The dawn of digital labor in the form of artificial intelligence, chatbots and process automation has arrived for financial institutions looking to improve their back-office lending operations. What once was the stuff of science fiction is now a reality. In fact, digital labor is becoming a staple of business across multiple industries, and it’s fueling consumer expectations.
Those expectations are playing a prominent role as financial institutions decide whether to embrace the emerging technologies. People are experiencing the speed and efficiency digital labor provides in other areas of their lives, such as when investment firms use it to reconcile trades and cut a day out of the process. Consumers will notice if financial institutions aren’t keeping up.
Looking at it through that lens, adopting artificial intelligence and related technologies can be about far more than trying out the latest technology trend; it’s about meeting consumer expectations and achieving a banking experience that’s consistent with other industries.
At its core, digital labor is a set of tools that comes in various forms and performs different duties that match an institution’s needs. But it’s important to fully grasp what’s available and what it can do.continue reading »