Australia Database

Know Your Customer (KYC) workflow and customer onboarding are critical for banks because they set the tone for future customer experiences, relationships, and service levels, all of which have a financial impact. A McKinsey study found that every one-point increase in Net Promoter Score (NPS) on a ...

Customer identification is the first and most crucial step in a bank’s account opening process, essential to prevent financial crime and money laundering. In addition, anti-money laundering (AML) and combating the financing of terrorism (CFT) are significant challenges for financial institutions ...

In every organization, it is time for change. It is necessary to adjust to changing customer preferences, adopt new technologies, and adapt to mercurial market forces. To affect and manage change, organizations are turning to two strategies: business process reengineering and continuous business ...

Intelligent business automation involves software that uses artificial intelligence (AI) and other technologies to automate repetitive tasks. It uses processes, algorithms, and machine learning to automate tasks that do not require human judgment or decision-making.

Why do we need these systems ...

If you’re a banker, you know that offering omnichannel account opening is one of the best ways to serve your customers. By definition, omnichannel account opening allows customers to open an account with your bank through a number of channels, including in person, online, and via a mobile app. In ...

Are Banks Ready for AI? Digital transformation has been a hot topic in banking circles for decades. But many are still in the early stages of the transformative technology of the late 1980s. Only 15% of banks that say they started the process before 2018 are finished. A surprising 56% are less than ...

When we hear about automation and AI in education, it’s usually to talk about ChatGPT’s impact on student essays. But in higher education, automated technologies are also making waves in the back office. Higher education leaders are increasingly turning to business process automation to boost ...

When processes reach a decision point, the answer isn’t always as simple as yes or no. Automated processes may need to consider dozens of factors to determine the next step: Should I approve this loan? Should I grant this leave request? Who do I contact to get approval?

Managing complex decisions ...

Business process automation (BPA) has infiltrated nearly every industry as innovative technologies, combined with unprecedented operational challenges, continue to reshape the workplace. The intelligent process automation market is expected to reach $51.35 billion by 2032. $51.35 billion by 2032 ...

Swivel chairs are popular in many offices, workplaces, and rooms in the home. A swivel chair is a chair that rotates on its own axis. It is also a way of describing inefficient processes and automation opportunities in business process management. In this short article, we will look at what a swivel ...