Transform Financial Services

Improve Operational Efficiency

Financial institutions often rely on manual methods to do repetitive tasks. This results in expending resources inefficiently as many of these tasks can be automated.

For instance when two systems maintain information redundantly but they are not integrated such as customer information, credit risk scores that have to be gleaned from one system to be entered into a risk management system often this data is kept in sync via data entry. Manual methods are fraught with the risk of errors creeping in due to human factors.

Another instance is when software providers release new versions of their systems (like a core banking, payments, or an online banking SDK update) the financial institution is faced with two choices, skip the upgrade or distract their staff from more important client-related activities to test the system being upgraded. Manual testing efforts are tedious and often critical business scenarios and data conditions are forgotten or not tested due to a lack of time.

Automation allows a financial institution to transform these manual processes into streamlined, predictable, and reliable operations that are cost-effective and work round-the-clock

Improve Customer Experience

Customer experience is impacted due to lags in access to information, application processing, or latency in updates to their information across your financial products.

Typically delays in the processing or propagation of information are due to manual efforts required due to systems that aren't integrated.

RPA can offer a quick way to replace these manual processes by automating the transfer of information. If integration options are available, Cogneative can connect systems to allow this information flow to happen without the use of manual or scripted efforts.

Stay Competitive

Upgrades to software systems require complete verification due to customizations and customer data that is unique to a financial institution. While thorough testing is necessary, it takes time away from strategic work which causes many financial institutions to defer taking upgrades and updates, allowing their competitors to leap ahead by leveraging new features to provide their customers with better products and experiences.

Using automation and dedicated manual testing teams, Cogneative can significantly reduce the burden of upgrade testing on your staff. The test outputs give you all the details needed to make the upgrade decision reducing time taken from your business for the actual testing activities.