Implementing intelligent automation in banking is a strategic move in this era of 4.0. However, successfully navigating the complexities of integrating this advanced technology requires more than just the right tool. Let’s dive deep into expert advice on how banks can leverage intelligent automation to upgrade bank processes and achieve sustainable growth.
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The success story of implementing intelligent automation in bank
TPBank is at the forefront of digital transformation in Vietnam’s banking sector, leading the charge in deploying advanced operational solutions to meet the demands of the 4.0 revolution. Faced with high manual workloads, strict accuracy standards, and the need for seamless interaction across multiple systems, the bank recognized the importance of implementing comprehensive automation to optimize operations while managing costs.
To achieve this, TPBank initiated small-scale PoC and pilot projects to assess the effectiveness of RPA. With positive results, the bank expanded automation across all departments using the akaBot platform, establishing a Center of Excellence (CoE) to drive intelligent automation. As a result, TPBank automates over 500 tasks, saves 300,000 working hours annually, reduces human errors by 98%, and operates over 400 bots across 16 business units.
TPBank is a prime example of a successful transition from standard automation (RPA) to intelligent automation. The bank effectively implemented small-scale tests with clear, comprehensive goals before advancing to more sophisticated automation solutions. TPBank’s journey offers valuable lessons for other banks seeking to enhance their automation efforts.
Expert advice for banking business
Technology investment
With increasing investments in technology, it’s essential to choose solutions that align with the business’s specific needs. According to McKinsey, many banks are facing significant challenges in their automation efforts. Some have deployed hundreds of bots—software programs designed to automate repetitive tasks—without achieving meaningful improvements in efficiency or effectiveness. Others have launched numerous tactical pilots without a clear long-term strategy, leading to confusion and difficulty scaling operations.
McKinsey also predicts machines could handle 10 – 25% of tasks across various bank functions. It helps boost capacity and enables employees to focus on higher-value work. To seize this opportunity, banks need to adopt a strategic approach rather than relying on short-term fixes.
Employee
According to the Organization for Economic Co-operation and Development, 27% of jobs are in occupations at high risk of automation when considering all automation technologies, including AI. Employees are understandably concerned about the possibility of being replaced by automation. Therefore, when implementing automation, leadership must develop a specific training plan. Companies should conduct employee surveys to understand what aspects of their jobs they find satisfactory and unsatisfactory. This feedback can help adjust processes to better align with employee needs and concerns.
Security
According to the Ministry of Public Security, recent bank robberies have highlighted significant loopholes and inadequacies in the prevention and self-defense activities of banks. The awareness and vigilance of bank officers, staff, security teams, and transaction office personnel are notably lacking.
As recommended by McKinsey, regular checks and assessments are essential to address these issues. Companies should gain a comprehensive understanding of relevant threat actors and their capabilities following each evaluation. This approach allows organizations to identify and visualize common vulnerabilities. Enabling them to implement targeted controls designed to mitigate them.
akaBot – Your Reliable Automation Partner
akaBot (FPT) is a leading automation solution in Vietnam, delivering intelligent automation services to over 3,500 businesses across 21 countries worldwide. Its versatile solutions apply to various sectors, including banking. By partnering with akaBot, you gain access to a skilled team that will guide you through end-to-end automation processes, ensuring your business benefits from a long-term, effective solution.
With aspirations to become a world-class provider of digital transformation services, akaBot has developed innovative digital platforms and solutions that leverage cutting-edge technologies such as Artificial Intelligence, Intelligent Document Processing (IDP), Optical Character Recognition (OCR), and Machine Learning (ML). These advancements empower businesses globally to accelerate their digital transformation journeys.
Conclusion
The journey toward intelligent banking automation offers both challenges and opportunities for financial institutions. By implementing the strategies discussed, your bank business can confidently take the first steps toward automation.
Contact us today to learn more about intelligent automation and kickstart your automation journey.
