Reducing manual interventions in financial transfers with automation

Akash Gill *

Applications Developer, Genisys Credit Union, Auburn Hills, MI.
 
Review
International Journal of Science and Research Archive, 2021, 03(01), 171-208.
Article DOI: 10.30574/ijsra.2021.3.1.0094
Publication history: 
Received on 01 June 2021; revised on 14 August 2021; accepted on 18 August 2021
 
Abstract: 
This paper discusses the roboticization of operations in money transfers, emphasizing minimizing human interference levels to enhance effectiveness, reliability, and security. Organizations have long used it, but manual financial processes are becoming less effective in the rapidly growing financial environment. That results in time consumption, mistakes, increased working expenses, legal issues, and customer issues. This paper shows how automation technologies such as artificial intelligence, machine learning, robot process automation, and cloud technology solve these challenges and transform the financial flow. One example of automation operations whose real-life scenario was established through tools like Go, Angular, and AWS that credit unions put into practice involves. Implementing these technologies allowed credit unions to increase the credit transaction's efficiency, decrease manual mistakes, and enhance adherence to legislation's requirements. The case also discusses similar issues, such as the integration of automated legacy systems, employees' resistance toward automation, and the strategies being followed for automation success. The paper further explores what may occur in automation, specifically focusing on blockchain, DeFi, predictive analytics and rea, and real-time payments. All these innovations seek to increase the level of openness and scalability while simultaneously making customer personalization possible and considering ethical and regulatory issues. This document is a reference tool for the information that financial institutions require if they are interested in using automation as a business driver. With automation, organizations can optimize their processes, prepare for further development, and enhance competition in the constantly growing financial sector.
 
Keywords: 
Financial automation; Manual intervention; Transaction efficiency; Compliance solutions; Fraud detection; Real-time payments; Blockchain finance; Predictive analytics; Secure transfers; Cost reduction; Digital banking; Scalable systems; Customer experience; AI automation
 
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Copyright © 2021 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0