In the last one and half years, COVID-19 has sharply escalated banks’ efforts towards implementing RPA (Robotic Process Automation) solutions, which were still underway. The pandemic is “reshaping the global banking industry on a number of levels, ushering in a new competitive landscape…prompting a new wave of innovation, recasting the position of branches, and, of course, accelerating digitization in almost every sphere of banking and capital markets,” according to a recent Deloitte study (2021 banking and capital markets outlook).
According to the IBM Institute for Business Value’s study The enterprise guide to closing the skills gap, “120 million employees in the world’s 12 largest economies will need to be retrained and reskilled in the next three to five years as a result of hyperautomation,” or more popularly termed as RPA Solutions. Perhaps even more astonishing is how ill-prepared CEOs believe their countries and companies provide the growth that millions of employees would need.
Let’s take a quick look at what hyperautomation is and how it’s helping the transformation of core banking processes.
Hyperautomation will assist organisations in redirecting human resources to ensure optimum utilisation of IT budgets. Super-jobs, described as “machine-powered, data-driven positions that involve human skills in problem-solving, communication, perception, and design,” will become accessible to those looking to work in fields where finance and technology converge.
Use of RPA Solutions in the banking industry.
The banking industry has been reshaped in more ways than one after a turbulent 2020 full of unexpected turns. The value of continuous innovation for banking was recently highlighted in a Deloitte paper. It specifies that
Banks can continue to look at how technologies like robotic process automation (RPA Solutions), cloud migration, API Integration, and distributed ledger technology can help them save money while also increasing speed, improving accuracy, and providing scalability.
Hyperautomation can play an increasingly important role and has a variety of applications as banks change and adapt:
Lending: Eliminating paper processes would increase key operations significantly. Customers will be able to self-serve and have a better understanding of their loan options. RPA can collect relevant data from loan documents and reduce the amount of error-prone human work.
Marketing: Marketing managers (regardless of industry) are well aware of how time-consuming marketing campaigns can be. Thankfully, the daily publishing, email replies, and even email triggers can all be automated, which can raise leads by as much as 451 percent.
Sales and distribution: Automated systems allow banks and credit unions to understand their customers’ needs and develop goods and services to meet those needs. Simultaneously, delivery and overall customer service are improved. Furthermore, by introducing intelligent routing, branches that still perform in-person operations or are converting to remote models due to COVID would improve profitability.
Back-office operations: Banks are able to enhance customer relationships and improve the overall customer experience when they streamline back-office operations. With Hyperautomation organizations will transform their backend processes and welcome the future with no-code, intuitive solutions. For example, retail banks have between 300 and 800 processes, which all can be improved with BPM platforms, which can reduce human error and customer experience with negative effects.
Regulatory reporting: Banks will be able to easily adjust to increasingly complex regulatory reporting standards through hyperautomating regulatory processes. Even if there isn’t a one-size-fits-all solution, the sooner the banking industry begins to move in this direction, the faster it can see improvements.
With multiple hyperautomation use cases in BFSI, it is a must-have for all industry players who want to provide top-notch service to their customers while enhancing internal operations.
We helped a leading Indian bank 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.
Topics: RPA Solutions, Hyperautomation