Banks have taken up a race to automate business operations and workflow as the word automation is taken seriously globally. In this digital-first world, hyper-intelligent automation is the key to survival, making decision-makers ramp up their strategies and investment game. A key to removing legacy systems with end-to-end hyper-intelligent automation, also known as hyperautomation.

Now, what is hyperautomation or hyper-intelligent automation?

Well, hyperautomation is an accumulation of gen-next technologies such as Artificial Intelligence (AI), Businesses Process Automation (BPA), Robotic Process Automation (RPA), Process Mining, and Intelligent Document Processing (IDP). Hyperautomation decreases human intervention expansively by synching these technologies to identify and automate everything in an organization rapidly.

As a significant driver of Industry 4.0, hyperautomation boosts business decision-making capabilities and revolutionizes Customer Experience, leading to innovation. It is a tool that enables banks to become more agile and resilient while rendering accurate digital transformation methods.

An innovative golden standard

Hyperautomation is an exemplary mode of fast-tracking digital transformation processes continually, thus denoting the primary function of automating business operations.

But how?

It is because of the core technologies that constitute hyperautomation.

RPA – Robotic Process Automation

RPA relies on software bots to eliminate repetitive tasks and manage defined inputs and outputs. It is an integral component of hyperautomation technologies, as it automates lengthy operations despite being limited to structured data for wrapping tasks.

AI and Machine Learning (ML)

AI and ML are mandatory automation tools, where ML, the branch of AI, uses computer algorithms to identify patterns. Technologies such as Natural Language Processing, computer vision, and optical character recognition are some AI and ML-based technologies that facilitate hyperautomation.

BPM

BPM is the foundation of hyperautomation, facilitating automation strategies’ construction, improvement, and supervision. Thus, the technologies are instrumental and beneficial in introducing automation to banking service providers.

Hyperautomation aligning with banking demands

To better understand how hyperautomation associates with banking operations, let us look into some use cases.

Customer service – Automating routine customer servicing tasks aids in streamlining back-office tasks, allowing banks to pace up their KYC process using intelligent document processing and extract information relevant from customer documents for future supervision, leading to rapid customer onboarding.

As hyperautomation is focused on manual labor reduction, employee productivity is accelerated, enabling banks to be customer-centric regarding their services and products. Meanwhile, leveraging bots with conversational AI capabilities (a part of hyperautomation) increases CX value as customer service interactions improve with instant solutions generated to customer queries.

Fraud detection – Identifying and preventing fraud is another capability of hyperautomation, as it can analyze data loads to detect suspicious behavior patterns while redirecting human efforts to tasks requiring more manual intervention.

Back-office operations – Back-office operations in banks focus on managing and monitoring loan operations, accounting, auditing, compliance, and human resources. The processes are time-consuming and require manual tasks. However, with process mining and digital twins, banks gain process intelligence to implement automation for specific back-office activities.

Risk management – Managing risks is time-consuming, especially when done manually. Hyperautomation in banking helps speed the execution of different stages of risk management, including credit risk analysis, market risk management, and portfolio risk analysis.

Loan processing – Hyperautomation prepares a checklist of the bank’s requirements for loan application and approval, reducing processing time and improving the customer experience. The checklist processes and distributes loans instantly, improving customer experience by leaps and bounds.

Need of the hour

Looking at the scenarios where automation is used in banks, it cannot be denied that hyperautomation is the need of the hour. It effectively consents banks to respond to changes in the business environment while increasing speed and agility. Its real-time insights and data-driven decision-making capabilities enable banks to associate themselves with knowledgeable and operative decisions.

Hyperautomation lets leads be turned into ROI and profitability through improved accuracy in the streamlined operations of the banks. That efficiency reduces operational costs and helps shift banking staff to other core financial activities, leaving mundane tasks to the machines.

One of the critical issues that is faced in banking operations is system error leading to ineffective CX. Here, hyperautomation comes to the rescue! Using image recognition solutions and AI, Big Data security errors are validated efficiently, reducing overall errors in banking services.

So, the primary goal of hyperautomation to shape the banking sector is to execute low-value jobs using automation and aid in market expansion of the banks. Convincing banks to develop a working ecosystem continuously learning, adapting, and preparing to use data and insights generated through automated technologies, maintaining accuracy in decision-making.

As financial institutions strive to remain competitive in this uncertain landscape of technology, Conneqt assures to assist the Banking and Finance sector with its unique and exemplary automation services. To know more about our services, connect with us today!