Experiments with AI, RPA and natural language processing are evolving from trial to scale as companies weigh the long-term ROI for automation-heavy technologies
"The financial crunch of the pandemic placed banks in a tricky spot last year," writes
Roberto Torres in CIODIVE.
"They simultaneously needed to manage major operational changes while processing an avalanche of loan requests through the Paycheck Protection Program.
"There was a high degree of stress because the product had to be available to all these customers who were actually facing a severe economic crisis here," said Amala Duggirala, senior executive VP and chief operations and technology officer at Regions Bank, speaking Thursday at the Forbes CIO Summit.
The bank used natural language processing (NLP) to validate documents in real time. Because some of the loans went to existing customers, the bank also turned to in-house systems and data to speed the application process..."
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