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The banking industry is rapidly evolving, and with it comes the need for new and innovative solutions to improve efficiency, accuracy, and productivity. One such solution is automated spreading, which uses optical character recognition (OCR), machine learning (ML), and Artificial Intelligence (AI) to automate the process of extracting data from financial documents and integrating it into financial analysis tools.
In today's banking sector, the concept of compliance has transcended its traditional role as a regulatory checkbox. Instead, it has evolved into a fundamental component that underpins the stability of the financial system. The events of the 2008 financial crisis served as a stark reminder of the consequences of inadequate compliance. Regulatory bodies worldwide responded by fortifying their frameworks, ushering in an era of heightened scrutiny for banks. These regulations touch nearly every facet of banking, from capital adequacy and liquidity requirements to risk management and reporting standards.
The Importance of Having a Digital Transformation Strategy
This is the first part of a 4-part series on the Journey of Automation, exploring emerging automation tools, technology, strategies, and innovation.