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    Intelligent Automation in Banking through Robotic Process Orchestration

    By Amar Kotha | August 24, 2020

    Overview:

    An IDC report released in January 2020, revealed that 75% of Asia-Pacific Tier-1 Banks and Insurance companies will deploy Intelligent Automation Solutions at scale by 2022.

    To give a brief perspective, Intelligent Automation augments a layer of Artificial Intelligence, Machine Learning, and other cognitive technologies to regular IT automation.

    Deployment of Intelligent automation furthers organization-wide automation scalability, increases operational efficiencies, and intelligent decision making to achieve exceptional business value. It delivers a more real-time and contextual customer experience.

    Together with technologies like RPA, Intelligent automation is expected to generate significant value for the banking industry in APAC, across employees, customers, and the overall business ecosystem. 

    So, how is Intelligent Automation being implemented in Banks in the Asia Pacific?

    Banks are using Intelligent Automation to boost agility, personalize customer experience, and comply with a plethora of regulatory norms across various geographies.

    Some of the use cases are shared below:

    • Customer services: Back offices of banks are inundated with calls ranging from account inquiries to fraud which require intervention and approvals from multiple stakeholders in the ecosystem. This used to increase TATs even for low-value tasks. Introduction of Intelligent automation has reduced TATs for customer service teams and helped them focus on high-value tasks.
    • Loan Processing: Due to multiple checks and balances before a loan is processed, even minor errors can result in major delays in the entire cycle. Intelligent automation has significantly reduced human errors in the process, aided faster decision making, and brought down the TATs to a great extent.
    • Trade Finance: The high levels of documentation and legacy systems are a significant bottleneck in this operation. Implementing Intelligent Automation using RPA, OCR, ML, AI has boosted process efficiencies by reducing manual interventions across processes that cover Letter of Credit, Bill Discounting and Financing, and import and export payments.
    • Regulatory and Compliance: The introduction of technologies like RPA and ML into sanction screening systems has significantly improved efficiency of processes like Anti-money Laundering (AML) and Know your customer (KYC). Automating the audit trail of human-bot interactions and decision making has boosted compliance through a decrease in manual interventions.

    Which factors drive the success of Intelligent Automation in Banking?

    1. 1. Governance:
    2. Governance plays a major role in ensuring that there is trustworthiness in the automation ecosystem by monitoring SLA’s, human-bot utilization, and facilitating compliance management.
    3. 2. Process Discovery:
    4. Data-driven process discovery tools keep monitoring complex banking processes to identify bottlenecks which can be reduced with automation, thus increasing operational efficiencies.
    5. 3. Scalability:
    6. Most automation implementations in Banking have been struggling to scale up beyond a few bots due to multiple reasons encompassing ineffective human-bot governance, poor exception handling, incompatibility with multiple bot vendors, and future of work technologies.

    How can Robotic Process Orchestration (RPO) boost support Intelligent Automation in Banking while addressing the above factors?

    Robotic Process orchestration technology, pioneered by Enate, combines light 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.

    It features cutting edge case management, ticket management, email management, and workforce management capabilities.

    Here’s how RPO will address the aforementioned factors

    • RPO will ensure that human-bot governance is centralized through its advanced monitoring capabilities, smoother work hand-offs between humans and RPA/bot technologies, and better exception handling

    • With its data-driven approach, RPO makes the focus shift from identifying too many small tasks to be automated to picking up strategic, ROI & customer-impact driven services automation

    • With RPO, banks can increase processes efficiencies across departments and functions - be it industry-agnostic horizontal processes like invoice processing and employee on-boarding or functional processes like Loan processing, KYC, Underwriting, Claims Processing, etc. It also integrates with multiple future-of-work technologies to boost scalability

    Wondering if Enate’s RPO is the right fit for you?

    If intelligent automation a strategic goal for your organization and if you want to improve ROI from automation by keeping the human in the loop then RPO fits in well in your scheme of things. 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.

    Schedule a Demo

    About Enate:

    Enate is a UK based enterprise software company. Its Robotic Process orchestration technology combines lite 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.

    References:

    https://www.idc.com/getdoc.jsp?containerId=prAP45972220

    https://www.spglobal.com/ratings/en/research/articles/200729-asia-pacific-financial-institutions-monitor-3q2020-recession-risks-weigh-on-banking-prospects-11582302