Redefining business services: the crucial role of Artificial Intelligence and Machine Learning in providing financial services

Citește în continuare

Implementing tools that use Artificial Intelligence and Machine Learning has become crucial for enhancing efficiency. The technologies enable the automation of repetitive tasks, such as data analysis and identity verification, streamlining operations and reducing manual workload. Additionally, AI can analyze vast amounts of data swiftly, facilitating more accurate risk assessments and fraud detection, thereby safeguarding the company and its clients.

In the ever-evolving landscape of financial services, we’ve started to implement solutions that incorporate some of rapidly evolving technologies available now, Artificial Intelligence and Machine Learning, and the results are exceeding our expectations.

One of the primary advantages of incorporating AI and ML when providing, for example, Know Your Customer services, is the automation of big, time-consuming tasks. Traditional KYC processes involve manual data entry, verification, and analysis, which can be not only labor-intensive but can also have a higher risk of errors. Through AI or Machine Learning these processes can be streamlined and executed with remarkable precision.

In this context, by working in a dual shore model (Romania and India) and in collaboration with our Innovation team, we’ve created a solution based on machine learning technology which led to increased efficiency by 90%, to the reduction of data processing time by up to 50%, to the management of large volumes of data in a very short time and to the possibility of expanding operations by taking on new projects.

More exactly, we’ve seen concrete improvements like: – fast learning curve of the young employees allowing to progress fast on the remediation from simple to complex client’s typologies – technical solution allowing the reading and data extraction & comparison across multiple standard documents – performing high precision controls using No Code Platform – using Document Intelligence Models to read data and detect objects (Face, signature) from variety of documents – helped us comply in a more efficient and effective way with the regulatory requirement to remediate approx. 7.5 M retail clients in 4 years

 

As Head of Client operations & KYC, embracing AI and Machine Learning isn’t just about adopting technologies that are in trend. It’s a strategic imperative. These tools aren’t replacing human insights, they are empowering us to focus on the nuances, while automation takes care of the routine. It’s not just efficiency, it’s about elevating our ability to work with agility and rapidity in an evolving landscape, said Cristina Dobrescu, Head of Client operations & KYC.

 

In our Finance Shared Services we’ve implemented low code solutions which enables us to respond in an agile way to the “datarisation” of Finance and Risk. We’ve developed a library of modular and reusable components for the resubmission process put in place for statistical credit report (AnaCredit) which meant handling million data points for different Societe Generale entities.

All this has been done through the Alteryx platform, a solution that uses AI technology, through which we’ve managed to shorten both time to market and production windows. It drives our strategy of frugal innovation by applying lean start-up principles to Finance function and generating cost savings. By having data source agnostic strategies, we are using solutions that are not only tactical, but adapted for regulatory reporting production.

The use of Alteryx has also had a big impact on employee experience and engagement: attrition rate has dropped from 42% to 8% since 2019, staff engagement increased by 26 points from 58 to 84 in annual Group Employee Barometer.

We’ve started long-term partnerships with universities through which we had the opportunity to participate as jury for Datathon organised by French business school (MBA ESG, Data & AI faculty) and contribute to upcoming Datathon for executive programmes. For the Bucharest Universities we’ve implemented the Alteryx SparkED Education Program, created by our partners from Alteryx, dedicated to students interested in the field of data analytics. This learning program offers students the possibility to receive a free Alteryx license and to complete an entire learning process through which they can obtain the Alteryx Designer certification.

To us leveraging an advanced platform for data analysis like Alteryx, isn’t just a choice. It’s our compass in navigating the complexities of the modern financial landscape. With the use of this tool, we are reshaping our strategic vision, we are unlocking insights that propel us froward. I consider Alteryx to be not just an analytics solution, but a key to unlocking unparalleled foresights and to staying at the forefront of our industry, said Vincent Orcin, Head of Finance Shared Services.

 

Overall, integrating these technologies not only optimizes processes but also ensure that we are up to date with the national and international requirements, we are offering our colleagues the possibility to further [develop their careers, to learn new skills and to adapt to the dynamic environment that is the financial service sector.

In conclusion, the importance of AI and machine learning tools in a service center cannot be overstated. These technologies are not just about embracing the latest trends; they are about redefining how we operate in a rapidly changing landscape. By automating processes, enhancing risk assessment, ensuring regulatory compliance, strategically allocating resources and further develop careers, AI and machine learning empowered us to achieve new heights of efficiency and effectiveness in delivering secure and reliable services to their clients.