The FinTech landscape has witnessed remarkable evolution over the years, with advancements in Artificial Intelligence (AI) driving significant transformation. One noteworthy segment of this evolution is the $5bn-plus market known as Intelligent Document Processing (IDP). Despite the eye-catching figures, Customer Experience Automation (CXA) firm Ushur explores whether it may be time to leave the traditional methods behind.
Enterprise Content Management, Production Capture, and Document Transformation have been integral to the financial industry for over 35 years. Initially centred around manual processes, such as scanning and indexing, the industry gradually embraced technologies like optical character recognition (OCR), forms recognition, and natural language processing (NLP). The capture market, incorporating various forms of AI for more than 25 years, laid the foundation for the IDP market we know today.
Advancements in AI have been crucial to this, breaking down service dependencies associated with deployment. Technologies like multi-modal transformation, key-value pairing, machine learning, and generative AI have played a pivotal role in reshaping the landscape. The industry is undergoing a profound transition from back-office automation to front-office experience automation.
Customer Experience Automation (CXA) represents the next phase in this evolution, focusing on delivering exceptional customer experiences through automation. So is it time to leave traditional IDP methods behind?
As the shift unfolds, the traditional focus on documents expands to include a broader range of content types, such as emails, texts, videos, and audio. This shift demands a significant change in approach, especially for established IDP vendors, who may face constraints due to their legacy architectures.
The latest CXA platforms, built with advanced AI capabilities, focus on delivering optimal customer experiences and processing diverse content. Contrasting with Intelligent Document Processing (IDP), CXA exhibits notable differences: CXA facilitates interactive customer experiences, prioritises responsiveness, provides a unified view of engagement content, supports multi-channel engagements, accommodates long-running interactions, and operates as AI-driven platforms. Unlike IDP, CXA vendors have agile architectures, avoiding legacy constraints, and leveraging AI advancements. This shift signifies a transformative leap from document-centric IDP to a more dynamic and customer-centric approach with CXA.
In the rapidly evolving landscape of customer experience automation, there’s a pressing need for a more expansive interpretation of Intelligent Document Processing (IDP) to meet the diverse objectives of automation.
This demand has given rise to Intelligent Experience Automation (ICA), positioned to exceed the capabilities of IDP and set a new standard for processing customer experience-related content.
This evolution empowers Customer Experience Automation (CXA) platforms to effectively automate customer engagements. Crafting a robust customer experience automation strategy is indispensable for success in digital transformation.
Ensuring that your engagement automation strategy aligns seamlessly with CXA initiatives will be pivotal for future success.
Read the full blog from Ushur here.
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