By Eva Lewis, Country Head of CitiBank Jamaica

A key value-added aspect to digitisation is automation. In business, automation is defined by the use of technology applications that perform repetitive tasks, freeing up employees for higher-value work. 

As nearly every business is engaging digitally in at least some form, automation is an inevitable accompaniment to the process. 

The banking sector is, of course, no exception to the growing use of automation in business. There are a myriad of practical applications of automated systems and technologies that have improved things like operational efficiency, customer service, fraud detection, client and employee identification, and expanding public access to banking services.

Over the past few decades, automation has changed how customers utilise banking services from paying bills to submitting account inquiries. 

In a country like Jamaica, where most banking is still highly dependent on manual or paper-intensive operations and nearly a fifth of the population does not have a bank account, automation is proving to be a significant factor that is improving the banking experience for customers by improving security, accuracy, efficiency, and communications. 

Here are five ways that automation can continue to improve banking in Jamaica:

1. Increased operational productivity and efficiency

Before the advent of computer technology, nearly all processes were manual – both for the employees and customers. Automation has improved financial integrity by helping reduce the chance of human error, improving consistency and accuracy, and identifying errors along the way.

These factors not only make baking services more convenient but also more reliable. Internally, automation is proving essential for improved productivity as workflows are streamlined from counting money to reconciling accounts. This allows bank employees to work on more detailed, higher-level tasks and projects. 

2. Improved customer service

Customer satisfaction is key to a successful business as it leads to new and repeat business relationships. Customer service and satisfaction are improved by automation through improved communication, shortened response times, and the use of systems for consistent feedback. Additionally, customers can help themselves by resolving their own issues through automated online systems. For most people, this is an optimal solution that saves them time and increases a bank’s efficiency. 

3. Accurate fraud detection

Automated fraud detection programs enable banks to alert customers to irregularities in their banking activities. These automated systems flag potentially fraudulent activity through irregularities in purchases, payments, and other potentially suspicious activities. Through automation, banks can increase the accuracy of fraud detection which protects both customers and institutions. This is important for bolstering customer trust and ensuring compliance with pertinent regulations. Reliable relationships are what keeps customers engaged – especially when their personal and or business finances are involved.  

4. Reliable security through biometric identification

The handling of personal information is critical for maintaining the privacy and security of customer data. Biometrics are automated methods for identifying customers through their biological characteristics including fingerprint, iris, and voice recognition.

Automated systems recognise the customer’s biometric information and allows the purchase or other transactions and activities to take place without human assistance, approval, or oversight. While these systems can be costly for institutions to implement and they can be susceptible to data breaches, the technology is getting more widespread as it is highly accurate for identification and access control for users. 

5. Expanding financial inclusion

Broadening public access to banking services is an important shift that is being made possible through the use of automation. Accessibility is a limitation for many who may not be able to physically visit a bank due to disabilities or travel restrictions.

Technological advances in banking services allows customers to access their existing accounts and access other services online. Improved online access provides many banking options for customers – from submitting credit or loan applications to checking account balances and activity and making transfers or payments. Enabling more ways for customers to engage with key banking services improves their experience and satisfaction. 

Overall, the benefits of automation within the banking industry are proving essential in improving business performance and customer satisfaction. From improved security to cost efficiencies, automation is making banking better for workers and customers alike.

Allowing automation to handle numerous repetitive tasks without human intervention helps reduce human error and allows bank staff to work on more thoughtful, detailed, and intricate customer inquiries and transactions – all of which provide better customer service.

This helps improve the relationships between customers and financial institutions by building trust and reducing costs. Increased education on these benefits can prove effective in building relationships and understanding between banks and customers.