Automation has become the focus of growing interest in the global finance industry. Many banking and financial companies are speeding to deploy the latest automation technologies in the hope of delivering the next wave of productivity, cost savings, and improvement in customer experiences.
In one of the recent studies, McKinsey observed that 60% of industries can automate approximately 30% of their manual work. With emerging AI-driven technologies like natural language generation, many of the monotonous, data-oriented tasks such as report generation can be automated providing quick results, while taking into consideration the changing regulations of the financial landscape. Let’s take a closer look at the perks of reporting automation with the following use cases.
Use Cases of Automated Report Writing in Banking & Finance Sector
1. Quarterly Earnings Report
A quarterly analysis report is one of the most important financial statements for the company. Investors assess these financial statements to determine the financial health and investment worthiness of the company. It provides a quarterly update on the income statement, balance sheet, and cash flow statement.
Usually, the process of gathering information can be quite tedious and time-consuming but that aspect is mostly looked at by accounting software. The problem arises in explaining data in a way that every investor can understand. Why were you over/under budget? What were the contributors to performance? Today, companies have the data to make smart data-driven decisions but data alone isn’t the answer: you need to simplify data in a fashion that its consumable by everyone.
With reporting automation, companies can easily cut costs by creating accurate reports in one go using natural language generation. NLG gives you the capability to share insights in words, that can be easily understood by everyone. Automation will not only take away the mundane and repetitive part of report writing but also reduce the margin of human error increasing reliability.
2. Branch Performance Report
Branch performance reporting is a process that every level in the bank’s hierarchy partakes in. Depending on the nature of the organization, these reports are usually drafted manually by compiling & analyzing data of both their digital & brick and mortar sales. The next inline manager further adds his learnings to these reports to present it to the subsequent level. The process is not only time consuming but highly uneconomical.
Reporting automation has proven to reduce the overhead costs of reporting and save precious staff-hours that can be used to focus on other higher-value tasks. In this case, the branch managers can essentially focus on having client meetings and tapping onto revenue opportunities rather than analyzing complex reports. Also, manually generated reports might be prone to clerical errors leaving room for misinterpretation.
Automated report writing powered with advanced artificial intelligence like natural language generation, and machine learning capabilities helps generate thousands of comprehensive reports with personalized recommendations in a fraction of time. Considering how crucial this kind of report is to increase branch productivity & tab into new growth opportunities, it is only prudent to ensure that it is prepared efficiently.
3. Recruitment Performance Report
Recruitment performance reports are designed to track the progress of the hiring team and identify areas of improvement in different stages of staffing. Such reports provide data on various KPIs like time-to-fill, time-to-hire, source-of-hire, first-year attrition, hiring manager satisfaction, quality of hire, applicants per opening, candidate job satisfaction, and so on.
The major pain points experienced with recruitment performance reports is the amount of time invested in the manual processes of data extraction, data cleaning, structuring, and further analyses to derive insightful conclusions. Moreover, the lack of customizable reports for various scrutiny levels undermines the efficiency of the manual reporting process.
By automating the recruitment performance reports, companies can generate personalized on-demand reports, tailored for different levels in the organization. With just a click of the button, recruiters can fast-track the staffing process by getting access to meaningful insights with easy-to-understand, narrative-based reports.
4. Portfolio Analysis Report
A portfolio analysis report is essentially a factual summary of the investor’s assets. It helps investors to understand the status of their investments in context to the whole portfolio. As per the current industry trend, these reports are usually in the form of tables and charts lacking advisor recommendations, making it challenging to comprehend even for data-savvy customers.
Implementing automated data analytics with natural language generation technology will enable you to produce customized portfolio analysis with personalized recommendations for every investor at scale.
In addition, thanks to predictive analytics combined with NLG, even the tiniest details are captured uncovering hidden insights that may not be apparent in graphical representations.
To sum up...
Reporting automation, when strategically implemented, will increase your organization’s efficiency and productivity. It will also enable you to dedicate more resources to higher-value products and innovation.
However, choosing the right platform that has an intuitive interface and natural language generation capabilities for easy understandability and accurate reporting, is crucial for tangible improvements and employee productivity.
Romil Shah is an AI enthusiast with considerable experience across varied technology domains, primarily Natural Language Generation (NLG), and Blockchain technology. He is passionate about technological innovation and more importantly its real-world applications. His work within the field has brought about constructive conversations and explorations around AI and its extended use in businesses.