Hyperautomation, Integrations and AI — Laserfiche Predictions for Financial Services in 2024

3 min read
  • Financial Services
  • Information Technology
  • Integrations

At Laserfiche we’re always looking forward. We know that financial services firms are no different.

That’s why in the new year, we asked our resident financial services expert — Joman Kwong, Strategic Solutions Manager: Financial Services — to make predictions about what innovations and ideas finance firms are going to prioritize in 2024.

Hyperautomation will become a powerful tool for businesses: In 2024, hyperautomation will represent a key shift in technology investments among financial services institutions to drive operational excellence and improve total experience (TX). While many organizations may have invested in automation, it’s primarily been in single-point solutions, and a more forward-thinking approach will be key to achieving greater efficiencies. This will be done by transforming and integrating processes into end-to-end solutions and leveraging the power of multiple tools, such as AI-driven intelligent data capture, API integration, RPA, and workflows. Assigning technology to handle tasks allows employees to focus on other priorities that require human intervention and empowers them to develop additional skill sets that can contribute to business growth. Additionally, this will enhance the customer experience by expanding digital and automation capabilities to meet heightened expectations.

Business will increasingly rely on API integrations to meet their needs: During the pandemic, financial institutions adopted various technologies, but they often only served certain purposes, making them less compatible with other tools. In 2024, to maximize investments, businesses will leverage API integration to enhance business intelligence, foster innovation, eliminate information silos, and reduce the burden on IT teams. For example, banking institutions may integrate their core banking platforms with content services platforms to enhance their document processing and records management capabilities. Additionally, they may integrate DMS with CRMs and custodians to establish an end-to-end solution such as new client onboarding process or set up automatic data transfer and information sync up between applications.

AI will become a more integral part of the business landscape: Financial institutions will continue to adopt AI to help streamline operations, reduce human error, save time, lower operational costs, and address industry regulations. They will also leverage AI to provide more personalized recommendations and predictive insights based on a particular customer’s financial background and past activities, strengthening overall customer service. Additional uses will include populating automatic forms, optimizing chatbots, flagging deviations, and sending signals to employees for immediate action. The rise of AI-driven solutions will also bring a heightened focus on security in 2024. Financial institutions must be cognizant of sensitive customer and employee information and establish an AI governance committee and usage policies.

Cloud adoption will increase among organizations: In 2024, the use of cloud-based technology will rapidly accelerate as more firms seek modern solutions to doing business. This marks a significant transition in the industry as financial institutions have historically resisted moving sensitive data to the cloud. Creating a digital ecosystem with cloud adoption will support new product development and innovation, boost resiliency and business continuity, and optimize overall cost-effectiveness.

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Want to make an innovative start to 2024? Check out the following resources to learn how ECM can be your organization’s key to newfound efficiencies this year.

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A complete ECM solution like Laserfiche can help financial services organizations dramatically improve the efficiency of business processes and drive business growth. See first hand how Laserfiche can be your solution and schedule a demo.

Discover powerful solutions on the Laserfiche Solution Marketplace

Some of the more robust ECM systems, including Laserfiche, offer marketplaces for process templates that financial services firms can use to jumpstart digital transformation initiatives. To learn more about the Laserfiche Solution Marketplace, watch the video below:

 

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