROI. 
 

Automation in the financial services industry is also applied in the management of call/contact centers because of the large number of calls received by companies on a daily basis. Before, customers used to experience extended waiting times because there weren't enough representatives available to assist with their questions. Today, through the use of a user-friendly IVR platform and voice-based solutions, calls can be answered and interacted with and queries resolved without the assistance of agents. 
 
Automation can aid leaders in overseeing several representatives simultaneously. Companies typically oversee hundreds of telesales representatives. In large businesses, this figure is increased by up to 100 times. Managing numerous teams in various locations can be challenging even for experienced managers. You can quickly address this issue with sales automation platforms that provide full call center management features. 
 
Automation enables integration with various IVR tools and contact centers. The integration will direct leads to your sales representatives for immediate calls through automation. Reps can use a dashboard to organize inquiries based on attributes to make calls, schedule follow-ups, prioritize leads, and finish tasks. Automation also enables you to generate call reports for various teams, regions, and products. Consequently, you can enhance the efficiency of your call center by as much as 85%. 
 

Automation has greatly enhanced the quality of life for field sales managers. Just a few years ago, field sales were primarily conducted in person and from a distance. Therefore, there was a low level of operational efficiency. Managers faced numerous difficulties: 
 
• They had to meet with their sales agents every day for periodic updates. 
• Having to cover extensive areas necessitated a larger workforce. 
• Managing documents was difficult because the paperwork was not connected to the internet. 
• There was no method to monitor the activities of the representatives. 
• Cash was the main payment method utilized. 
• Managers needed to go with the representatives to different places. 
 
This process required a high level of resources. Currently, field sales have transitioned to being truly remote as a result of the use of sales automation platforms. Managers are able to easily establish daily schedules using mobility apps, generate performance evaluations for their representatives, and assist representatives in organizing leads and finding the quickest route to their next appointment
 
Also, they can join virtual meetings on their phone while on the go and track attendance by checking in and out. Another useful function is geo-fencing. Managers are able to allocate tasks to representatives that are tailored to the locations they need to focus on, and geo-fencing enables them to limit task completion until they reach the designated site. 
 

Automation is currently utilized to simplify the insurance claims procedure by confirming details, determining payments, and managing transactions. Automating the processing of claims is an essential step towards reaching that objective. In the banking sector, automation is responsible for tasks such as opening, maintaining, and closing accounts, enabling banks to carry out these tasks faster and with greater precision. The advantage is easy to account handling and a rewarding customer journey. 
 

Finance leaders have discovered automation to be beneficial in managing Cross/Upsell. Nearly 80% of retail assets for top banks are sourced from current customers. Hence, by identifying purchasing cues from current customers and reaching out to them via email, WhatsApp, and social media campaigns, leaders can create fresh possibilities. 
 

Finance companies can improve their grievance handling and reduce response time by using self-serve portals and chatbots. Automation enables companies to manage a large number of queries and divide and guide service inquiries to the correct departments. Additional advantages of automation in customer service are as follows: 
 
• Decreased times for response and resolution. 
• Reduction in expenses related to operations.
• Increased productivity.
 

In the past, reporting used to be done manually. Reps/managers would use Excel functions to analyze the collected data and uncover valuable information. Therefore, teams dedicated a few hours each day to this activity, resulting in several days per month devoted to gathering information and creating reports. As a result, leaders would be given a postponed evaluation of the organization's performance and if the report recommended immediate measures, it could create a significant issue.
 
This would also disconnect the organization from the actual market conditions. Nevertheless, nowadays, companies have the option to invest in upgraded reporting and analytics systems to prevent this issue. You have the ability to establish dashboards/smart views for analyzing teams/products/regions' performance, and other functionalities in real-time. This assists leaders in establishing suitable rewards, encouraging development, and syncing their businesses with market conditions. 
 

Collecting debts requires a lot of resources. Some of the typical challenges that lenders encounter include:
 
• Case management that is done by hand. 
• Limited knowledge regarding potential criminal behavior 
• Decreased productivity from few repetitions 
• Issues communicating with clients 
• Managing a team.
 
A Debt Collection CRM has the ability to minimize obstacles in the procedure because timely reminders to customers can lead to a substantial increase in repayment rates. Automated reminders/alerts for representatives also enhance their efficiency while decreasing the total operational expenses, showcasing another instance of automation in financial services. 
 

Unlimited potential exists in the financial services industry for automation; this article only touches on a small portion. Automation can assist in eliminating repetitive tasks that cause inefficiencies for your representatives. Improving process efficiency and providing a great customer experience involves discovering methods to enhance human work with technology and simplify tasks.