How hyperautomation can address critical business demands in banking & finance


As we know, the latest trends in digital transformation have powered a remarkable change in the global financial industry. By leveraging business banking solutions and adopting hyperautomation technologies the sheer number of exponential shifts in the fin-tech landscape have left financial organizations to reevaluate and transform their outdated business processes. As a BFSI company in India, if you’re perusing operational excellence in your quest for a successful resurgence in the new normal, then Hyperautomation is your ticket to long-lasting success.

Hyperautomation: A new condition for survival

Gartner has already ranked ‘outdated work processes’ as the primary workforce issue. The solution lies in streamlining processes by automating everything that can be automated. As one of the most promising emerging approaches to automation, Hyperautomation is at the forefront of this transformational wave and has already been identified by Gartner as one of the top 10 strategic technology trends.

In the context of the banking industry, embracing Hyperautomation is a crucial aspect of digital transformation. Hyperautomation empowers digital transformation in online banking processes, optimizes workflows, and enhances customer experiences through intelligent automation technologies such as artificial intelligence, machine learning, robotic process automation (RPA), and more.

A recent survey by Gartner has shown that 85% of participants will “either increase or sustain their organization’s Hyperautomation investments over the next 12 months, and over 56% already have four or more concurrent Hyperautomation initiatives.

Is Hyperautomation different from Automation we know?

Yup! Automation is about using robots and computers to perform repetitive tasks without manual intervention. It is used to create solutions to address individual tasks, usually on a smaller scale. On the other hand, Hyperautomation uses multiple automation tools to enable intelligent automation to scale automation initiatives. If your organization is already using RPA, then Hyperautomation is the next right step in your automation journey. The idea is that you use the ‘smart component’ to analyze and optimize processes first, and then apply the automation.

Particularly in the banking services, automation plays a crucial role in streamlining various processes, such as customer onboarding, loan processing, fraud detection, and compliance reporting. By adopting automation in digital banking, financial institutions can enhance operational efficiency, reduce manual errors, and deliver faster and more accurate services to their customers.


How does Hyperautomation work?

Hyperautomation enables optimization and modernization of processes by infusing intelligence in robotic process automation (RPA). It also uses exponential technologies such as Machine Learning, RPAaaS, Process mining, Artificial Intelligence, etc., to take the automation of processes to the next level and augment humans. By leveraging these building blocks of Hyperautomation, you can achieve end-to-end and scalable automation that is the bedrock of the modern workforce. 

In the realm of banking transformation, Hyperautomation plays a vital role in optimizing and modernizing processes. It empowers the modern workforce to focus on higher-value tasks and strategic initiatives.


How can BFSI firms can reimagine work with Hyperautomation ?

One area in the BFSI sector that can benefit immensely from these innovative technologies is regulatory reporting. With smart use of Hyperautomation, financial firms can accomplish regulatory reporting in just minutes with minimal or no human involvement at all. It would not only help them maximize their efficiency by eliminating countless hours of mundane manual effort but also minimize the long-term costs and human errors.

Digital transformation in banking, driven by Hyperautomation, is reshaping how financial firms handle regulatory compliance. By adopting innovative technologies such as Machine Learning, RPAaaS, and Artificial Intelligence, banks can enhance the accuracy, speed, and compliance of their regulatory reporting.

Gartner expects that by 2024, organizations will lower operational costs by 30% by combining Hyperautomation technologies with redesigned operational processes.

Business benefits that can deliver enabled edge

In one of its recent reports, Deloitte suggests that in the future, the entire regulatory reporting process in the financial sector will likely be automated end-to-end, from source system data to report mapping and business rule automation to report generation.

Many financial organizations and banks have already in the various stages of their transformation journey towards RPA-driven Hyperautomation and are enjoying most of these benefits:

  • 24×7 scheduling with minimal human supervision

  • Drastic improvement in data quality and documentation accuracy

  • Optimal streamlining of reporting process that includes reconciliation, variance analysis, review, and compliance

  • Utilization of skilled resources in value-add tasks

  • Overall improvement in efficiency, productivity, and process enhancement

In short, Hyperautomation is picking RPA out of the back office and placing it into a client-facing environment. By doing this, it enables your business banking solutions to efficiently cater to ever-evolving needs of an always-on, digital society. No wonder it is destined to transform the future of the financial industry in the next few years.

Automation in banking is becoming increasingly prevalent as financial institutions recognize the immense value it brings to their operations. By automating various tasks and processes, banks can streamline their operations, reduce manual errors, enhance compliance, and improve customer experiences.

As per Gartner, the worldwide market for technology that enables Hyperautomation will reach $596.6 billion in 2022, according to a new forecast from Gartner, Inc. This is up from $481.6 billion in 2020 and a projected $532.4 billion this year.

However, it’s easy to lose sight if you’re using Hyperautomation only to reduce process-related friction. Focusing on what you’re trying to solve in the first place is the key to achieving better business solutions.

The approach is not a ‘one-size fits all’ panacea.

It’s important to understand that achieving complete automation requires a multi-tier implementation and seamless execution of complex, advanced technologies that are varied and divergent. However, leading RPA vendors are now providing Hyperautomation solutions that include all its key components under a single platform. BFSI companies can leverage their expertise to start with quick wins that can help in building momentum and support.

With experts to assist you in your Hyperautomation initiative, it becomes easier to embrace innovation and overcome key implementation challenges. NSEIT with product partners like Automation Anywhere, UiPath, Automation Edge, and Soroco is providing automation & Hyperautomation enablement services to some of the leading organizations in the BFSI sector. Whether it’s optimizing business banking solutions or streamlining back-office processes, NSEIT’s expertise in automation technologies offers your organization the right guidance to achieve operational excellence and deliver exceptional customer experiences in the digital era. You may check out Our Partners to know more about NSEIT’s experience with its automation partners.

Authored by
Supriyo Dutta

Assistant Vice President – NSEIT Limited

Related Blogs

What is big data testing application and why Capital Markets need it

What is Big Data Testing? Big data testing is a process of testing data for quality and integrity so it …


A guide to enhancing Bank’s intelligence with data-driven BI & Banking Analytics

Why do we need Banking Analytics? Banking customers generate an astronomical amount of data every day through hundreds of thousands …


The big shift to the T+1 Settlement cycle in the United States

In 2021, the Depository Trust & Clearing Corporation (DTCC), the Investment Company Institute (ICI), and the Securities Industry and Financial …

Don’t miss out!
Sign up for our newsletter to stay in the loop
Share On Twitter
Share On Linkedin
Contact us
Hide Buttons

Our Cookie Policy

We use cookies to make our website more user-friendly and to improve your web experience continuously. You can accept all cookies by clicking “Accept” and to find further information about what cookies we use and how we manage them, please click on Read More