Workflow management has been a pivotal element of optimization in banks and other businesses. Yet, with new tech available, its development accelerated much more quickly than anyone could expect. That’s why, in this article, we shall take a look at the future of workflow management in digital banking. What will it bring? Which trends will become standards? Find it all out!
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An Overview of the Workflow Management Trends in Banking
So, what shall the future of workflow management bring to the realm of digital banking? We can already see several trends that are bound to leave a mark on the whole industry. Let’s take a look at this more closely.
Hyper-automation
We’ve already mentioned hyper-automation when discussing the future of mobile banking apps, but it also deserves a place on this list of workflow management trends. With the rise of artificial intelligence (AI), machine learning (ML), and other technologies like optical character recognition (OCR), robotic process automation (RPA), and biometrics, it slowly becomes possible to take automation to a completely new level.
For example, let’s take a look at our AI Assistant, namely its AI Helper feature. This module is capable of analyzing the whole conversation history with a given client and generating a response based on it. As such, it takes hours of your customer service agents’ work every month, automating a process that was too varied to be automated before.
This kind of hyper-automation, with other workflow elements included, is bound to be introduced more widely. As such, the number of tasks carried out manually will decrease significantly in the upcoming years, leaving only the most challenging ones for your employees. At the same time, they will get a new role—they will have to control and monitor the performance of automated systems, reacting to alerts and flagged issues.
Task Prioritization
Artificial intelligence should also be used in the future to determine the importance of each task using data, prioritizing what tasks should be carried out first in a given employee’s workflow. Once again, you can already observe it being implemented to some extent; for instance, our AI tools include a customer prioritization module. Yet, this is a feature that goes far behind customer service and will affect the future of workflow management as a whole, letting banks select the most critical task automatically based purely on data.
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Blockchain Technology
The future of workflow management should also involve blockchain. This technology is known for being more secure, so we should expect it to be integrated into most finance technologies.
It all goes down to the decentralized structure of data stored and sent with it. While it’s easy to access if you have the right key, it is practically impossible for wrongdoers to include unauthorized modifications to it. In our opinion, it’s just a matter of time before banks and other finance organizations integrate it into their workflow management software.
No-Code and Low-Code Platforms
Each organization is different; however, with pre-made solutions, it’s not always possible to achieve all the goals of a given business. This is why we can already observe a trend to use no-code/low-code platforms for workflow management. How does it work?
Such platforms come with a set of modules that you can combine to create workflow management tools. On the one hand, this enables you to create new, helpful apps in a matter of minutes; on the other, it restricts your flexibility—you can only use the modules that come with the platform. In the end, the benefits outweigh the disadvantages, and this is exactly why such solutions constantly gain popularity.
Context-Aware Computing
Finally, workflow management will change in digital banking due to the rise of context-aware computing. New platforms will be able to personalize the interface and adapt to a given user’s preferences.
This will enable you to take productivity to a completely new level. Context-aware computing will provide each user of your workflow management tools with a system tailored to their needs and approach to work. As such, every single one of your employees will work on a platform optimized to maximize their efficiency, the efficiency of every single employee, not of your staff as a whole.
The Takeaway
Innovative solutions bring new possibilities to the table. This is true for various areas of banking, including workflow management. The future will bring systems that are much more secure, personalized, and automated, letting you build trust among your clients and maximize the efficiency of your employees.
You may also read: Future Trends in Digital Banking: What to Expect
