Hyperautomation solutions have transformed the modern day banking services with respect to improving operational efficiency, ensuring compliance, streamlining priorities, eliminating human induced errors etc. During the pandemic, banking was one of the sectors which experienced massive disruptions. From identifying the customers’ requirements to helping in employee transformation, and dealing with the instability in the global capital market, automated solutions have gained popularity among today’s financial leaders and decision makers.
What is hyperautomation
Hyperautomation is defined as an amalgamation of purposeful intuitive technologies such as Robotic Process Automation (RPA), Artificial Intelligence (AI), Machine Learning (ML), Natural Language Processing (NLP), Business Process Management (BPM) and lots of other tools to streamline process and improve productivity. Digital transformation and IT automation for banks and financial institutions is gaining prominence due to rising complexities and the need for high accuracy.
Companies in the BFSI sector are utilizing hyperautomation for primary tasks likeReport generation
Apart from saving time and costs in performing repetitive and mundane tasks, this automation technology is greatly resourceful in fostering decision making and in devising value based strategies.
3 key ways to transform banking solutions using hyperautomation
Enhancing operational efficiency
Effective utilization of this technology enables banks and other financial entities to segregate operational responsibilities, improve overall customer experiences and strengthen customer loyalty. RPA tools here play a pivotal role to bring in accuracy and flexibility. To improve ROI and profitability, automation techniques are beneficial as they increase productivity without additional investments in infrastructure and manpower.
RPA as a tactical solution helps immensely in cost reduction and gaining higher efficiency without hampering the creative and critical challenges. By automating the cross functional activities banks can ensure seamless communication and collaboration, identification of new and potential opportunities, alignment of processes and teams along with improving profitability.
Ensuring compliance: For banks meeting compliance is significant to carry out risk proof operational tasks and avoid penalties. Here also RPA is reliable to maintain audit trail, accuracy in financial reporting and ensuring transparency in the records.
Transaction processing uses Machine Learning techniques to recognize trends and predictive patterns. For maintaining and verifying KYC checklists, data can be processed faster using OCR and ICR technologies. Risk analysis can also be done with the help of bots. Thus hyperautomation aids in quick turnaround time adding speed to the banking solutions.
Customer experience: With hyperautomation customer onboarding has become a hassle free digital experience. Banking automation related to improving customer experiences has reduced human intervention and streamlined tasks like monitoring risks, document assessing and verification etc. From tackling customer queries to improving existing services with data driven decision making have helped the financial leaders to reduce complexities.
How Neebal can help
We at Neebal work with diverse businesses across industries worldwide to help them automate their tasks and transform their digital efficiencies. With more than a decade’s presence in this space, our purpose-driven outcome-oriented solutions have helped organizations reduce inefficiencies and enhance productivity without compromising on the proposed business benefits.
With over a decade’s experience in the BFSI sector, our customized services enable companies to gain a competitive advantage in terms of resource utilization and customer relationship management. Our automation services enable organizations to perform multiple tasks with ease and convenience. So if you are looking to implement digital transformation using automation technology, please reach out to us with your queries.
Conclusion: Are you looking for hyperautomation companies to innovate your business processes? Reach out to us with your automation requirements to kickstart your digital transformation journey.