The Game-Changing Impact of Hyperautomation in Banking - Android

The banking industry has been undergoing a digital transformation for many years – a trend that has exploded because of… Read More

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The banking industry has been undergoing a digital transformation for many years – a trend that has exploded because of the recent global turn of events. One of the initiatives that the BFSI industry has explored over the last year is automation, i.e., robotic process automation (RPA) to enable streamlined processes, faster time to market, enhanced business agility, and competitive edge.

By automating repetitive, routine tasks by having software bots perform them instead of human knowledge workers, the technology has proven to lower costs by up to 80% and increase the speed of completing routine tasks by up to 90%. Back in 2018, the global spending on RPA and related automation technology was at $690 million. According to Gartner’s latest research, this rising spending is expected to reach a massive $2.4 billion by 2022.

Hyperautomation: The next generation of RPA

While RPA has redefined how work is done in organizations, today’s digital business landscape has brought forth new capabilities of these software robots to become less robotic and work more intelligently like humans, thereby enhancing the scope of automation.

This next generation of robotic process automation has been dubbed as ‘Hyperautomation’ by Gartner, and was part of their list of Top 10 Strategic Technology Trends for 2020, and has clearly shown the credentials to be the top trend on the list.

While traditional RPA automates repetitive, rules-based processes, hyperautomation takes it ahead by leaps by incorporating artificial intelligence (AI) technologies like machine learning, natural language processing, and more to enable the software bots to intelligently think, analyze, and decide like humans. In doing so, it allows the human workforce to focus on more value-adding tasks while the digital workers handle the rest.

Hyperautomation in Banking: Different areas of application

In the age of growing competitiveness, people are expecting banks and other financial institutions to extend their services to offer more personalization. Hyperautomation is a key player in this process and can be applied to numerous areas within banking to deliver unprecedented value:

Customer Service

Banks deal with all kinds of customers who have all sorts of questions and queries ranging from basic to detailed assistance, as well as account-related inquires, and so on.

The entire industry has shifted its focus from products to customers, which makes it extremely important to work with systems that allow banks to work efficiently in this perspective. Hyperautomation can enable bank staff to offer customers well-informed inputs and suggestions to aid them in making informed decisions. This also makes way for opportunities to up-sell and cross-sell.

Daily Operations

Like insurance, the banking industry also has to deal with large volumes of data. Since manual processing of this data involves the human element, it can be both time-consuming and error-prone.

Hyperautomation enables seamless communication between different data platforms and streamlines the transfer of data from one system to another. This makes the whole process faster, reduces the turnaround time, and increases the bank’s overall operational efficiency.

Lending

Loan processing normally involves a lot of pen and paper which makes the whole procedure time-consuming and error-prone. Hyperautomation gets rid of manual operations and gives self-service opportunities for customers and unlocks greater visibility into their loan options. It can extract key information from loan records to reduce the chances of error.

Marketing Communication

Marketing initiatives are universally time-consuming. Tasks like regular posting, email responses, setting and executing email triggers are cumbersome and take considerable time. Fortunately, these tasks can be automated with hyperautomation, which can, as HubSpot suggests, help increase leads by as much as 451%.

Sales

As established earlier, banking and financial services have become an increasingly customer-centric industry. Traditionally, RPA has stayed within the confines of back-offices. Hyperautomation, on the other hand, brings the digital workers to the front-office. It allows banks and credit unions to better understand their customers and tailor their products and services around their needs.

It also helps speed up delivery time and enhances the overall customer experience. The branches that are transitioning to remote models because of COVID-19 can increase their profitability by implementing intelligent routing.

Back-office Operations

A bank’s back-office operations are a complex collection of administration and support personnel who are not client-facing, yet equally important. Back-office functions include settlements, clearances, record management, compliance, accounting, and IT services. Hyperautomation delivers capabilities to streamline these operations through no-code, intuitive solutions to enable banks to focus on improving the overall customer experience.

Regulatory Compliance

The financial industry has to regularly follow numerous regulations and compliance-related rules. This includes KYC, financial reports, periodic disclosures, risk assessment reports, and several other rules. With these stringent rules in place, banks have pivoted towards RPA and hyperautomation to reduce their compliance costs.

It allows for quicker completion of repetitive tasks, report generation, and so on, thereby enabling the institution to enhance performance and agility.

Discover the transformative power of Hyperautomation

The aforementioned are some of the areas where hyperautomation can revolutionize the banking industry. It opens a whole new world of competitive advantage for the sector by enabling true digital transformation.

To explore the use cases and potential of hyperautomation in different industries, Pakistan’s IT giant Systems Limited is joining forces with IBM to bring a live event “Hyperautomation: Moving Businesses Beyond RPA” on Tuesday, March 16^th, 2021, at the Mövenpick Hotel, Karachi.

Experts from Systems Limited and IBM will explain how hyperautomation can deliver AI-enabled decision-making to the digital workers while allowing their human counterparts to focus on getting more valuable work done.

Reserve your spot for the event by registering here.

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