Underwriting is the procedure of assessing and quantifying the financial risk associated with an entity or an individual, typically in the context of extending loans, offering insurance coverage, or making investments. This evaluative process is conducted by underwriting experts employed by various financial institutions. The objective of this risk assessment is [...]
Data reconciliation is a critical component of the banking industry. However, the reconciliation systems and processes within banking and financial services firms are facing significant challenges due to the continual increase in transaction volumes, the introduction of new financial instruments, and heightened regulatory compliance requirements. In the realm of these challenges, [...]
In the past, the loan origination process was known for its complexity and lengthy procedures, posing challenges for both lenders and borrowers in the commercial sector. However, with technological advancements in recent times, there has been a transformative shift towards digitization, leading to significant improvements in the lending industry. This digitization [...]
The inception of online banking has revolutionized customer access to accounts and transactions through personal computers and smart devices. Subsequently, mobile banking emerged in the 2000s, empowering customers to conduct transactions conveniently on their smartphones. In today's banking industry, diverse forms of AI, notably machine learning (ML), play a pivotal role [...]
Approximately 97% of the data handled by the insurance industry is unstructured, and the most valuable information lies within the adjuster's notes, comprising unique words, acronyms, and abbreviations. Surprisingly, insurance firms utilize less than 3% of this data for decision-making, a revelation that highlights the untapped potential in this sector. Intelligent document [...]
The worldwide adoption of automation technology is just increasing with every passing year. We all have seen the impact of RPA in banking, healthcare, IT, insurance, and many other industries so far. Right from customer onboarding to KYC, RPA has been able to do it all for enterprises. But now enterprises [...]
The insurance industry heavily relies on standardized processes and systems, making it vulnerable to fraudulent activities. With the implementation of new digital initiatives, the occurrence of fraud has increased, posing a significant threat. According to a survey conducted by Deloitte India, the surge in fraud cases can be attributed to three [...]
In the face of growing economic uncertainty, the banking industry is undergoing significant transformations in terms of regulations and customer engagement. With a rising number of customers seeking financial assistance and advice, banks must effectively meet the increased demand. Moreover, financial institutions have faced heightened scrutiny and are expected to operate [...]
Table of Contents Introduction Being a cornerstone of loan application processing, bank statement analysis is a time-consuming and labor-intensive process. Bank statement analysis is the process of reviewing and analyzing a bank statement to gain insights into a person or organization's financial situation. The [...]
Table of Contents What is RPA in Insurance? The insurance industry is one of the most heavily burdened, conventional and rigid to changes. However, considering the high customer demand for app-based or digital transactions, the industry players have started transforming their insurance operations [...]
