AI Banks Cybersecurity Latest News North America

Workflow To Be Improved in Banking Sector Following EZOPS’ AI-Powered Software Launch

EZOPS, the provider of AI-enabled data control, workflow automation, and regulatory reporting, has announced a new, first of its kind solution that helps financial institutions eliminate the hidden risk and inefficiencies of end user-defined technologies (EUDT). EZOPS offers a friction-free transition off of manual workarounds and delivers data control and automation and makes spreadsheet based data management and workflows obsolete.

End User Defined Technologies (EUDT) hide risk at a tremendous cost and are unsustainable in the digital battleground. For decades, users have relied on standalone excel-, access-, or SQL query-based tools to manually manage business processes at the peril of serious business risks. Not only do these workarounds require manual resourcing to power them, but they are also prone to high levels of operational and process risk. They are by their very nature not scalable and entail reputational risk and monetary impact on an organisation.

EZOPS provides a controlled and secure alternative to EUDT that are used to manually onboard, aggregate, transform, enrich or reconcile data, and manage business processes. EZOPS’ solution eliminates key person dependency and features automation that drives efficiency for repeatable activities such as fetching, validating, transforming, calculating data, and informing and instructing workflow.

By implementing the EZOPS ARO platform, financial institutions are able to transition away from manual and spreadsheet-based tasks into automated business processes that operate in a controlled and transparent way. User-driven data control and automation deliver a standardised solution with a single version of the truth, resulting in accurate reports that affords key executives the ability to make sound business decisions.

EZOPS’ robust solution delivers a single version of the truth, which is vital for generating accurate reports and making crucial business decisions. The solution permits replication of spreadsheet-based mathematical functions, features audit history, version control, integrated automatic data transformation, and built-in workflow and reporting functionalities.

EZOPS’ solution is as easy to use as EUDT many institutions use, yet offers the security and control expected by the C-suite and regulators. Prior to migrating into EZOPS’ system, an institution’s current state of manual tasks can be assessed to determine a prioritisation calendar for implementation to avoid any regulatory risks. Once established, users are able to configure any reconciliation type across an unlimited number of sources. Data is automatically ingested and transformed and all changes are captured by versioning and audit modules and are available for reporting. Machine learning algorithms can be applied to identify the root cause for exceptions, saving users time spent researching and investigating breaks, and resolutions can be automated via EZOPS’ Intelligent Process Automation framework.

EUDT and manual workarounds involve complex processes and interdependencies across an enterprise. EZOPS’ user-configurable, AI-powered automation eliminates risk and inefficiencies, generating valuable and impactful results for financial institutions.

“With no quality or version control and the risk of human error, these end user solutions can lead to errors that affect business-critical tasks,” said Bikram Singh, CEO and co-founder of EZOPS. “Data quality challenges resulting in manual workarounds impedes growth for financial institutions. The path to driving operational alpha and profits lies in intelligent automation and reducing reliance on EUDT.”

Author

  • Francis is a junior journalist with a BA in Classical Civilization, he has a specialist interest in North and South America.

Related posts

Fintech for Financial Inclusion

Manisha Patel

Skynova Finds Number of Americans Using Contactless has Nearly Doubled

Polly Jean Harrison

Chargebacks911 Finds 8 out of 10 Merchants Have Seen an Increase in Friendly Fraud

Polly Jean Harrison