The Jalan Buroh blaze, which SCDF described as “raging and intense”, involved “hundreds” of highly flammable LPG cylinders – the largest number the force has seen in a fire.
SINGAPORE: One person died and two others were injured after a massive fire broke out at a Jurong industrial area on Friday (Jun 21), said the Singapore Civil Defence Force (SCDF).
SCDF said it was alerted to the incident at 43 Jalan Buroh at about 5.10pm. The fire, which SCDF described as “raging and intense”, was brought under control at about 7.30pm.
The fire engulfed an LPG facility about the size of two football fields, said SCDF, adding that it involved “hundreds” of highly flammable LPG cylinders – the largest number the force has seen in a fire.
The fire spread rapidly as SCDF worked to contain its spread.
AI can change the face of the banking sector while reducing costs, increasing employees’ efficiency and more.
Like the expectations of employees, customers’ expectations have also evolved over a period who now look for more personalized services at a competitive cost.
There has been an interesting shift in the workforce over the years. Employees in any industry do not work just for money but they strive for work-life balance and a conducive work environment. It cannot be argued that a happy employee keeps the customer even happier. The situation is no different in the banking sector. And like the expectations of employees, customers’ expectations have also evolved over a period who now look for more personalized services at a competitive cost.
What does this mean?
This means that employers need to be proactive and create a work environment that reduces undue stress by eliminating employees’ involvement in repetitive or template-based tasks. This is where Artificial Intelligence (AI) comes into a picture. AI or machines that are capable of performing specific tasks normally requiring human intelligence, can help employees focus on tasks of greater value while reducing chances of human error and increasing overall productivity.
People: Productivity and efficiency of the workforce can be enhanced with the use of AI tools like a chat-bot or a Virtual Assistant that can simulate a conversation with a user in natural language through messaging applications, websites or mobile apps. In Banking, chat-bots can be used for customer support and help in increasing efficiency and enhancing customer experience while reducing costs.
Product: Customised products can be offered to customers by using technology to analyse historical data, understand risk appetite, income profile etc. This would make the process objective and reduce the risk of human errors. Personalized portfolios can be managed by an AIsoftware like Bot Advisor, which does not have any vested interest and are capable of intelligently managing personalised portfolios while ensuring higher volumes than humans.
Process Automation: Smart and intelligent automation can help the humans get rid of the repetitive tasks and they can focus on providing more personalised services requiring a human interface. The tools like OCR or Optical Character Recognition can capture data with which the machine learning software can generate insights, reducing the back-office processing effort.
Data Security: Banks are custodians of large amount of data that can be used to generate insights into the lives of their customers, their spending habits/patterns. Analytics can be used to analyse the data and develop tailor-made products and services for customers. Also, AI tools can be used to keep a check on suspicious behaviour and dubious emails to prevent security breaches.
In simple words, AI can help banks reach potential clients more easily, develop smarter products, build better relationships, enhance customer experience and improve service delivery, thereby fuelling growth in business and reduction in costs.
It is often feared that the adoption of AI would hurt the creation of job opportunities. Automation is not synonymous with job cuts but with skill enhancement. There can be a little slowdown in job creation in banks but at the same time, there would be jobs at different levels. For example; banks need to approach customers and make them aware about the financial products. Besides, there would be an increased requirement of data scientists and a sea of opportunities for digital entrepreneurs.
In fact, a data by a leading research firm suggests that 77 percent of the banks plan to use AI to automate tasks to a large extent in the next few years with the majority of them believing that the AI would result in job creation.
The Final Word!
If the human resources are provided adequate training in using the AI tools and structured mechanisms for collecting and validating data are put in place, AI can change the face of the banking sector while reducing costs, increasing employees’ efficiency and generating better experiences for customers.
Compliance Systems and Newgen Software Inc. (Newgen) have announced a strategic alliance that will provide their joint customers with best-in-class solutions to help them drive digital transformation while remaining fully compliant. Under the agreement, Newgen and Compliance Systems will work together to develop an integrated solution that enables compliance in the lending space.
The partnership is aimed at providing customers with a platform which will enable their users to significantly cut down on data entry and manual tasks to generate compliance documents. This alliance will have Newgen’s Commercial and Consumer Loan Origination solutions, built on Newgen’s business process management and enterprise content management platform. seamlessly integrated with Simplicity by Compliance SystemsTM for banks, credit unions, and other financial organizations. The integration between Newgen and Compliance Systems will provide another layer of efficiency for joint customers to optimize their workflows and reduce loan closing time.
Compliance Systems, through its comprehensive web-based application Simplicity by Compliance SystemsTM, will enable users to carry out lending-related compliance processes. Newgen’s lending solutions will work in conjunction with the former and extract greater value from transaction-specific data to render appropriate documents and eliminate redundant processes.
“Our partnership with Newgen opens many avenues for us and gives us the opportunity to be an enabler to banks, credit unions, and financial services organizations across the country. Together, we will help organizations achieve greater compliance and create transparency and efficiency throughout their lending processes. We are excited to partner with Newgen and are optimistic about taking our current growth trajectory to the next level,” said Ronny Chapman, Chief Strategy Officer at Compliance Systems.
“Lending compliance is critical for financial organizations and getting it right can result in superior customer experience. Our partnership with Compliance Systems is aimed to ensure that financial institutions stay compliant with lending industry regulations, relying on Newgen’s robust and agile technology platform for their current and future business needs,” said Diwakar Nigam, President, Newgen Software Inc.
Newgen’s commercial, small business, and consumer lending solutions help financial organizations automate and streamline the lending life cycle from origination, underwriting, disbursement to servicing.
About Compliance Systems
Compliance Systems is a best-in-class provider of financial transaction technology and expertise headquartered in Grand Rapids, MI. With more than 25 years’ experience with financial transaction data analysis and documentation, Compliance Systems currently supports content configuration and compliance risk management at more than 1,300 U.S. banks and credit unions. The Compliance Systems warranty covers all 50 states and the District of Columbia, giving clients confidence that documentation meets compliance and legal needs. Compliance Systems minimizes transaction risk and reduces resource expenditures so that institutions can focus on business development.
Newgen Software Inc. is a global provider in banking process automation with more than 200+ banks, credit unions, and financial services institutions as its clients. Newgen’s banking process management framework automates critical business processes for banking institutions across commercial lending, consumer lending, customer onboarding, online account opening, trade finance, digital and mobile customer experience strategy. Newgen offers flexible on-premise and cloud-based solutions to its banking customers.