Regarded as one of the top strategic technology trends consecutively from 2019 to 2022, Hyperautomation is proactively gaining prominence in the BFSI industry. Banking institutions are at the forefront of deploying this agile technology to unlock new opportunities and expand automation into different banking processes.
Hyperautomation helps banks streamline their tasks, optimize workflows and deliver customized solutions to ensure customer satisfaction. From improving customer services to preventing fraudulent activities, automation technologies serve multiple purposes to boost ROI and maximize productivity. Banks today are looking for automated solutions with an effective strategy to serve customers, reduce process complexities, ensure data safety, identify risks, and much more.
What is Hyperautomation?
Hyperautomation isn’t a single entity; instead, it leverages the coordinated implementation of multiple agile tools or platforms including Robotic Process Automation (RPA), Artificial Intelligence (AI), Machine learning (ML), and Intelligent Business Process Management among others. That being said, it is important to understand that Hyperautomation is not replacing human workers but augmenting their capabilities.
Hyperautomation is revolutionizing the entire core banking system by minimizing operating expenses and reducing processing time while improving customer relationships. Here are a few of the many ways in which Hyperautomation is helping banks improve their processes:
Improving back-office operations
Hyperautomation leverages RPA tools integrated with AI chatbots to extract data from disparate sources and accurately integrate it into a centralized database. This simplifies the task of tracking the customer status, requirements, and the approval processes, especially in loan or mortgage requirements. The back office employees easily retrieve data whenever required to update reports based on the renewal of deposits, loan approval or rejection, credit score, etc. Additionally, ML facilitates extraction of complex data and conversion into machine-readable forms via Intelligent Character Recognition and Optical Character Recognition technologies to make outcome-oriented decisions.
Improving customer services
Due to the evolution of the banking industry, it is fundamental to integrate new technology in order to redefine how banks operate and create value to improve customer experience. RPA bots help banks enhance customer experience by resolving customer queries round-the-clock and escalating complex ones to the concerned personnel. This not only saves time but also analyzes prospective changes and ensures customer loyalty. Additionally, it emphasizes critical areas that banks need to focus on to improve their deliverables.
Improving turnaround time (TAT)
The use of automation technology helps in accomplishing tasks faster and delivering the desired outcome within the estimated period. For instance, RPA facilitates accelerated data collection from multiple sources within minutes which otherwise takes hours if executed manually. This routine task when automated enables bank employees to perform high-value intellectual tasks.
Conclusion
To keep up with the latest market trends and growing customer demands, it is essential for businesses to start adopting automation technologies into their existing workflow. Deploying Hyperautomation in banking operations helps banks improve employee productivity, work efficiency, and most importantly customer satisfaction.
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How can Neebal help?
Neebal’s Hyperautomation capabilities enabled a leading Bank to automate business processes, eliminate human-induced errors and facilitate digital transformation. This helped the Bank in mitigating tedious processes and eliminating human errors while streamlining trade operations. Read the full case study here.