While the economies in the Asia Pacific region undergo a noticeable transformation, the banking sector is not far behind. It enjoyed a good runway in the years following the great financial crisis of 2008. In fact, over the past decade, the indomitable competitive spirit of the APAC banking sector made them outperform their global peers by a huge margin.
However, as per a recent Mckinsey Report, the margins for some of the most erstwhile profitable banks in Asia have been shrinking as they face unprecedented competitive pressure from fin-tech companies and more agile ecosystem players. At the time of writing this article, the ongoing Covid-19 pandemic is also magnifying the challenges in this sector.
Such challenges have made the banking industry introspect the way they do business across the back office, middle office, and front office. They are identifying ways to streamline their processes to increase savings and productivity at the same time. Here’s where automation is emerging as an essential solution for strategic transformation.
The Evolution of Automation in Banking in APAC:
Automation in banking has evolved from its early days in 1969, when we saw the first ATM, to include technologies like Robotic Process Automation (RPA), Workflow, Business Process Management (BPM), Artificial Intelligence (AI), Machine Learning (ML), etc. These technologies are taking process efficiencies to unimaginable heights.
Automation tools like RPA, Workflow, and BPM have empowered financial institutions to drive efficient execution of many banking processes, more so with the back office.
Thousands of people working in banking back offices end up processing millions of requests daily. Without RPA, Workflow, and BPM in place, these processes are plagued with high error rates and inconsistent outcomes. Let's understand more about the processes which are being made efficient by such cutting-edge technologies in banking.
Boosting Process and Automation Efficiencies in Banking through lightweight Workflow and BPM technologies
With rising competition from new-age start-ups and disruptions, banks in APAC are facing significant challenges to redefine themselves for creating better customer experiences, improving employee productivity, and adhering to regulatory compliances. They are looking at tools and technologies which improve quality, efficiency, and agility of processes and that's precisely where lightweight Workflow and BPM solutions fit the bill.
Such solutions also ensure integration of automation technologies like RPA which enable employees to be free from repetitive and mundane manual tasks. RPA is one of the automation platforms of choice for many banking majors in APAC, which are ensuring their existing BPM and Workflow solutions also integrate seamlessly with RPA.
Banks in APAC exhibit varying degrees of automation implementation of technologies like RPA- some still have largely manual processes and want to make them efficient before considering automation, some have adopted RPA in parts but are struggling to scale, while the others have scaled up and now want to implement Hyperautomation (integrate RPA with future of work technologies like AI, ML, OCR, and Cognitive tech)
Technologies like Enate’s Robotic Process Orchestration (RPO) platform which exhibits features of a lite Workflow BPM and work management solutions can help in introducing process and automation efficiencies for banks, irrespective of the stage of automation journey they are currently passing through.
How can Enate’s proprietary Robotic Process Orchestration (RPO) platform help boost process and automation efficiency in Banking
- For banks with largely manual processes:
Enate’s RPO will enable end-to-end service delivery with seamless work hand-offs across people & teams (link to human value proposition). This will result in better resource utilization and improved process efficiency of your middle office and back-office functions, more so for cross geo-located teams working in different time zones.
- For banks with some degree of automation in place:
Automation implementations in Banking are eventually plagued with ineffective governance, sub-optimal work hand-offs between humans and bots, and jerky exception handling which ultimately lead to delays & reduce the benefit of such initiatives.
Enate’s RPO will bind all human and bot teams into one common framework which will result in significantly improved governance, better work hand-offs, and smoother exception handling. This will ultimately result in smoother Turn-around-times (TATs) and Service Level Agreements (SLAs), thus increasing automation efficiency and scale.
- For banks who are looking at scaling automation with Hyperautomation:
Hyperautomation is the new buzzword in the banking circuit in APAC it involves combining the best of RPA, AI, ML, OCR, Cognitive tech, and other new-age technologies to scale automation to newer heights. Gartner has identified Hyperautomation as one of the top 10 Strategic Technology trends for 2020, more so for the Banking industry.
Due to its multi-technology compatibility framework, Enate's Robotic Process Orchestration platform becomes one of the most essential tools for any Banking organization that is taking the first steps in implementing Hyperautomation as a strategic initiative.
Enate can increase process efficiencies across departments and functions in Banking - be it industry-agnostic horizontal processes like invoice processing and employee on-boarding or functional processes like Loan Processing, KYC, Underwriting, Claims Processing, etc.
In one of Enate’s recent implementations for a global banking major, it simplified workflows between humans and RPA bots, streamlined operational visibility, and standardized loan processing across major geographies. You can view some of the study here.
Need more help in understanding the value of Robotic Process Orchestration in Banking?
While this blog may have given you an overview of how the banking industry can benefit from RPO, there are many questions you might have about the solution w.r.t configuration, implementation, investment, etc. We would like to understand your specific business challenges and take you through a brief demo of how RPO can fit in your scheme of things.
Enate is a UK based enterprise software company. Its Robotic Process orchestration technology combines lightweight Workflow, BPM & work management into a no-code quick SaaS offering. The technology delivers end-to-end process automation by connecting human workers & digital bots (RPA, OCR, AI/ML, etc.) into one hybrid workforce and managing operations across them.
The platform enables organizations to save 20 to 30% operating costs by scaling automation & streamlining operations to improve efficiency. Enate manages nearly 10 million transactions annually, across users in more than 60 countries.
The platform's customers include global brands like Mizuho Bank, Capgemini, EY, Utmost (erstwhile Generali Link), and many more.