Artificial intelligence and banks
Today many realms of everyday life are already permeated with artificial intelligence (AI). We encounter AI in the form of advanced driver assistance systems, speech and character recognition systems, facial recognition systems, the classification of websites according to search relevance and when using streaming services and online trading platforms, to name just a few.
But how can banks leverage the opportunities and advantages of artificial intelligence? To understand the potential uses this technology can provide added value for banks we first need a clearer picture of the status quo in banks and baking processes.
Increasing demands, manual processes
While the number of regulations and requirements for financial institutions continues to balloon, they’re also becoming increasingly complex and interrelated. That’s resulted in an ever-increasing burden in terms of manual processes. For example, there is already an overload in many areas; the (MaRisk) compliance areas in particular have been severely impacted. The high degree of subjective decision making means these processes are increasingly susceptible to errors. This has made certain employees a sort of intellectual monopoly – they have amassed particular technical knowledge that’s generally difficult to access. These circumstances have sometimes led to serious problems.
High costs, misallocation of resources, lack of transparency
The following problems stem from the current situation:
Insufficient transparency and interconnectedness
Quantitative and qualitative effects
Employee satisfaction and productivity
Overdependence on employees
Since it is unlikely that the regulatory environment will become easier to navigate in the near term – indeed the trend towards stricter regulation of the financial sector is set to continue for the foreseeable future – -banks will have to find new answers to cope with these challenges. Let AI can be the key to your continued success.
Big Data… now what?
With the huge amount of data and unstructured information banks gather, it's virtually impossible to evaluate them by hand. AI enables an effective and efficient way to structure, analyze and evaluate this information and make decisions about the actions that should be taken. Coupled with Robotic Process Automation (RPA) and Predictive Analytics, entire sub-processes can be automated, which are then only subjected to quality assurance. Your advantage: when errors in QA are detected, AI learns from the errors and recalibrates its own decision-making parameters.
SmartTech – AI in banking processes
SmartTech is the AI application developed by SKS for automatically evaluating unstructured information. SmartTech to link to various areas, systems, processes, products, contracts, etc., in ways that make sense, meaning it has a broad range of applications for a variety of areas and processes.
Loan department / Legal
The modular concept means SmartTech is customizable.
Looking for more ideas on how you can use AI in your financial institution?
Feel free to contact us!
Save resources, improve quality
We’re here with professional advice and technical support to help you optimize your business processes. We aim to improve both efficiency and user-friendliness in ways that align seamlessly with all regulatory requirements.
Countless standards and regulations must ultimately be integrated into the bank's processes. Many banks are therefore already using standardized services such as RADAR to tackle the flood of information. However, these must then be read, evaluated and assigned by various departments (the specialist department and regulatory compliance respectively). Measures must then be taken to implement these standards.
SmartTech provides an efficient, secure and elegant solution.
Starting with the automated search of regulatory sources and accessing standards and laws, our AI checks their relevance for your particular institution. That means multiple employees working tediously to check each individual standard manually is now a thing of the past.
The key element that SmartTech such an elegant solution is the fully automated assignment of relevant standards and other unstructured information to business areas, written orders, products, processes, contracts and/or systems – all that within in a matter of seconds. This saves an enormous amount of time and money, helps you unlock the power of new innovation and drastically reduces error rates.
Other functions make your noticeably streamline your processes, including how SmartTech summarizes of complex standards and laws in just a few keywords and displays results in ways that are structured and intuitive for users.
SmartTech in use
SmartTech has already been tried and tested in a range of application contexts by both banks and other service providers in the financial sector. For example, SmartTech can be used to access standards from various sources, assess their relevance for a specific institute, and assign standards and work instructions to organizational units. The continuous improvements we've continued making based on prior experience has enabled us to bring you a market-ready, intelligent tool for processing unstructured information fully automatically.
SmartTech – Be one Step ahead!
The version that works for you!
Our offer for your customized AI-powered SmartTech solution.
Select the optimal model for your institution!
All in One
Take advantage of the variety of uses our AI offers.
SKS offers the relevance assessment and assignment as a service within a defined turn-around time.
We have a well-oiled team of specialists and mathematicians that has been working intensively for years to unlock the potential of machine learning and put it to good use.
On the cutting edge of science
We immerse ourselves continuously in the leading research and literature and maintain close contact with scientists working in the field of machine learning. That means we’re always only a few clicks away from accessing state-of-the-art innovations we put to work for you.
Expertise in the banking sector
We’ve been a preferred provider for consulting services in the financial industry for over 20 years. Having developed, maintained and optimized RADAR, we have extensive experience in evaluating norms.
We integrate a wide range of knowledge into our projects in order to examine individual problems from different perspectives and to find the optimal solution.
We've got your back – from planning to successfully implementing your project within your organization. Whether you're interested in knowing more about what SmartTech can do for your bank or if you'd like a proof of concept and feasibility analysis done for your organization, contact us today!