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How Intelligent Automation is revolutionizing the Banking Industry

June 12, 2019 - Sunit Gajbhiye Senior Analyst - Product Management, EdgeVerve

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Retail banks have been the pioneers in adopting Robotic Process Automation (RPA) for their business operations. As per a survey report by Everest, the adoption rate of RPA by retail banks has increased from 20% in 2012 to 50% in 20171. With such a fast moving platform being adopted across industry, no bank can afford to delay responding to the call for scale, which will significantly enhance the digital experience for their customers.

70% of banks are expected to invest in technology to strengthen their competitive positioning and build market share over the coming three years2. To increase their own customer base and have an advantage over others, banks are focusing on becoming a world-class digital player. No bank would want to lose a customer to another that offers faster processing and convenience.

There are many aspects that are changing in the digital banking world. Banks will not just compete with other banks but also other digital payment mediums or micro banks, such as Paytm, Googlepay, Mobikwik, Paypal etc. These mobile enabled platforms have made finance management as easy as swiping your phone screen to answer a call. The new entrants in the Fintech space who are now threatening the traditional banking business are Apple & Samsung with the launch of their mobile credit technology, which use biometrics, thus making them highly secure.

Automating this from the RPA perspective cannot happen today without involving the mobile devices in the RPA process. And mobile devices cannot yield results without a knowledge management system with artificial intelligence. Can you imagine a human workforce without their dependency on mobile devices? Wouldn’t it be a disconnected world if you are not able to leverage the most powerful source of information which we carry every day?

It matters to the bank as the mobile device is the digital face of the bank interacting with the customer. The customer behavior is well understood by the bank application which resides on the customer mobile device. At the same time, automating it would mean dealing with those many exceptions and a customer doesn’t forgive bad experiences at all.

To manage this change in the banking organization, the below technical process will be needed:

In doing so, the bank will face the following challenges:

With a market leading and innovative RPA product like AssistEdge, EdgeVerve will be able to fit amongst the existing RPA infrastructure. Since the technology infrastructure is managed by the same parent company – Infosys, there will be no outages or disruption in the existing way of RPA and customer experience. One such example is the industry leading Finacle banking suite which not just powers banks but runs critical banking infrastructure for many nations.
On the other side, AssistEdge is leading the Intelligent Automation market with its capabilities of Knowledge, AI, Vision, Machine Learning, Natural Language and Speech capabilities. These capabilities have smoothly integrated with the enterprise existing infrastructure in the past and AssistEdge has successfully enabled top 50 banks across the globe to scale up to the call of workforce automation and excellence.
As a bank, you will have to act on choosing the right product and service now, to be a market leader through digital banking and RPA. Start today in creating an enriching digital banking experience for your valuable customers.

References:

1 – https://www2.everestgrp.com/Files/previews/Everest%20Group%20-%20Banking%20BPO%20Annual%20Report%202018%20-%20Complimentary%20Abstract.pdf

2 – https://www.ey.com/Publication/vwLUAssets/ey-global-banking-outlook-2018/$File/ey-global-banking-outlook-2018.pdf

Sunit Gajbhiye

Senior Analyst - Product Management, EdgeVerve

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