Mahbub A Alam
Digitization’s process of banking system in Bangladesh started in early 80’s. Since its inception, our Bangladeshi programmers have been working tremendously for the development of different types of digital record keeping systems for banks.
Bankers are now tired to input heavy volume of records and balancing their entries due to financial inclusions and huge operations in Alternate Delivery Channels.
Bangladesh is moving towards a tech or digital friendly era. It’s amazing that a lot of new tech companies are coming up with advanced and highly cutting edge solutions.
One fine morning on the way to my office, I got a call from of our senior management of Bank Asia and asked me to join a meeting with a young entrepreneur, Sohaib Siddiqui. I met Mr. Sohaib Siddiqui and Ms. Delara Thakur that day and they introduced me to this advanced technology created at Ferntech called – Artificially Intelligent Workforce – AIW.
AIW is an advanced Hyperautomation Technology that basically automates all of the mundane and repetitive processes in an organization. So, AIW deploys a software robot which does the same thing a human would do on a computer that can imitate human operation.
AIW is a combination of some intelligent Robotic Process Automations (RPA). So far we know Machine learning technologies started in 1959 that leads to the development of RPA. The initial development started after 1990.
AI is set to integrate into our workforce. There will be greater human-machine cooperation, and human team members will have different skills. AI integration could even present the future workforce with new opportunities to interact, explore, think and innovate.
Let’s see in figure:1. Some basic comparisons between human and AI Workforce:
- AIW doesn’t have emotions so it works repetitive job without any verbal conversations.
- It doesn’t have creativity but it works structured way.
- It can work continuously 24/7 with no interruptions.
- This robot can handle multiple tasks very well compared to a human being.
A Case Study: AIW at Bank Asia
Bank Asia started its journey with AIW last year when we successfully deployed the workforce for NID and Account Verification Approval Process for our agent banking channel.
Bank Asia (BA) is the first bank to implement Agent Banking system, it’s been a great success story for the bank and we had a high volume of accounts being opened.
BA agent outlets have thousands of account opening process through Agent Banking system every day. Customer Name, Address, NID verifications from EC Server, Face matching with NID and many other parameters related to KYC, UN Sanctions List Screening. Everyday 10-15 employees are working to combat these operations.
This is where we went ahead with hyperautomation. The AIW does not just do the basic automation, but it uses many Machine Learning applications to take the work completely off the humans and process it all in less than a minute. We have seen more than 70% deduction in time ever since we implemented the AIW for this.
WHERE AIW TO BE INTRODUCED?
CIB verifications: Data can be downloaded from Bangladesh Bank and put at folders for faster Credit Risk Management. AIW take the requisition from users in text file, read it and put it in Bangladesh Bank Server and download the CIB files.
Faster eKyc Account Opening: A ChatBot can provide digital account opening form to customers and the AIW will verify the Data of NID card, Name, Address, Face matching using AI technologies for eKyc Account Opening process.
Micro Credit Approval Processing: Micro credit loan needs some structured verifications. This type of approval process is easily handled by AI workforces and can accelerate the process to reduce the processing time to minutes from days.
Supply Chain Finance: Invoice verifications, Limit verifications and Payments/Loan disbursement to suppliers.
HR – Short listed resumes, employee on-boarding etc. On-boarding new hires: Create a new user account, email address, IT equipment, access rights, etc.
Claims Processing – Considering a big insurance company, a claim processing is much data and documents dependent. Manual processing can create trouble to both customers’ services and operations.
AIW can works centrally and gathering data from various sources so that the claims can be processed in much faster speed. As per analysis AIW can be processed 75% faster than human workforces.
Hospital billing is a very much monotonous job. There are many categories of patients and each come with different types of documentation and adjustments. This process is not only super tedious but also very much error prone. AIW can work for preparing billing, providing prescription, patient’s on-boarding and many more.
Benefits of AI Workforces:
Employees are taken huge time to complete a task as many verbal communications, taking rest any many interruptions’ during their job. AI workforces can complete the same task in a fraction of the time as it works continuously without any intervals or break.
Accurate Data Input
Data entry by human workforce is prone to mistakes. It will create financial losses and huge time in rectifying and resubmitting the process.
AIW eliminates these mistakes where it works accurately every time. These Software robots are working based on some sets of rules so that there is no chance of mistakes.
It frees up employees time to focus on innovative work. AIW can unlock productivity and creativity and letting human workforce to engage more marketing job.
Successfully incorporating AIW can reduce costs by 60-70% and improving the quality of operations. During this COVID-19 periods it helps our employees to Work From Home.
So it reduce costs and improve productivity and leading to a more successful business.
AI is the way forward, the world is moving too fast technology is making such amazing advancements and is continuously evolving to benefit many different industries. This technology is based on the principle that human intelligence can be defined in a way that a machine can easily mimic it and execute tasks, from the most simple to those that are even more complex.
About the Author
Mahbub A Alam with 23 years of experience in different companies has become an ICT expert in banking industry. Alam is currently working as Vice President and Head of Software Operations, ICT Division in Bank Asia Ltd. He started his career with Beximco Computers Ltd. in 1997.