How hyperautomation is changing the bank customer experience | Techy Kings


Few industries have embraced digitization as aggressively as financial services. One way to illustrate how successfully the industry has embraced new digital technologies is to look at the number of customers who are now comfortable engaging with their banks using online and mobile channels.

For example, the Federal Deposit Insurance Corporation surveyed US households and found that the percentage of Americans who access their bank accounts primarily via mobile increased from 9.5% in 2015 to 34% in 2019. The shift to digital accelerated during the COVID-19 outbreak out of necessity, and it has reached the point where more than half of all Americans prefer not to visit a physical bank branch anymore.

Early adoption can lead to challenges

Banks are early adopters of technology, and their customers are eager to take full advantage of innovation. However, traditional financial services companies face a huge dilemma, especially when it comes to delivering the many benefits of automation to their customers. “There is no shortage of technological innovation among banks right now,” said Amit Saxena, vice president and general manager for ServiceNow’s Automation Engine. “Although most of these banks use some of the latest technology, the way technology has been thought of is to solve specific use cases and not in a revolutionary way connecting the front office to the middle office to the back office. .”

The implications of this isolated use case specific approach to automation are many. On the one hand, although some banks have invested large amounts in advanced technologies, they still must be integrated with legacy core banking systems. Not only can this be a big challenge for the bank’s IT team that is already too old but the final result for the bank’s customers may also be far from ideal.

The inability to combine various automation technologies in a way that provides a seamless customer experience also exposes traditional banks to competition from fintech. “Fintech has the advantage of starting with the latest technology stack and being cloud-native in many ways,” Saxena said. “So they don’t have a lot of technical debt that other banks have to deal with and can launch products to market quickly.”

Hyperautomation uses a single data platform

Fortunately, there is an approach that can be adopted by banks that leverage powerful automation tools such as RPA, low-code applications and document processing along with artificial intelligence (AI) and machine learning regardless of their existing and new technology portfolios. At its most basic level, hyperautomation takes the benefits of automation — such as improved efficiency and optimal use of employee skills and time — and expands them from individual processes to almost everything a bank does.

The good news is that some banks have established centers of excellence for different technologies, such as AI and RPA and document processing. But to achieve hyperautomation means creating a single data platform to drive all automation tools. “The center of our hyperautomation strategy is not about providing all the tools. It’s all about providing tools on one platform with a single, secure data model,” said Saxena. “When their workforce is trained on one platform, all workflows benefit from all automation tools. When that happens, things like developer productivity increases 3x or 4x because everyone is working on the same platform and data model so that any work done by one team can be quickly accessed by another team.”

Working with a single data model also provides a basis for continuous organizational improvement. This is because the unified platform provides complete workflow visibility so bottlenecks, manual work and inefficiencies become apparent and can be addressed. “With one platform and a complete automation toolbox, you can keep your automation healthy, visible and integrated,” said Saxena. “This is where cost savings and speed to market can be improved. A single data model and connected visibility enable continuous improvement from end to end.”

The workflow is changing

One way to illustrate how hyperautomation can improve the experience of bank employees and the customers they serve is to look at how it works with everyday workflows like mortgage lending. While the beginning and end of the process is simple, a mortgage loan is complex. It involves a large amount of data collection and analysis, frequent communication and the involvement of many bank employees. Naturally, once a customer applies for a loan, the bank must determine the best loan, find the appropriate available and skilled loan officers and then collect, organize and compare relevant financial data from various sources. All information collected should be tracked and documented so that internal and external auditors can review the entire process.

It’s a long process that often frustrates both employees and customers. Hyperautomation can dramatically improve and speed up the loan process. For example, when a customer first applies for a loan, a virtual agent can immediately collect all relevant data. AI can then analyze the collected data to determine the best loan, and then the orchestration technology can find the best loan officer to handle the application. Integration and AI can then interface with the systems bank partners use to collect and compare loan data and the orchestrator can handle approval and processing. Because the entire workflow is digitized, tracking and reporting is easy and digitization enables predictive analytics and business insights to continuously improve the loan process.

This is just one of the many workflows banks can improve by using a single platform provided by hyperautomation. While hyperautomation allows bank employees to spend their time doing strategic work instead of manual tasks, the real beneficiary is the customer. “People just expect something to work, be fast and not require a lot of follow-up,” says Saxena. “The only way for banks to deliver that kind of experience is to focus on what’s going on behind the scenes.”


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