Why  Hyperautomation is becoming inevitable for BFSI industry

Why  Hyperautomation is becoming inevitable for BFSI industry

The global BFSI industry is under constant pressure to improve processes in terms of speed and quality, and provide top notch customer service to an ever growing customer base with evolving needs. As a result, it is always on the lookout for latest technologies that would enable it to satisfy these requirements. Automation technologies being highly advanced are increasingly used to enable BFSI organizations reevaluate their traditional work processes. From ensuring operational excellence to incorporating predictive analysis for improved decision making, Hyperautomation solutions are helping the BFSI industry to stay productive and profitable. 

What is Hyperautomation

Hyperautomation is an amalgamation of Robotic Process Automation (RPA), Artificial Intelligence (AI), Machine Learning (ML) technologies to improve overall organizational efficiency with zero or minimal human intervention. Apart from reducing human induced errors it also minimizes time and costs to achieve highest returns and improved customer satisfaction.

Hyperautomation is the indispensable future

According to Gartner, 3 key areas of fiscal focus in 2022 are data, people and technology. Hyperautomation closely connects all these focus areas to enable the BFSI l entities meet their business aims and objectives with convenience and accuracy. Intelligent data processing is achievable using this automation technology via leveraging the attributes of Optical Character Recognition (OCR), Natural Language Processing (NLP), Machine Learning (ML) and similar other technologies. 

Which sector is Hyperautomation most suited for

Use of Hyperautomated solutions benefits all types of industries, especially those that rely and work with diverse and complex data. From this viewpoint, the BFSI industry stands out as it constantly faces challenges even while performing routine tasks which involve massive volumes of diverse and critical data. The adoption of Hyperautomation in the BFSI sector is beneficial in addressing issues related to error free data processing and improving customer services to stay ahead of the competition. 

As the BFSI sector involves repetitive and manual processes involving unstructured data, Hyperautomation is the best suited technology to derive the maximum benefit. From streamlining transactions to fetching quick ROI, RPA tools used can validate data and detect frauds to deliver customized results faster. AI, ML and predictive analysis will further improve data management, decision making and overall business analytics making the case for Hyperautomation implementation stronger. 

For example, automation in mortgage loan processing has become essential to execute the following tasks seamlessly.

 

Data Collection

With the help of an automated credit origination platform, prospects can enter data while the lender can ensure distinction between the completed and incompleted applications. This saves time, reduces expenses and delays, resulting in improved customer satisfaction. 

Credit analysis

Using an automated loan origination platform, in-principle credit decisions can be provided instantly by the analysts. Prompt extraction of data from accounting software using Hyperautomation helps in smooth analysis of customers’ credit score. With the help of in-principle credit decisions the analysts can actually assess the risk of the borrowers along with the ability to repay the loans. 

Credit approval

After collating the customer information the next vital step is to perform complete ratio analysis and undertake risk rating to prepare credit approval by the Risk department. The ability of the automation frameworks to ease the hefty manual processes helps in formulating informed and improved decisions to meet the customers’ expectations. 

How Neebal can help

We at Neebal are committed to developing outcome oriented and purpose driven solutions for the Agro, BFSI, Pharma and FMCG sectors. With more than a decade’s presence, we provide on-demand technology services customized to ensure loyalty and satisfaction among the users. Our customised offerings are enabling companies across the globe meet their diverse requirements to ensure comprehensive growth. 

Are you looking for Hyperautomation companies to digitally transform your BFSI workflows? Feel free to consult us forstreamlining your processes and delivering the optimum output with utmost efficacy. 

Conclusion

BFSI Industry is rapidly progressing in terms of improving service quality, customer satisfaction, fraud detection, monitoring, compliance and lots more. Using automation technologies it has not only become competitive to serve the customers but also has become efficient to predict market demands and plan accordingly. 

Topics: RPA Solutions, Hyperautomation