The Transformation of Hyperautomation For Banking

The Covid-19 pandemic has become the main drive of digitalization in the banking sector. Instead of applying technology individually, banks are switching to hyper-automation, the combination of multiple technologies including Intelligent Automation (AI), Machine Learning (ML), Robotic Process Automation (RPA), etc. So, what is hyper-automation in banking and what benefits can this advanced technology bring to financial institutions?

What is hyperautomation?

According to Gartner, hyperautomation is identified as one of the top 10 strategic technology trends for 2022. hyperautomation is “a platform that combines technologies that businesses use to extend identifying, testing, then rapidly automating business and IT processes beyond the bounds of individual processes” according to Gartner.

Hyperautomation refers to a high level of digital autonomy; it is the process of automating business operations from beginning to end in order to relieve staff pressure, increase efficiency, and save costs.

What is hyperautomation? Source: https://www.isis-papyrus.com/

Hyperautomation isn’t really a single entity; instead, it’s quite nature requires the coordinated implementation of multiple technologies, tools, or platforms, such as:

  • Artificial intelligence (AI)
  • Machine learning
  • Event-driven software architecture
  • Robotic process automation (RPA)
  • Business process management (BPM) and intelligent business process management suites (iBPMS)
  • Integration platform as a service (iPaaS)
  • Low-code/no-code tools
  • Packaged software
  • Other types of decision, process and task automation tools

In which, hyperautomation’s major technology pillars are:

  • Robotics Process Automation (RPA): RPA is the practice of employing robots to perform repetitive manual activities by simulating human behavior.
  • Artificial Intelligence (AI): This is the next stage of RPA, in which computers can simulate human intelligence, allowing for a much deeper level of automation than RPA repetitive tasks.
  • Intelligent Business Process Management – An intelligent technology solution that combines business process management software and artificial intelligence (AI). This is really the crux of hyperautomation. IBMP is a strategic solution that manages the processes, strategies, and workflows involved in enabling end-to-end automation, as well as tracking results to rectify issues.

Why hyperautomation becomes the right choice for banks

Hyperautomation of the entire core banking system is the solution for reducing processing time, minimizing operating expenses, and focusing on customer relationships. Specifically, it: 

  • Allows banks to update and aggregate data in real time.
  • Allows banking managers to have real-time reports gathered automatically, recognize risks and opportunities, so they can make operational decisions instantly.
  • Minimizes manual tasks, frees up staff to focus on key duties, improving their work experience and inspiring loyalty.
  • Improves accuracy, lowers error rates, and increase security through decentralizing data access and recording behavior for easy retrieval and tracking if needed.
  • Increases the customer experience by accelerating activity processing and meeting customer requests.

Hyperautomation in the banking industry is inevitable. Source: blog.aspiresys.com

How hyperautomation is applied in banking?

The banking industry has been altered in various ways after 2 years of the Covid pandemic with many unanticipated changes. hyperautomation in banking is one of those. The following are some examples of hyperautomation in banking activities:

  • Regulatory Reporting: The hyperautomation of management processes makes it easier for banks to adapt to increasingly complex regulatory reporting requirements. Banks use RPA, Cognitive Intelligence (CI) to automate manual tasks 24/7 without human supervision and improve data quality.
  • Marketing: hyperautomation of marketing allows banks to reach customers via multiple channels and personalize the customer experience. Banks automate the task of posting, email-replying or generating email chains throughout the customer journey. According to a Hubspot survey, marketing automation may increase 451% more qualified leads.
  • Sales and distribution: hyperautomation allows banks to better understand customer needs and design products, services to meet those needs. Simultaneously, to improve workflow, customer service, and the entire customer experience. Furthermore, whether operating directly or using a hybrid model involving remote work, branches can still boost profits by employing intelligent routing.
  • Lending: hyperautomation eliminates complicated paper-based processes, shortens loan processing times, and improves customer experience. RPA and other hyperautomation technologies can automatically extract important loan data from loan application processes in a short period of time, reducing error-prone manual paperwork. Technologies in hyperautomation such as RPA can automatically extract relevant loan data from loan application systems in a short time and reduce error-prone manual paperwork. JPMorgan Chase’s contract intelligence platform, COIN, which helps JPMorgan reduce around 360,000 hours of manual labor each year, is an example of hyperautomation in lending.
  • Back-office operations: Hyper-automating back-office operations allows banks to better focus on developing customer relationships and improving the entire customer experience. Through intuitive, low-code solutions like BPM, banks can easily apply hyperautomation to their complex back-office processes.

Read more: Top Hyperautomation Use Case For Business to Thrive in 2022

Banks can use hyperautomation in a multitude of activities, including marketing, lending, regulatory reporting,… Source: sheetkraft.com

The benefit of hyperautomation in the banking sector

From automating onboarding processes in loans to increasing data quality for better decision making, hyperautomation has the potential to augment staff’s abilities while decreasing operational expenses and human error. The benefits of hyperautomation in banking include:

  • Gaining operational efficiency: Hyperautomation enables banks to streamline operations, improve accuracy, accelerate process processing, and improve overall customer experience, resulting in higher ROI and profitability. Hyperautomation technologies are a tactical approach for lowering expenses and shifting staff to important tasks.
  • Ensuring compliance: Banks put a high priority on compliance in order to prevent penalties, risks, and financial fraud. Hyperautomation of management processes enables banks to meet complex regulatory reporting requirements, improve reporting accuracy, and assure transparency to improve compliance.
  • Customer experience: Hyperautomation enables banks to manage enormous volumes of services and respond to a wide range of customer requests while enhancing service quality. As the banking industry evolves, it is fundamental to integrate new technology in order to redefine how banks operate and create value in order to improve the customer experience.

Thus, deploying hyperautomation in banking operations is an inevitable trend of the Thus, deploying hyperautomation in banking operations is an inevitable trend of the development process. Today, many banks in Vietnam have recognize the importance of hyperautomation and take suitable steps.

Learn more about how akaBot keeping up with the Hyperautomation trend here!

akaBot – a comprehensive hyperautomation solution for Vietnamese businesses. Source: vcdn-sohoa.vnecdn.net

akaBot’s hyperautomation solution is one of the potential options for banks. With technology autonomy, akaBot integrates AI and OCR on RPA core technology to provide banks with an affordable cost-effective comprehensive process hyperautomation solution. Furthermore, akaBot has the advantage of understanding the domestic market and Vietnamese business features. Please contact akaBot for consultation and hyperautomation experience as soon as possible.

References: 

  • https://www.globalbankingandfinance.com/hyperautomation-what-the-banking-and-finance-industry-needs-to-know/ 
  • https://goneutrinos.com/wp-content/uploads/2021/02/Whitepaper-Hyperautomation-in-Banking.pdf
  • https://www.solvexia.com/blog/what-is-hyperautomation-a-complete-guide#finance 
  • https://www.processmaker.com/blog/how-hyperautomation-is-transforming-banking-and-finance/ 
  • https://www.toolbox.com/tech/innovation/guest-article/hyperautomation-tech-improve-banking-services/#:~:text=December%2021%2C%202021-,Hyperautomation%20solutions%20continue%20to%20transform%20how%20banks%20and%20financial%20institutions,and%20the%20cost%20of%20operations

akaBot (FPT Software) is the operation optimization solution for enterprises based on RPA (Robotic Process Automation) platform combined with Process Mining, OCR, Intelligent Document Processing, Machine Learning, Conversational AI, etc. Serving clients in 13+ countries, across 08 domains such as Banking & Finances, Retails, IT Services, Manufacturing, Logistics…, akaBot is featured by Gartner Peer Insights, G2… and ranked as Top 6 Global RPA Platform by Software Reviews. akaBot also won the prestigious Stevie Award, The Asian Banker Award 2021, etc.

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