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The revolution in banking is here, with hyperautomation available at your fingertips. Using new (or not-so-new) tech, like AI, ML, RPA and low-code/no-code platforms, allows financial organisations to reach a completely new level of efficiency unseen before. What chances does it give you? What can be hyperautomated? Let’s look at it in more detail.
Table of Contents
- What Is Hyperautomation? Definition
- Applications of Hyperautomation in Financial Services
- The Benefits of Hyperautomation in Banking and Finance
- The Takeaway
What Is Hyperautomation? Definition
Why don’t we start with the definition of hyperautomation? This term refers to the use of complex technologies to achieve a higher level of automation in a given organisation. These include:
- Artificial Intelligence/Machine Learning (AI/ML),
- Robotic Process Automation (RPA),
- Low-Code Platforms/No-Code Platforms,
- Integration Platforms,
- etc.
Hyperautomation also works with other banking strategies, such as business process management. It’s focused on automating not only the most simple tasks but also those that are far more complex for basic systems to handle.
Applications of Hyperautomation in Financial Services
With the definition of hyperautomation behind us, let’s examine it from a more practical perspective. What areas of finance and banking can it be applied to? Here are some examples:
Customer Onboarding
The combination of biometrics, AI and RPA is a powerful mix enabling you to fully automate your customer onboarding process, while maintaining compliance with eKYC. With it, you can streamline such processes as:
- document processing,
- risk assessment,
- task assignment.
In the end, the whole onboarding process becomes significantly faster, and the customer needs only visit your bank branch once throughout it! At Ailleron, we have already designed and implemented such systems—you can read more about this in our case study: Selfie not only for showing off. Ailleron supports SGB Mobile in opening a bank account with a selfie.
See our eKYC solutions for banks!
AML Monitoring
Another application of hyperautomation in banking is for the sake of AML. An LLM-powered AI system may be designed to monitor all the transactions and flag those which indicate money laundering or potentially fraudulent activity. As a result, you can detect such threats better, ensuring compliance with the strict regulations.
The Benefits of Hyperautomation in Banking and Finance
What are the advantages of adopting hyperautomation in banking and finance? We’ve prepared a short list of the most important ones, each described in a nutshell.
Enhanced Efficiency
The primary role and benefit of each type of automation is achieving higher productivity, which improves the cost-effectiveness of your organisation’s operations. Leveraging hyperautomation in your bank or finance institution will enable you to benefit from significantly reduced operating costs.
Improved Customer Experience
Hyperautomation will also help you deliver better customer experiences. Automating data analysis gives you a much deeper understanding of each customer, and the systems implemented may propose solutions tailored to their needs.
Reduced Error Rates and Improved Compliance
Automating a task eliminates human error. Using hyperautomation technologies across your organisation does this on a higher level.
This will reduce the number of general errors and ensure that all your documents are compliant with the current regulations. Hence, this approach enables you to mitigate the risk of getting fined and build a deeper level of trust with your customers.
Do you want to boost automation in your organisation? We can help you with that! See our digital process automation services for banking and finance!
The Takeaway
Knowing what hyperautomation is and how it impacts banking, you should now realise why it’s important to implement it as soon as possible. It’s not only a way to save money—it’s a way to build trust, deliver better experiences, and position your organisation as one of the industry leaders!
You may also read: The Future of Automation in Finance
