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3 Ways Automation Anywhere IQ Bot Enables Financial Process Automation

Updated: Sep 14, 2020

Most researchers agree that approximately 80% of any organization’s data is hidden in multiple sources, such as emails, PDF application forms, and paper documents. This data often goes unused because of the time and resources required to get meaningful information from it. Even then, the data often needs to be manually regenerated in multiple locations. But IQ Bot fixes that.

Combined with Robotic Process Automation (RPA), IQ Bot enables banking, financial services, and insurance (BFSI) companies to take advantage of intelligent document processing, and extract valuable data and streamline operations.

IQ Bot blends multiple artificial intelligence (AI) technologies, including computer vision, machine learning, and natural language processing (NLP). With all these capabilities, IQ Bot can glean relevant information from any type of document, adding structure to the data, and delivering the results to multiple applications.

As banks embark on their digital transformation journeys, this kind of intelligent automation will prove crucial in helping them remain compliant. Additionally, it will help process customers, transfer stocks, and verify documents for a loan application. Let’s look at three of the most popular ways IQ Bot is being used in BFSI today.

1. Simplified customer service via email

Customer service representatives are bombarded with hundreds of emails daily that require manual review, analysis, and resolution. It can take several hours before a rep can review an email – and perhaps even longer to find a resolution. IQ Bot can respond faster to emails by triaging and prioritizing requests, extracting data, and organizing file attachments.

For example, a mortgage loan applicant might submit multiple proof-of-income documents. These could include tax forms and bank statements that need to be sorted and indexed throughout multiple programs within the bank’s systems. The same submission could also include a request for a status update, which would require another level of manual review.

With IQ Bot, a loan status request can be addressed in a matter of minutes. IQ Bot can track information from multiple systems simultaneously, so reps can quickly respond with the status, acknowledge the receipt of documents, download and sort attachments, and then extract relevant information from the mortgage application file.

2. Instantaneous account updates

When making account updates or onboarding a new client, a phone representative needs to enter the required information into multiple systems. As representatives bounce between windows and software applications, customers are often left on hold. As call times elongate, so do wait times; more calls are dropped, creating a low first-call resolution rate.

IQ Bot changes all of that.

Whether it’s a phone call or an email, IQ Bot uses basic account information to aggregate the relevant client details from multiple applications – such as Salesforce, Zendesk, or Freshsales – in a matter of seconds. As you make account changes, IQ Bot automatically updates the information stored in those underlying applications.

Better yet, IQ Bot can gather data from virtually any source, including Microsoft software, web-based applications, and unstructured sources such as PDF files or emails. This allows reps to respond faster, remain engaged with clients, and ultimately provide more attentive assistance.

3. Prevention of money laundering

One way IQ Bot helps financial institutions is by facilitating know-your-customer (KYC) and anti-money laundering (AML) compliance. Many KYC/AML processes still use paper processes, requiring someone to manually review documents and perform mundane, repetitive processes.

These kinds of manual efforts are slow and subject to errors. They’re among the largest sources of noncompliance for banks. IQ Bot’s machine learning and NLP capabilities can resolve these issues.

IQ Bot can scan any document to identify key information, before structuring the data, and uploading it into a KYC system. IQ Bot also monitors and captures data in real time to alert representatives of potentially fraudulent behaviors while providing a snapshot of steps taken and recommended actions.

Protect your bottom line

BFSI is a critical industry that impacts individuals and companies across the globe. Maintaining accurate, compliant processes is essential for businesses. As the industry evolves and compliance processes become mor sophisticated, the amount of information that needs to be managed will increase. But with IQ Bot’s intelligent document processing, falling behind will no longer be a possibility.

This blog post is an adaption of an article by Automation Anywhere. To read the original article, click here (


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