Rapid digital transformation is accelerating adoption of the latest technology among enterprises and SMEs alike. With numerous technologies gaining popularity, the one that has caught all eyes is Hyperautomation.
Industry analysts state that by the end of 2022, the global Hyperautomation market will hit $600 billion. It’s helping companies gain a competitive edge while driving efficiency.
What is Hyperautomation?
Hyperautomation is a business-centric approach involving the use of multiple technologies like Robotic Process Automation (RPA), Artificial Intelligence (AI), Machine Learning, and various other types of automation tools.
In other words, Hyperautomation takes advantage of a combination of automation tools and technology for automating business tasks and augmenting human intelligence. Customer onboarding is one such area where Hyperautomation is making a big difference.
Customer onboarding is a fragile process that can make or break a business. Whether it's for a bank with rigid protocols, a training process in a small organization, or a simple sales process, customer onboarding is challenging in every sector.
A seamless onboarding process helps enterprises deliver an amazing customer experience while strengthening their relationship.
Customer onboarding and Hyperautomation
Typically enterprises take a minimum of 1-3 weeks to onboard the client completely, and for banking customers, it can take up to 90-120 days. According to statistics, by leveraging Hyperautomation, enterprises can reduce the onboarding time by 30-40%, which over the course of 18-24 months reduces the acquisition cost by 25-40%.
With Hyperautomation at play, chatbots provide a seamless experience to customers by answering all kinds of queries 24*7.
While onboarding a new customer in banking, APIs (Application Programming Interface) create a connection between the application and the customer’s bank account details which helps retrieve the necessary financial information. Thus, with this Hyperautomation tool, service providers accelerate the onboarding process through quick verification and risk identification.
Natural Language Processing (NLP) helps intelligently facilitate unstructured documents such as contracts, bills, and identity documents. Robotic Process Automation (RPA) supports the overall execution process, performing all rule-contingent tasks such as checking data, reconciling data, and sending out emails.
In a world where many businesses are dependent on customer reviews, Hyperautomation is making a difference by providing faster and more personalized services. Additionally, by automating customer onboarding operations, businesses are building long-lasting relations with customers without wasting significant resources.
How can Neebal help?
Neebal helped a leading Indian MNC develop a Hyperautomation based solution that digitized the entire process via a mobile application that helps in downloading reports to provide actionable insights. Read the complete case study.