According to Deloitte, the ongoing pandemic has compelled the global banking industry to imbibe digitalization on a number of dimensions, ushering in a new competitive landscape. To survive in the current competitive market, banks and other financial institutions are keen on incorporating advanced automated technologies to meet the business aims and objectives. Hyperautomation has proved to be one of the most lucrative technologies for banks in terms of enhanced accuracy, productivity and safety.
Why hyperautomation is the right choice for banks
With hyperautomation, robotics can be applied to the core banking systems for minimizing operating costs, focusing on customer relationships, reducing processing time and lots more. Ideally it helps in the following tasks:
- Minimizing manual tasks, enabling employees to focus on strategic initiatives, reducig human induced errors
- Saving time and costs, curbs complexities and streamlining tasks based on priorities or requirements
- Enabling decision makers to accumulate and update data in real time
- Simplifying the decision making process via automated report generation, predictive analysis of opportunities and risks, and interactive communication with prospects
- Improving accuracy through decentralizing data access and recording behavior for smooth tracking and retrieval
Where hyperautomation can be applied in banking
Regulatory reporting: Applying hyperautomation in the management processes, helps financial leaders to adapt to complex regulatory reporting requirements easily. Using RPA and Cognitive Intelligence, manual tasks can be automated without human intervention to improve data processing and documentation.
Marketing: Banks prefer using this automation technology to serve their customers aptly via customizing their experiences. According to HubSpot, marketing automation can result in a 451% increase with respect to qualified leads.
Lending: The immersive functionalities and features of hyperautomation reduces complexities of paper based processes, shortens loan processing span, and provides constructive feedback based on customer expectations. By extracting important loan data from the applications, advanced automated technologies can transform the strategies to deliver exclusive and purpose built outcomes.
Benefits of hyperautomation in banking and finance
Gaining operational efficiency: From streamlining tasks to ensuring convenience, hyperautomation plays a pivotal role in higher ROI and profitability. Automation technologies are highly tactical in lowering expenses while ensuring growth.
Ensuring compliance: To prevent frauds, risks and penalties, banks pay a lot of attention to compliance. From assuring transparency to improving report structure, RPA tools used in banking automation can identify the changes in the customer expectations.
How Neebal can help
Automation technologies are synonymous with the present day business growth and development. We at Neebal have made this even more significant through our purpose-built outcome-oriented innovative solutions incorporating hyperautomation. Within the BFSI industry we have dealt with diverse scenarios ranging from improving customer experiences to faster loan processing loans faster, from maintaining complex data to selling personalized offers using hyperautomated technology elements.
Being considered as one of the popular hyperautomation companies with over a decade’s experience, we can help you in the following ways:
- Identifying and mitigating potential risks involved in the products offered
- Automating marketing techniques to increase the number of qualified leads
- Strengthening data management process and applying data mining techniques for faster responses
- Making the customer experience transparent and purposeful with productive solutions and financial gains
In case you are eager to incorporate hyperautomation in your banking model, consult our experts today.
Conclusion: Hyperautomation has transformed the ways through which customers can avail their financial services. With reduced time to market, banks can promote their offerings in the most dynamic way. Talk to our integration specialists to experience the magical benefits of automated solutions and stay ahead of your competition.