Banking Automation: The Future of financial services

As a part of the fourth industrial revolution, it seems inevitable that RPAs will inevitably revolutionize the financial industry. Banks are faced with the challenge of using this emerging technology effectively. They will need to redefine the relationship between employee and systems and anticipate how best to use the new freedom RPA affords its people. Instead of waiting for mistakes and their possible consequences to happen, your organization can drastically reduce the number of errors, imbalances, and more by automating the balance sheet reconciliation process. Catching minor mistakes prevents them from compounding into inaccuracies further along.

Datamatics Intelligent Automation Platform empowers the process owners to automate their tedious processes including multiple touchpoints and the hops, skips, and jumps across multiple systems. With Artificial Intelligence at the core, Datamatics Intelligent Automation Platform helps banks to boost their productivity, end-customer experience, and competitive advantage. While Intelligent Document Processing automation in banking sector (IDP) brings free-text/unstructured data in the ambit of automation, Robotic Process Automation (RPA) integrates siloed systems that don’t have APIs. Artificial Intelligence improves the self-learning capability of the ensemble exponentially improving the quality with each batch process. The banking industry is becoming more efficient, cost-effective, and customer-focused through automation.

Automation Solutions for Banking

The greater industry’s adoption of digital transformation is reflected in this cultural shift toward a technology-first mindset. When you decide to automate a part of the banking processes, the two major goals you look to attain are customer satisfaction and employee empowerment. For this, your automation has to be reliable and in accordance with the firm’s ideals and values.

At its core, banking process automation is about building workflows that are automated, paperless, and secure. Government agencies and regulatory bodies play a crucial role in ensuring the stability and compliance of the financial sector. They use banking automation to monitor and enforce regulatory requirements more effectively. Automated systems can analyze vast amounts of financial data, ensuring that banks adhere to regulations related to capital adequacy, reporting standards, and risk management. Over the past decade, the transition to digital systems has helped speed up and minimize repetitive tasks.

More efficient work than could be performed by humans:

You can keep track of every user and every action they took, as well as every task they completed, with the business RPA solutions. Automated data management in the banking industry is greatly aided by application programming interfaces. You may now devote your time to analysis rather than login into multiple bank application and manually aggregate all data into a spreadsheet.

At Hitachi Solutions, we specialize in helping businesses harness the power of digital transformation through the use of innovative solutions built on the Microsoft platform. We offer a suite of products designed specifically for the financial services industry, which can be tailored to meet the exact needs of your organization. We also have an experienced team that can help modernize your existing data and cloud services infrastructure. The key to an exceptional customer experience is to prioritize the customer’s convenience wherever possible. Banks can also use automation to solicit customer feedback via automated email campaigns. These campaigns not only enable banks to optimize the customer experience based on direct feedback but also enables customers a voice in this important process.

Streamlining Workflows in Banks

Postbank, one of the leading banks in Bulgaria, has adopted RPA to streamline 20 loan administration processes. One seemingly simple task involved human employees distributing received payments for credit card debts to correct customers. Even such a simple task required a number of different checks in multiple systems. Before RPA implementation, seven employees had to spend four hours a day completing this task. The custom RPA tool based on the UiPath platform did the same 2.5 times faster without errors while handing only 5% of cases to human employees. Postbank automated other loan administration tasks, including customer data collection, report creation, fee payment processing, and gathering information from government services.