Banking
During the last DES 2018 event, Digital Enterprise Show, our Technical and Project Manager, Daniel Garrido, had the opportunity to offer to the attendees the vision that from Serimag we have regarding the implementation of this technology and companies.
During the last DES 2018 event, Digital Enterprise Show, our Technical and Project Manager, Daniel Garrido, had the opportunity to offer to the attendees the vision that from Serimag we have regarding the implementation of this technology and companies. And more specifically in Spanish companies where management teams seem to be more reluctant to include it, either because of a lack of belief in its impact or because of a vision of processes not focused on the new needs of users. This was his lecture.
Transcript
Good morning. Thank you very much for attending this talk. It is a pleasure to be able to share with all of you and with all the attendees at the Congress the concerns we have about Digital Transformation and process change.
In this talk we will talk about Artificial Intelligence, the opportunities it offers us, the resistance that can still be detected in certain areas and what proposals we bring from Serimag to make up for and overcome them.
According to data from Gartner, the value derived from the implementation of Artificial Intelligence in companies throughout 2018 will amount to 1.2 trillion dollars with an expected increase of 70%, which will leave us facing 2022 at 4 trillion dollars. Faced with this horizon, it seems reasonable to ask ourselves where each of us stands. How do we adopt this Artificial Intelligence? How do we embrace this transformation? And therefore, how can we take advantage of it?
Serimag is a digital backoffice. We are, therefore, an agent of Digital Transformation in the document sector whose mission is to automate document processes. And to be able to do so, we apply Artificial Intelligence engines developed through proprietary technology to automate all the stages and classifications required by the documents. In other words, to be able to automate all the operations that require documentation and that ultimately end up supporting our business. We work with the intention of automating all these processes.
However, despite the expectations of value that Artificial Intelligence will generate, despite the continuous growth that we notice in the sector we work in and that seems to be evident throughout society, the same Gartner report states that only 23% of Spanish companies currently have processes involving Artificial Intelligence in production or even have them on the roadmap. Perhaps one justification for this difference between expectations and resistance is that 48% of the management of these companies believe that AI will not have an impact in the short, medium or long term. Neither in their production processes, nor even in the structure of their organization. It is not what we perceive. The objective of this talk is to show in what ways, in the documentary section, Serimag can help and finally convince that it is a great opportunity that we have in front of us.
Perhaps this divergence between growth expectations and management positioning is due, to some extent, to how we think about our own processes. That is to say, that we reflect on the way we are used to and expect to manage them; and not on the way our client will ask us to manage them in the future. In other words, we should think about the digital agenda that we want to impose on ourselves and not the one that the client is following right now. And therefore, where we must place ourselves if we want to continue to provide all the services you may need, both in the present and in the medium term. That is, to understand this Digital Transformation as a necessity, as a response to the challenges that our clients will face; whether we are working for an end client or for another company.
Some of the examples that we are incorporating in production, that we are dealing with right now, and that are really bringing about not only a cost reduction inherent in any process automation, but a change in the business model for our customers. This would be the case of instant validation in contracts. In this case, we are managing to validate different types of contracts. Both the integrity of the document itself and the signatures present in that document within 5 seconds. An activity that used to take, at best, hours. What does this allow? It is no longer just a reduction in cost, it is no longer just a reduction in time in itself (which is always positive) but changing the business model and allowing the transformation of interest into a final contract to be carried out in a much more effective way.
Another obvious case would be Onboarding platforms. I believe that nowadays it is difficult to think of an Onboarding system that is not approached from a digital point of view. The fact that a customer can join us anywhere in the world, at any time, 24/7, is now an indissoluble necessity. In this case we propose a whole set of solutions that can certainly be adapted to the different needs you may have. From mobile applications that allow you to capture those identification documents that are part of the Onboarding process, to back-end processes, cloud processes… different types of architectures that will surely fit your needs. But what is the ultimate goal we pursue and what is the difference between the Onboarding processes that Serimag is able to offer compared to others? Not only to offer all the commercial advantages of a digital system that has a 10-second response time, but also to guarantee those documents and data. The application we propose (and which is available for testing on Google Play: SMAAT) not only extracts the information, not only captures the images but also guarantees the type of document we are capturing, guarantees the data we are extracting via OCR and via NFC. And therefore, it gives us all the flexibility that onboarding via smartphone would have along with the reliability of knowing that that data we are capturing is going to be converted into a secure enrollment.
We could go on about how AI allows us to speed up processes. Even in critical processes, such as lending. A process that is probably more critical than the two previous ones, but which will also have to be transformed. In the end, what does the granting of a loan by a financial institution depend on? It depends on the documentary support presented. If this documentary support is sufficient, in many cases, the operation may be granted automatically. Therefore, the Digital Transformation of the process depends substantially on the Digital Transformation of the document operations. By accelerating these document operations, we can transform the business that flows from them.
For all these cases the key is response time, and it cannot be obtained by any means other than AI. How can we review all these documents? How can we guarantee a 15-second response time if we are still operating manually and reviewing documents one by one? How will we be able to respond to the customer in the time he is demanding? That is, first of all, AI as a driver of acceleration. Digital Transformation is, among other things, about accelerating processes, and for this, AI will be inevitable. In fact, from our point of view, the only possible way. But that’s not all AI has to offer. We are currently processing millions of documents in supporting documentation that is necessary to be able to carry out contracts and operations. But what is the other advantage, besides the time reduction that AI and Serimag can offer? The unique criteria. The fact of having a single brain that knows all the document types, that knows everything that is going to arrive and is able to manage in a univocal way allows us to know, given a response from the system, which is the document that was introduced. It does not depend on the person who at that moment has looked at it. It does not depend on the level of training you had. This level of training can be transformed into specific but not routine consultations. For that part, Serimag offers all the power of AI to know unambiguously what is happening with our documents. Thanks to this, we can even incorporate security systems that block operations preventively due to lack of supporting documentation.
We have listed four processes that are just an example of what Serimag can carry out. We have been working in the document sector for 6 years. We process more than 300 million pages per year. And what we wanted to convey is that all this is changing at great speed. That the days of those document generators who work with identification documents and who believe that we can still continue to work with them through manual processes are numbered, at least from our point of view. We have to bring the business we generate closer to our client’s expectations to be active 24/7, anywhere in the world, and the only way to do this is through AI in the sector in which we work: documentaries.
What can we do then? Faced with this opportunity and challenge, what can we do in the document sector? We distinguish 3 different types of organizations. Those technological agents that have to supply technology to the rest of the participants in the process. Its mission must be to be up to date, to be able to offer the maximum technology and always linked to the needs of its customer; to know how to adapt that technology to the processes it has to integrate. In short, to gain in proximity, technology and service. What can this document generator do? For example, that bank. In the experience we have acquired over the last 6 years, we have been looking for a digital partner to accompany and advise you, not so much on the business side, which you already know perfectly well, but on what is the impact on the operations you are carrying out. In order to take on this challenge, what do we need to do with the documents that support it? And finally, for all those who deal with documentation and backoffices, what can we do about it? Focus on what will continue to be a human contribution: both those tasks that due to their complexity will take longer to be automated and the business logic that our previous customer will need from us, looking for a technological operator that will be able to give us competitiveness while we maintain that logic that our customers demand from us.
Thank you very much. I hope it was interesting. We are Serimag, we are in the Pavilion of Spain and if anyone wants more information or resolve any additional questions will be a pleasure to assist you.
Thank you very much
