ASB turns to AI for data processing
Big four lender ASB has teamed up with two artificial intelligence companies to speed up data processing, a move it hopes will help with key products such as home loans.
Tuesday, April 30th 2019, 3:15PM
The lender has begun using technology from British company Blue Prism and US firm ABBYY on robotic process automation, to automate huge amounts of information into "structured and actionable" data.
Advisers say ASB has been using a 'bot' to help process home loan applications more quickly in recent months. They say the bank has turned to new technology to help with the lodging of applications, in an effort to speed up the home loan process.
It is understood the automation software will help the lender with filing and more basic data entry, rather than decision-making tools. ASB has begun using the software in recent months.
Blue Prism said its robotic automation automates data processing at "unprecedented speed", "as well as giving enterprises better analysis of content for better performance, document process transparency, and contributing to improved customer experiences".
The software can automate and analyse images, documents, and texts. Blue Prism claims its technology increases productivity and decision-making abilities.
Barry Coughlan, Head of Automation at ASB, said: "By working with ABBYY and Blue Prism, we’ve been able to drive new intelligent automation capabilities resulting in increased productivity, improved customer experiences and the delivery of new services."
“These new capabilities do more than improve operational efficiencies they give our workforce the agility to be more responsive to customer expectations," Coughlan added.
It remains to be seen whether the new development helps with the familar gripe of home loan turnaround times. According to TMM's Annual Survey, turnaround times remain the industry's biggest issue. About one in five respondents to our survey said turnaround times "keep me awake at night".
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