Automated processes and decision-making must be “part and parcel” in today’s (and tomorrow’s) banking delivery model, to secure and deliver frictionless digital customer experiences. Keys to this include establishing Robotic Process Automation (RPA) on legacy solutions/processes. With a 40 per cent -100 per cent ROI potential within 3 to 8 months, RPA offers banks and customers a tremendous win-win opportunity.
It’s time to get to work and open our toolboxes. Increasingly, customers and prospects want to know their bank has resolved to be an always-on digital bank that meets their needs. Banks using process automation are able to provide customers with digital ease and transparency that seamlessly spans the entire network of the bank and all its channels, from branch to back office, mobile to digital, etc.
Digital Banking Is Important only second to always-on digital banking
By the end of 2017, 11 percent of financial services institutions considered themselves to have adopted RPA widely across their organizations. Process automation is transforming banks, with some incremental changes (some transformational) for customers — such as real-time support and the ability to save unnecessary steps when opening a new account. In 2020, RPA adoption is expected to hit 2.5B and grow at a CAGR of 70-85% between 2018 and 2020.
Process Automation Has Matured and is now combined with AI and Machine learning. Process automation has reached a point to whereby it is a key enabler of digital banking experience. Process automation provides for an expedited and tangible ROI. Banks may not be able to solve every
legacy system or organization process problem at once, but process automation allows modern banks to become more competitive and differentiated by an abundance of new opportunities.
Process automation technology can easily access systems via API gateways, immediately reducing reliance on manual interventions and the costs and risks. Machine learning is now integrated into technology platforms and easily implemented with a built-in add-on. Solutions by companies like Ntansa that have embed AI and Machine Learning into Robotic Process Automation to deliver a powerful combination to digital banking operations. This means for banks the ability to finally effectively harness external and internal data, so that they can be applied to solve real business challenges. Process automation can significantly reduce compliance costs, process waste, and allow banks to better run accurate fraud prevention programs, accelerate onboarding, and make customized and personalized customer offers.
Where to Start with RPA in Banking and Financial Services
Here are some places where financial services institutions should consider Robotic Process Automation implementation:
- Current Processes: RPA technology can simplify operations and reduce costs with a focus on integrating RPA into existing infrastructure and processes ensures that technology does not create an undesirable breakdown in daily activities, but rather improves the quality and efficiency of what exists already. A cost-first approach maintains efficiency at the forefront of discussion while identifying opportunities for improvement.
- Repeatable, High-Volume Processes: An excellent starting point for RPA are processes that take a lot of time and repeat work. Consider processes, such as payments, payments reconciliation, customer support, application processing, KYC, etc.
- Content And Data-Intensive Processes: RPA is a great way to automate the process by copying content from one source to another. To streamline data collection, many content from paper to computer, paper to system and even system to system can be taken from application to application. By abstracting and making cognitive sense of data from literally thousands of sources, RPA can even be used to automate complex processes such as quote-generation. In many cases, the data will not even have to be structured.
Companies that miss the leading automation boat will suffer as competitors take advantage of the new technology’s increased productivity, efficiency and decision-making power.