by Craig Nicholson, Atomatik Chief Strategy Officer
In the rapidly evolving post-Covid landscape, the demand for automation in banking and finance has been transformative. The Finance and Banking sector, known for its sustainable market and continuous digital evolution, presents an ideal landscape for leveraging RPA technology.
With advanced options like Robotic Process Automation (RPA), Artificial Intelligence (AI), and Hyper Automation, the time is ripe to harness the immense potential of these cutting-edge options at scale. It is projected that RPA in the banking and finance sector will reach a staggering $1.12 billion by 2025, opening numerous use cases where RPA can make a lasting impact.
According to Gartner, the pandemic has accelerated digital transformation imperatives in banking and finance, pushing them to adapt to the demands of employees and customers by making digital options the future of banking services. Automation has thus become the need of the hour to overcome internal challenges, maximize efficiency and ensure low costs.
In the banking sector, automation extends beyond auditing and customer data updates. Atomatik streamlines critical tasks such as bank account operations, credit, and debit card management, suspicious activity investigation, limit breach management, loan management, and more. By automating these processes, organizations can ensure seamless operations, and align immediate business initiatives with improved efficiency.
Similarly, in the finance sector, automation goes beyond invoice processing. Atomatik simplifies activities such as payroll payment, financial planning and analysis, month-end and bank account closure, intercompany reporting, currency rate updates, expense reporting, and reimbursement. By leveraging automation, finance teams can streamline operations, reduce errors, and enhance overall productivity.
Let's explore a couple of use cases to illustrate Atomatik's impact in the banking and finance sectors.
Use Case 1: Suspicious Activity Investigation
Protecting sensitive data and combating fraudulent activities are critical concerns in banking and finance. Atomatik's platform leverages advanced technologies, including machine learning and AI algorithms, to streamline and enhance the investigation process.
By efficiently analyzing vast amounts of data, our solution identifies anomalies and patterns indicative of potentially suspicious activities. This automation accelerates investigations, enhances accuracy, and strengthens the overall security of your organization.
To illustrate how automation can be integrated at each stage, let's consider a customer complaint scenario. Automation enables complaint registration, ticket generation, prioritization, and fraud case classification based on predefined checklists. Machine learning and AI algorithms support transaction monitoring, pattern recognition, and anomaly detection. Verification steps ensure the accuracy of AI and ML results, while automated customer reporting keeps users informed and guides them through necessary actions.
Use Case 2: Expense Reporting and Reimbursement
Expense-related activities often involve extensive document processing. Atomatik simplifies and accelerates this process through intelligent document scanning and categorization. Natural Language Processing ensures accurate expense classification, while decision tree algorithms and RPA enforce policy regulations and minimize fraud risks. Automation also expedites reimbursement approval, providing faster processing and efficient communication with customers.
Atomatik's process automation platform empowers banks and financial institutions to navigate the challenges of digital transformation with ease. By automating manual processes, reducing errors, and increasing operational efficiency, organizations can focus on strategic initiatives, enhance customer satisfaction, and drive innovation.
Achieving Excellence in the Banking and Financial Sectors with Atomatik
To excel in the banking and financial sectors with Atomatik, it is crucial to follow key steps that pave the way for successful implementation:
1. Understanding the Sector:
The first and most important step is to understand what and how the banking and financial sector works. The focus of both sectors is customer data. It is always better to first know about what data they process and how much data they process, followed by how much customer involvement and interaction are involved.
2. Understanding Customer Needs:
Banking and finance are customer-centric industries. Understanding customer requirements and expectations will provide more insight into how and where Atomatik can be implemented. Prioritize understanding customer requirements and expectations to pinpoint pain points and deliver solutions that result in high customer satisfaction.
3. Identification of the Right Process:
In these sectors, numerous operations involve validation, management, and auditing. Identify the processes that are suitable for automation based on factors such as data volume, steps involved, and return on investment (ROI). The right process to automate is one that solves problems, saves effort, costs, and time.
4. Identification of the Right Technologies:
RPA is no longer limited to process automation alone. We have various technologies that we can make use of such as hyper-automation, AI, and Mainframe automation which cover almost all areas in these sectors. Leverage these technologies to explore a wide range of automation possibilities and use cases.
5. Streamline and Optimize the Process:
Before implementing automation, evaluate opportunities to streamline and optimize the identified process. This step enhances quality, operational efficiency, and scalability, while eliminating any unnecessary steps or inefficiencies.
6. Networking and Tech Skills:
When you are trying to automate a task, you need to build networking connections to understand the pain points, needs, and importance of that activity. At the same time, to solve a problem you should have the tech skill set and problem-solving and analytical skills.
By following these steps, organizations can harness the full potential of Atomatik in the banking and financial sectors, driving efficiency, enhancing customer experience, and fostering growth.
In today's rapidly evolving banking and financial sectors, the adoption of process automation technologies such as RPA has become essential for organizations to stay competitive and drive growth. By leveraging advanced technologies like AI and machine learning, businesses can streamline operations, enhance decision-making processes, and deliver superior customer experiences. The key lies in identifying the right use cases, focusing on customer satisfaction, and selecting the appropriate technologies.
With Atomatik's workflow automation platform, organizations can accelerate their digital transformation journey, optimize processes, and position themselves for success in the dynamic landscape of banking and finance. Embrace automation and unlock the full potential of your business in this digital era.
If you want to learn more about how Atomatik can help your organization and what your ideal automation scenario looks like, book a call with Craig Nicholson.