Automation in Banking Hexanika Think Beyond Data

BPA has become increasingly important in the quest by today’s enterprises to become digital businesses. Digital transformation depends on process automation, which often begins with converting information into computer-readable formats that then become part of enterprise-wide automation. Some banking marketplaces go one step further and fully integrate a host of services from another provider. BankWise Technology is the proud creator of Happy Banker, an innovative, modular automation management platform specifically tailored to the banking sector. Designed to streamline operations and enhance efficiency, Happy Banker includes a host of turn-key modules for managing various banking processes, such as loan operations, compliance tasks, and more.

Let’s observe some areas where automation has significantly impacted and improved ROI for the financial services sector. This article covers 10 use cases of automation in financial services, its benefits, and quick tips on implementation. Robotic Process Automation in banking can be used to automate a myriad of processes, ensuring accuracy and reducing time. Now, let us see banks that have actually gained all the benefits by implementing RPA in the banking industry. It takes about 35 to 40 days for a bank or finance institution to close a loan with traditional methods.

Letter of credit and guarantees

Today, many companies use automated underwriting platforms to calculate loan terms and insurance premiums for their new/existing customers. With AI and propensity modelling techniques, finance companies calculate risks based on the data from their existing customer base. It enables them to underwrite terms based on customer attributes and creditworthiness instead of being subjective about it. These could be offers about the different range of cards, benefits of using the credit card, intimation of pre-approved cards, etc.

It also helps detect anomalies in the data early enough that reconciliations aren’t even necessary. In the next step, calculate the cost component and efficiency gains that will be delivered by RPA implementation in your organization. Additionally, conduct a quick comparison of RPA benefits based on various metrics such as time, efficiency, resource utilization, and efforts. Also, make sure to set achievable and realistic targets in terms of ROI (return on investment) and cost -savings to avoid disappointments due to misaligned expectations. RPA in banking helps in generating full audit trails for each & every process, so as to reduce business risk as well as maintain high process compliance.

How does Hexanika make use of automation in Banking?

Enterprises waste arduous energy each year in manually validating and reviewing online transactions. RPA allows enterprises to make quick cost reductions while improvising the back-office staff workload and enabling them to engage in more fulfilling activities. Leveraging RPA solutions would allow banks to build applications for reconciliations that offer automated journal entries, sophisticated data comparison, and long-term archiving.

A later variant of this approach is to trap the card inside of the ATM’s card reader with a device often referred to as a Lebanese loop. When the customer gets frustrated by not getting the card back and walks away from the machine, the criminal is able to remove the card and withdraw cash from the customer’s account, using the card and its PIN. On-premises ATMs are often located inside the bank’s lobby, which may be accessible 24 hours a day. These lobbies have extensive security camera coverage, a courtesy telephone for consulting with the bank staff, and a security guard on the premises. Intelligent automation can be used to bring together all customers records, so the customer journey is clear.

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