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Showing posts from October, 2019

Why Business Banking Customers Face Delays After Their Accounts Are Approved

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  The paperwork is complete. Compliance checks are done, and the relationship manager confirms that the account is ready. Yet, the business customers still cannot use all the banking services they need. Opening a bank account is only the first step for many businesses. They may also need access to ACH transfers, wire payments, treasury services, online banking, or business debit cards. These services often involve separate applications, departments, and approval steps. So, even after account approval, some services may still be pending. This delay frustrates customers and increases bank employees' workload . Account Approval Does Not Always Mean Business Readiness Business banking onboarding involves more than verifying documents and creating an account. Several activities may remain incomplete before a customer can use the services they requested. These may include: Setting up online banking and user access. Activating ACH and wire transfers. Setting up treasury management servic...

Natural Language Processing – What it is and why it’s important

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Introduction Natural Language Processing — the application of software systems to examining, interpreting and accurately responding to speech is viewed as the next big leap in user interface technology. However, human speech is far more complex than most people realize. There are rules, such as spelling and grammar. How we interpret speech and text, though, is far less well-defined. How do you know when a person is being sarcastic, for example? How do we know that an athlete’s explosive sprint to the finish line didn’t involve any pyrotechnics? In human language, the words can say one thing, but the context and the tone make those words mean something else. It takes humans a half a lifetime to learn the subtle nuances of language. Even then, there will be words and phrases that some of us don’t understand. Then, there are further complications in understanding language, such as dialects and colloquialisms. So, how can a computer that “thinks” in binary be programmed, line by line,...

Robotic Process Automation and Its Applications

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Introduction Many large enterprises are using robotic process automation (RPA) to reduce costs and improve efficiency. By implementing RPA, businesses can automate repetitive and mundane tasks. RPA could represent the first step towards true intelligent automation. But what is RPA, and what are its applications in business? What Is Robotic Process Automation? RPA is a term that can be applied to any computer program that automatically performs a repetitive function. In its simplest form, RPA is the automatic out-of-office message that your email software sends. More sophisticated RPA bots can log into an application, perform tasks, and log out again. RPA is not a part of an organization’s IT infrastructure. RPA sits on top of the infrastructure and automates tasks that humans would otherwise perform. There are three main types of RPA bots. There are programmable bots that interact with other systems. There are intelligent RPA bots that can make decisions based on unstructured ...