If you’ve ever applied for a mortgage, credit card or even a new savings account, you know how paper-intensive the process can be. Photo ID, tax returns, insurance forms and statements take a long time to compile and an even longer time to be processed by the financial institution. These initial and information-intensive interactions are vital early experiences that set the tone for what should be a long-lasting and mutually beneficial relationship between the customer and the financial institution.
Purchasing an RPA solution is like the Christmas present you can’t wait to open. The thought of automating tasks and processes is an exciting one and you can’t wait to get started. You might only use one robot from your RPA solution, choosing a specific test case to show ROI to management. With your test case completed and management asking how we roll this out enterprise-wide, here comes the challenge.
New use cases for Optical Character Recognition (OCR) technology continues to materialize. Veterans of the OCR and document capture industry that we speak with are gobsmacked when we share how this well-established technology is being used in new and innovative ways. A recent example involves the use of computer vision in the online gaming industry.
Chances are good that you, or someone you know, has been a victim of fraud. In 2018, the U.S. Federal Trade Commission processed 1.4 million fraud reports totaling $1.48 billion in losses. Credit card fraud was most prevalent in identity theft cases — more than 167,000 people reported a fraudulent credit card account was opened with their information.
We have all heard about GDPR (General Data Protection Regulation), which came into force on May 25, 2018. Its many strict rules for personal data privacy required organizations to do complete audits of their internal systems and processes, which led many to implement new solutions to help them comply. Now, many organizations will also have to understand and prepare for the CCPA (California Consumer Privacy Act), which goes into effect on January 1, 2020.
Organizations adopting intelligent automation across the enterprise are turning to finance as one of the best places to start their digital transformation. According to a recent Forbes Insight survey, “financial transactions or reporting” was listed in the top five most frequently automated processes. But what is IA and what does it do for finance and accounting processes?