Hyperautomation refers to automating not only simple but also medium-complexity processes. It is achieved through the use of multiple innovative technologies, including large language models (LLMs), AI, RPA, and intelligent data integration. In this article, we shed more light on hyperautomation in banking. We invite you to read on!
What Is Hyperautomation in Banking?
Hyperautomation in banking means taking your standard automation to the next level—automating processes that are a bit more complex and operate on unstructured data. To achieve this goal, hyperautomation requires multiple advanced technologies, such as:
- artificial intelligence (AI),
- machine learning (ML),
- biometrics,
- robotic process automation (RPA),
- optical character recognition (OCR),
- intelligent data integration.
A great example of hyperautomation implemented in banking is intelligent document processing. Platforms enabling it are capable of automating data input (and verification) even for those documents that contain unstructured data—the system extracts the information automatically, alerting the users if any pieces of information are unintelligible or fail to comply with regulations.
Why Invest in Hyperautomation in Banking?
Hyperautomation has multiple benefits that you can reap in banking—they are the sole reason why you should invest in such a solution. What are they? Take a look below.
Improved Productivity
First of all, with more tasks being automated, your employees can focus on fully value-adding tasks. Therefore, the general productivity in your organization rises. This leads to multiple smaller benefits, such as:
- quicker procedures,
- lower operating costs,
- improved service quality.
Enhanced Customer Experience
The efficiency that comes with hyperautomation in banking translates directly into more satisfied customers. As you accelerate your processes, your clients wait longer for your verdicts and service, making them less stressed and happier.
A great example here is the case of mortgage loan applications. The whole process is lengthy and often stressful for the client, so being able to cut the time down to an absolute minimum is a major competitive advantage.
Lower Customer Acquisition Costs
Hyperautomation impacts one particular area of banking the most—customer onboarding. This is the most commonly abandoned process in the finance industry, which, unfortunately, touches qualified leads near their closure. Therefore, even a small drop in your abandonment rates can reduce your average customer acquisition costs significantly (and, as we know, these are extremely high nowadays).
With hyperautomation based on biometrics, you can make customer onboarding extremely swift while remaining compliant with eKYC and AML. The result? You yield more new customers from your investments in marketing and sales.
The Takeaway
Hyperautomation is a true power in banking, one that can be used to increase your profits visibly while also building a positive customer experience. Therefore, if you still have not invested in it, perhaps it is time to begin? After all, you won’t be able to acquire all the required technologies overnight (though you will find fintechs offering platforms with ready hyperautomation features), so we recommend planning its implementation right away!
