Quite a few banking institutions are looking for alternative methods of accelerating their digital transformation journey. One of the elements they have been exploring over the last year is Automation — Robotic Process Automation (RPA) and Hyperautomation, to ensure their systems are streamlined, speed to market improves, achieve business agility, gain a competitive edge, and for overall customer satisfaction which will subsequently boost business.
Automation can lower costs by up to 80% and reduce the time taken to complete repetitive routine tasks by up to 90%.
In fact, not many are aware that Hyperautomation begins with RPA at its foundation, and the automation capabilities are extended with AI, NLP, MI, Data analytics, and other advanced technologies.
The growing and evolving customer expectations are pushing banks and other companies to redefine their business strategies and model. Banking has also transformed over the years, today it is no longer just about someone visiting the Bank to complete a task or activity. People expect banks to extend their services, and introduce new products and offer personalized services to them. The global spending on RPA and related automation software was at $680 million back in 2018. According to Gartner’s latest research, spending on RPA is on the rise and expected to reach a whopping $2.4 billion in 2022.
Changes through Hyperautomation
The areas where banks gain an edge over others would be:
Day-to-day operations — Like insurance, the banking industry also deals with high volumes of data. Manual processing of this is time-consuming and error-prone since it involves human elements. In fact, data captured from legacy software to the newer systems causes delays in regular operations. Automation facilitates seamless communication and transfer of information from legacy to newer software. The data is processed faster, reduces turnaround time, overall processing cost, and gives the bank a differentiating factor.
Customer service — Banks deal with customers of all kinds, some with multiple queries, ranging from basic assistance to detailed account-related queries and general information to account-related inquiries and so on. Today, almost all businesses have shifted from product-centric to customer-centric and therefore it is important for banks to work with systems that will help resolve queries instantly and offer real-time updates. With the help of hyper-automation, staff at the bank can offer customers well-informed inputs and suggestions helping them make smarter decisions that suit their needs. This also increases upselling opportunities.
Risk & Compliance management — There are numerous regulations and compliance-related rules for banks to be followed on a regular basis. This involves KYC, financial reports, periodic disclosures, risk assessment reports, and several other rules. With such stringent regulatory norms in place, banks have turned towards RPA and hyper-automation to help increase efficiency and thereby reduce their compliance costs. Automation allows for easy completion of repetitive tasks, report generation, and reporting the requirements related to regulations. This allows the institution to achieve business agility and enhance its performance.
Loan processing — As with insurance, underwriting is the most crucial service in the Banking sector. It requires understanding the customer, predicting their preferences and potential. This can be achieved only with high levels of accurate information, which cannot be done manually. Automation and RPA powered tools can help collate, compile and analyze the data gathered from several sources [ customer, social medial, other digital channels, and connected devices ] and offer risk profiles and inputs to help offer better underwriting services.
Dynamic experiences — Hyperautomation increases the scope of automation, it is not just for repetitive tasks, but it is also a tool that helps solve issues — simple and complex.
It is no surprise that banks across the globe are advocating the adoption of automation [RPA and hyper automation] tools into the system to reduce errors, detect frauds, constantly innovate, and offer personalized services. Quite a few processes within the bank such as underwriting and assessment, regulation & compliance, fraud detection, and even claims settlement when automated allows the resources to focus on increasing customer engagement and growing the business.
When Banks partner with Neutrinos Low Code Platform, they gain access and benefits from our one-stop digital solutions. Our low code development platform helps banks create rapid applications across platforms which in turn helps them offer multi-channel experiences to customers.
At Neutrinos, we have understood the demands of the market and offer digital distribution solutions for our customers that span across IoT, AI, ML, RPA, and more. Our low code platform integrates these into the system and offers a seamless experience to the customers. To know how you can incorporate automation into your systems, reach out to us.