The post-pandemic BFSI industry has realised the importance of automation technologies in sustaining business operations. From enabling automated data processing to reducing processing errors, banks are embracing advanced technologies and tools to streamline processes and improve efficiencies. Among other technologies, Hyperautomation coupled with intelligent features and functionalities is transforming the ways for customer onboarding, loan processing, document compilation, fraud detection, track progress and lots more.
What is Hyperautomation
Encompassing smart technologies like Robotic Process Automation (RPA), Artificial Intelligence (AI), and Machine Learning (ML), Hyperautomation drives business processes to maximize productivity and ensure customer satisfaction.
Why BFSI is leveraging Hyperautomation
Interpreting complex data, human-induced errors, and time-consuming routine processes are a few aspects which hinder smooth processes resulting in delays, increased expenses and insufficient productivity.
Using Hyperautomation in the workflow processes brings the following benefits
1. Saves time and reduces costs
2. Improves customer services
3. Streamlines internal processes for better communication and coordination
4. Interprets complex data
5. Helps in predictive analysis
6. Improves governance
7. Makes fraud detection faster
8. Enhances decision making
Listed below are 3 major functions in the BFSI industry that are implementing Hyperautomation to facilitate digital transformation.
1. Banking sector
- Streamlines processes and improves employee satisfaction
Using RPA tools, repetitive tasks are automated to ensure faster and more accurate completion. This ensures error-free results with little human intervention freeing employees to focus on high-priority roles and responsibilities – resulting in improved employee satisfaction.
- Simplifies general ledger
Maintaining a daily ledger is critical and time-consuming. Implementing Hyperautomation enables banks to collect data from multiple sources, validate and integrate it into a centralized system for further processing
2. Finance sector
- Simplifies financial audits
Hyperautomation streamlines tax calculations, financial statements, accounts payable and lots more to eliminate complexities in financial audits. It eliminates human-induced errors and makes the process robust.
- Facilitates fraud detection
Automation technology solutions facilitate the monitoring of real-time transactions by analyzing rule-based patterns and following programmed algorithms to detect fraudulent activities.
3. Insurance sector
- Ensures faster claim
To reduce complexities in claim processing, insurance companies are adopting Hyperautomation to track status, calculate risks involved and prevent delays in approval. In the process, they also evaluate customer credit scores to sanction loans as soon as possible.
- Provides intelligent insights
Hyperautomation records and tracks customer journeys and applies smarter techniques via AI to make insightful suggestions and improve the policy benefits as per customer requirements. This helps the companies to enhance customer experiences along with serving diverse needs.
How Neebal can help
At Neebal, we constantly strive to improve automated solutions for businesses across Pharma, Agro, BFSI and FMCG industries. With more than a decade’s presence, we successfully transform business processes through our purpose-driven and outcome-oriented technology solutions to ensure customer satisfaction and improved productivity.
Get in touch with Hyperautomation companies to revolutionize business processes for product maximization. Consult our experts and improve workflow accuracy with minimal human intervention.