Financial Innovations
Pankaj Bhambri, Sita Rani, Piyush Kumar Pareek · Advances in business information systems and analytics book series · 2024
With the convergence of advanced technologies such as robotic process automation (RPA), artificial intelligence (AI), and data analytics, financial institutions and insurance companies are experiencing a paradigm shift in their operational models. The chapter explores how intelligent automation is revolutionizing traditional financial processes, including risk assessment, fraud detection, and compliance management. It analyzes the integration of automation tools in insurance underwriting, claims processing, and customer service, shedding light on the enhanced efficiency, accuracy, and customer satisfaction achieved through these innovations. Additionally, the chapter scrutinizes the challenges and ethical considerations associated with deploying intelligent automation in the financial sector, offering insights into best practices for achieving a harmonious synergy between technology and regulatory frameworks.