How Hyperautomation and the Metaverse are transforming Digital Banking

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    The global banking industry has always been at the forefront of embracing the latest technologies for a better future.. The inclusion of the latest and emerging technologies is simplifying the overall banking processes to serve the customers more efficiently.. Advanced technologies such as Hyperautomation and the Metaverse are gaining prominence due to their abilities of making processes efficient and outcome oriented. According to the Digital Banking Report it has been assumed that by 2030 approximately 1/5th of the banking customers will be using tech based solutions to carry out their daily transactions. 

    What is Hyperautomation

    Hyperautomation is a technology  that enables organizations to automate business processes with minimal human intervention resulting in minimized human-induced errors and improved productivity. Hyperautomation encompasses Robotic Process Automation (RPA), Machine Learning (ML), Artificial Intelligence (AI) that enable development of purpose-driven outcome-oriented solutions to streamline processes without compromising on customer loyalty and satisfaction. 

    Entry of Metaverse in Banking

    With Metaverse, banks can create a virtual Financial hub and perform real time tasks with ease and convenience. It can create a telecommuting center to enable customers interacting with the virtual branch get connected to a real life agent through a video call. This reduces the geographical barriers to avail customized diverse solutions and ensure business profitability. Banks and other financial institutions can use this platform to create personalized digital identities for attracting and engaging customers globally. 

    How Hyperautomation is making ways into Metaverse banking

    The role of Hyperautomation in the Banking and Financial industry is gradually gaining popularity. Appropriate utilization of this technology results in reduced human induced errors, enhanced process efficiency, improved fraud detection and prevention, and faster decision making. 

    AR/VR features of Metaverse blended with AI and ML of Hyperautomation pave way for high quality banking solutions which are as follows:

    Metaverse Digital Banking

    a) Digital human service: The 3D chatbot versions created in the Metaverse using AI technology can respond and interact with the customers’ actions seamlessly. This can be leveraged by banks in the Metaverse, resulting in automated customer service solutions for better responses. 

    b) Multilingual assistance: Anybody can access Metaverse banking solutions in his/her native language. AI helps in converting human languages to machine-readable formats, analyzes those, creating desirable responses and converting those back into human understandable languages for the users - all of this in just a few seconds. 

    How Neebal can help

    At Neebal we develop Hyperautomation-based technology solutions suitable for transforming business processes across industries like Agro, Pharma, BFSI, and FMCG. With more than a decade’s presence, we have been developing purpose-driven  outcome-oriented solutions to streamline processes, reduce complexities and improve productivity. From customizing solutions to ensuring process transformation, our developers excel in helping companies to stay ahead of their current competition. 

    Are you looking for Hyperautomation companies to digitize your business? Consult us for customized Hyperautomation solutions today. 

    Conclusion: Automation technology enables you to simplify significant tasks such as data management, fraud detection, compliance maintenance, customer care, and many more. With Metaverse showing its prominence in the Banking industry, there is tremendous scope for Hyperautomation-based solutions to improve overall efficiency and productivity. 

    Topics: RPA Solutions, Hyperautomation