How can Hyper Automation replace manual work in the Financial Industry?

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How can Hyper Automation replace manual work in the Financial Industry?
How can Hyper Automation replace manual work in the Financial Industry?

The financial industry’s hyper automation has a lot of takers in the back-office operations. These thrive on reducing inefficiencies and eliminating human error

This is an exclusive interview conducted by the Editor Team of CIO News with Pushkal Tenjerla, Director-IT & CISO at CMS Info Systems on Hyper Automation in the Financial Industry

Hyper automation refers to the use of advanced technologies like machine learning and robotic process automation (RPA) to automate manual tasks backed by AI.

Using collaborative intelligence, technology and humans could work together in an industry like finance, where heavy regulatory compliance and reporting are the order of the day. The entire regulatory reporting process, which is often repetitive and accounts for data-driven reporting with accuracy being the backbone, could be automated, leading to near-zero errors with adherence to timelines and no limitation on human perseverance or focus levels. The huge benefit of this is the redeployment of intelligent human resources to higher-value tasks with no downside to data quality.

Marketing, sales, and routine distribution are the next major areas where a workflow-based automation can meet the needs of a customer workflow that directs sales to follow up, as well as increase collaboration between marketing and sales teams.

Implementing the intelligent routing of customer requests between digital and assisted channels can lead to huge cost savings reducing branch networks while optimising the remaining branches

Hyper Automation is already playing a major role in lending operations. Credit engines consume tonnes of data from conventional and non-conventional sources, and technologies like RPA can automatically extract relevant loan data from these voluminous records and give a response, leading to customer delight.

The financial industry’s hyper automation has a lot of takers in the back-office operations. These thrive on reducing inefficiencies and eliminating human error. One wrong trade, the wrong card limit printed, or an incorrect debit could cause havoc. Automation can reduce friction, which negatively impacts the customer experience.

Having said that, back-office operations can be overwhelming in terms of variety and complexity, running into hundreds of variations in a single process. Yet, with the emergence of intuitive and comprehensive solutions and low-code platforms, it is becoming increasingly evident that depending on the solutions, hyper automation will keep evolving and becoming more dominant.

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CIO News, a proprietary of Mercadeo, produces award-winning content and resources for IT leaders across any industry through print articles and recorded video interviews on topics in the technology sector such as Digital Transformation, Artificial Intelligence (AI), Machine Learning (ML), Cloud, Robotics, Cyber-security, Data, Analytics, SOC, SASE, among other technology topics