Smart Document Processing software you can bank on
Automate manual banking processes to boost productivity, reduce cost and enhance omnichannel customer experiences.
A Typical Nanonets Customer Performance
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Expatrio achieves 95% reduction in time for Manual Data Entry with Nanonets OCR
I would recommend Nanonets to companies who need an accurate and well functioning Passport OCR solution with great support, reasonable pricing, and flexible plans.
“Working with Nanonets has been super fluid. NanoNets helped us deploy the data capture workflow with Quickbooks in < 7 days from the contract signing date. This has directly impacted the finance team, who can now process 50% more invoices at the same time without hiring more people.”
Future Proof your Banking Processes with Nanonets
Say goodbye to tedious,manual data entry
Manual Data processes are time-consuming and often prone to human errors. Use Nanonets to extract required/selective information from your documents and pass it to the database of your choice.
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Make your customers happier with faster issue resolution
One thing that customers detest is waiting. Reduce your turnaround time for every customer request - ID verification, bank statement, customer service, loan approval and more with Nanonets workflows!
Get an integrated overview of your data
Improve cross-functional efficiency by integrating important documents of the organization. Update customer profile automatically wherever any customer document is processed by Nanonets.
Leave the grunt work to us
Manual data entry is not cost-efficient. Nanonets can automate all tedious manual document processing and validation so that your customers can focus on more important things.
Focus on your business, we take care of the data processing
Streamline document processing of all your banking documents with ease
Transform Retail Experiences on the go
Drive growth by optimizing operational efficiencies, reducing costs, and freeing up your employees to provide omnichannel retail customer service
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Get in touch with our experts and we’ll customise a solution for your business.
Move from traditional to smart retailer model
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Technology
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Talent
Customer Data
Processes
Frequently Asked Questions
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Banking automation is a method of automating the banking process to reduce human participation to a minimum. Banking automation is the product of technology improvements resulting in a continually developing banking sector. The result is a significantly more efficient, dependable, and secure banking service
While most bankers have begun to embrace the digital world, there is still much work to be done. A lot of innovative concepts and ways for completing activities on a larger scale will be part of the future of banking. And, perhaps most crucially, the client will be at the center of the transformation. Following are the challenges faced by banks and financial institutions :
A Cultural Shift
Manual processes and systems have no place in the digital era because they increase costs, require more time and are prone to errors. To address banking industry difficulties, banks and credit unions must consider technology-based solutions.
Continuous Innovation
Manual processes and systems have no place in the digital era because they increase costs, require more time and are prone to errors. To address banking industry difficulties, banks and credit unions must consider technology-based solutions.
Security Breaches
Banks faces security breaches daily, while working on their systems, which leads them to delay in the work, though sometimes these errors lead it to wrong calculation which should not happen in this sector. Banking automation solutions can help mitigate security risks.
Outdated Mobile Experiences
Mobile app presence has become a necessity for banks around the world. To keep clients delighted, a bank's mobile experience must be quick, easy to use, fully-featured, secure, and routinely updated.
Since RPA may be implemented in a big wide variety of banking automation solutions, there are numerous well-described use instances on this space.The digital world has a lot to teach banks, and they must become really agile. Surprisingly, banks have been encouraged for years to digitize their processes like Know your customer (KYC), Anti-Money laundering (AML), Identity verification, Driver License Verification,passport ocr, Invoice Automation using invoice ocr software, Accounts Payable Automation, Account opening, Account closing, Underwriting, Data Entry, and more.
Banking automation reduces the amount of human intervention and has become a valuable tool for the banking industry in recent times. Let’s see how banking automation solution helps in banks.
Increased Productivity
Banking activities become more efficient as a result of automation. There are advantages since transactions and compliance are completed quickly and efficiently. Besides, there are fewer chances of human error. For example, ATMs (Automated Teller Machines) allow you to make quick cash deposits and withdrawals.
Low Cost
If 7%-10% of tasks could be automated, generating additional cost savings of US$12 billion for banks. Bank automation software can assist cut costs in areas including employing, training, acquiring office equipment, and paying for those other large office overhead expenditures.
Productivity Improvements
Banking automation solution eliminates the boring, repetitive, and time-consuming procedures connected with the banking process, such as paperwork and streamlined operations, which would boost employee productivity.
Increased adaptability
A banking automation platform can help banks become more flexible, allowing them to respond quickly to changing banking conditions both within and beyond the country.
Enhanced Compliance
Compliance is a complicated problem, especially in the banking industry, where laws change regularly. A banking automation software along with a compliance consultant can assist your bank in determining the best compliance practices and legislation that relates to its products and services.
Improved Efficiency
Banks must use technology like banking automation platforms to improve the efficiency of procedures and outcomes. Enabling banking automation can free up resources, allowing your bank to better serve its clients.
Reduced Employee Workload·
Banking automation software allows employees to concentrate on essential company processes rather than adding administrative responsibilities to an already overburdened workforce. The employee workload will be reduced and they can focus on the work more for that where machine or technology hasn't reached yet.
Improved Customer Experience
. To retain consumers, banks have traditionally concentrated on providing a positive customer experience. In recent years, however, many customers have reported dissatisfaction with encounters that did not meet their expectations. Banking automation software can predict what will happen next based on previous actions and respond accordingly.
Forecasting
Fifth, traditional banks are increasingly embracing IT into their business models, according to a study. They've created test campaigns with specific parameters in mind. Data science is increasingly being used by banks to evaluate and forecast client needs. Data science is a new field in the banking business that uses mathematical algorithms to find patterns and forecast trends.
The pricing of banking automation solutions differs according to your requirement. Please check out our pricing page to know more.
Banks are no strangers to paper documents. Nanonets intelligent document automation platform automates all document processes for banks. Think about customer onboarding, KYC, identity verification, data capture from paper documents, scanned documents, and more. Nanonets can also improve approval processes with automated workflows. Try Nanonets for free today.