Is hyperautomation in banking truly achievable?: By Steve Morgan

When an individual or a business wants to use the cloud, they will pay a cloud provider based on usage with pay-as-you-go pricing. Bitcoin showed how it can be used for payments, but it can also be transformative in the way our capital markets work by tokenizing traditional bonds, stocks, and other assets and putting them on public blockchains. Blockchains would remove the gatekeepers and third parties in the loans and credit system while also making it more secure to borrow money and lowering interest rates. The way information and money are exchanged today will be altered by smart contracts that operate from blockchain technology. Although hyperautomation offers a lot of promise, banks should not get ahead of themselves and automate for the sake of automation.

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Only once that initial groundwork has been done can hyperautomation serve as a toolkit of powerful intelligent automation capabilities for banks. Chatbot solutions, enabled by sophisticated artificial intelligence, are being deployed by financial institutions to reduce costs and meet customers’ expectations regarding quick response and effective issue resolution. By 2020, chatbots are expected to handle no less than 85 percent of customer service interactions, according to Gartner. One thing that will likely make the rest believe in artificial intelligence’s potential for the industry are the cost savings that are expected to be $447 billion by 2023. The use of Chain of Custody and Control Forms (CCF) is vital for tracking specimens from collection to analysis.

Legal Framework for Drug Testing

Incorporating AI and automation could revolutionize drug testing and blood banking by improving accuracy and reducing human error. These technologies offer the potential for more efficient data management and analysis, which are crucial in maintaining high standards and reliability in testing processes6. However, the adoption of such technologies also poses challenges, including the need for substantial investment in new equipment and the requisite training for technologists to utilize these advanced systems effectively6. The integrity of specimen collection is crucial in drug testing, ensuring that both blood and urine samples maintain their authenticity from the moment of collection to the final analysis. This process complies with critical regulations, such as the Dangerous Drugs Regulations of the Philippines and theControlled Substances Act (CSA) of the United States, and involves meticulous documentation known as the chain of custody12.

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This documentation not only secures legal admissibility but also plays a crucial role in public health by providing accurate results that help in deterring substance abuse. Furthermore, the integrity of specimens and documentation contributes not only to legal reliability but also to broader public health goals. Accurate drug test results support substance abuse prevention initiatives, ensuring reliable client experiences and fostering public trust4. By upholding strict chain of custody protocols, medical technologists maintain the highest standards of reliability, accuracy, and accountability in drug testing practices.

• These technologies offer the potential for more efficient data management and analysis, which are crucial in maintaining high standards and reliability in testing processes6.
• In the field of drug testing, the application of advanced technology plays a crucial role in enhancing both the accuracy and efficiency of testing procedures.
• As more financial institutions dip their toes into the hyperautomation water, there must be more regulatory scrutiny over this technology.
• The technology helps financial institutions with risk management and lending decisions and is foundational in making other technology such as big data analytics, robotic process automation, and voice interfaces work.
• The rigorous adherence to these safety and ethical practices underscores the essential role of medical technologists in the broader healthcare ecosystem.

However, because of the ongoing pandemic and increase in economically vulnerable customers, it is vital banks demonstrate to the regulator what additional processes and training are in place for hyperautomation to be used safely and responsibly. By adhering to these legal frameworks, drug testing programs maintain fairness, accountability, and transparency while supporting public health and safety objectives. In addition, cloud computing enhances the agility of financial institutions and makes scaling up services easier and quicker. For individuals overcoming addiction, regular workplace drug testing provides an additional layer of accountability and supports sustained recovery.

Not only does it augment workers to improve productivity, but it also enables employees to get involved with training other automation tools to quickly meet business goals. These legal constraints are often shaped by court decisions that challenge the constitutionality of testing programs, ensuring a balance between workplace safety and individual rights. Additionally, private entities are guided by statutes, regulations, and legal precedents that govern their drug-testing initiatives4. Cloud computing is technology for storing data and delivering computing services, including servers, databases, networking, software, analytics and more over the internet.

Regular calibration and maintenance of testing equipment, coupled with stringent adherence to established protocols for specimen collection and handling, ensure that the outcomes of these tests remain both reliable and accurate11. Through these technological advancements and quality assurance practices, medical technologists significantly contribute to the efficacy and trustworthiness of drug testing in public health. Through the utilization of advanced testing systems, such as the Siemens Dimension Analyzer and the InTec Drugs of Abuse Rapid Testing or Alere iCassette® Dx Drug Screen, medical technologists can deliver both quantitative and rapid qualitative results. These systems allow for differentiation between preliminary testing and confirmatory processes, ensuring accuracy and reliability in drug testing outcomes10.

In Driving Under the Influence (DUI) or suspected drug-related impairment cases, law enforcement officers may request chemical testing of a driver’s breath, blood, or urine when signs of impairment, such as erratic or dangerous driving, are observed. Specimen collection in these instances is conducted by licensed and trained medical technologists to ensure accuracy and adherence to procedural protocols. This collected evidence plays a pivotal role in prosecuting impaired drivers while upholding public safety standards. In the context of drug testing, quality control involves the preparation of reagents and the conduction of regular quality control checks.

• With a career spanning multiple healthcare institutions in the Philippines and the United States, she has contributed significantly to advancing laboratory practices and ensuring public health safety.
• Additionally, after initial tests are completed, a secondary review by a qualified technologist is conducted to catch any potential errors or discrepancies, thus reinforcing the reliability and accuracy of the results.
• Bitcoin showed how it can be used for payments, but it can also be transformative in the way our capital markets work by tokenizing traditional bonds, stocks, and other assets and putting them on public blockchains.

This adaptability is a critical component of STEM competitiveness, as it ensures that professionals can integrate and leverage emerging technologies like AI to enhance efficiency and quality in their work6. The ongoing need for professional development and training underscores the importance of medical technologists staying current with technological innovations, thus reinforcing their role as leaders in STEM fields whose goal is to improve patient care and improve patient safety8The most visible way the banking industry uses artificial intelligence (AI) is for customer service from chatbots and robots. Many of the largest financial institutions, such as Bank of America and JPMorgan Chase, use AI to streamline customer service. Another customer-facing way AI is deployed is to facilitate mobile banking that allows 24/7 access for consumers to conduct banking operations. The technology helps financial institutions with risk management and lending decisions and is foundational in making other technology such as big data analytics, robotic process automation, and voice interfaces work.6. In the field of drug testing, the application of advanced technology plays a crucial role in enhancing both the accuracy and efficiency of testing procedures. Medical technologists utilize systems such as the Siemens Dimension Analyzer to perform quantitative analysis, which allows for precise measurement of drug concentrations in samples. This system contributes to the reliability of the testing process by enabling detailed and accurate assessments of substance levels4. Their contribution extends beyond technical skills; medical technologists also play a significant role in educating and training others, thereby fostering a culture of knowledge-sharing and collaboration.

Medical technologists are responsible for explaining drug testing procedures to a diverse audience, including students, parents, faculty, and community members. This involves clarifying the need for certain tests and procedures in a manner that is easily understood, which helps build trust and ensures that clients are well-informed7. Effective communication is key in fostering understanding and cooperation, especially when explaining complex medical procedures and the importance of following safety protocols. Medical technologists are pivotal in maintaining and advancing the competitive edge of STEM fields through their technical expertise and problem-solving abilities. Medical technologists, bachelor’s degree holders, not only perform routine testing but are also capable of troubleshooting technical and procedural issues, ensuring the accuracy and reliability of test results as one of the major and emerging STEM careers in the USA. This level of competence is integral to maintaining the highest standards of quality control in laboratory settings1310.

This is essential to aid physicians and healthcare providers in properly diagnosing and treating their patients, and we can expect even more advances in healthcare in the future138. RPA, through customer service chatbots helps banks deal with the low-priority queries from customers such as account and payment questions to free up human customer agents to deal with the high-priority concerns. Another way RPA influences financial institutions is to help ensure compliance in the highly regulated industry. Today, thanks to RPA, customers can get a decision on their credit card application within a few hours but sometimes almost immediately after they submit the information.