Riding on the wave of accelerated digitization in the pandemic year, RPA is set to breach new and exciting frontiers for BFSI companies.
In my last piece, I spoke about how BFSI companies not just sped up existing projects, but also pushed partners like us to innovate to meet pandemic challenges.
As BFSI companies reap the benefits of this change accelerated by Covid-19, we are sensing a further shift in the ecosystem.
Encashing on the momentum, our clients want us to create a new automation paradigm that will help them build a competitive advantage in 2021 and beyond. Here, I discuss this latest, creative phase in the digitization of BFSI companies.
A journey of leaps and bounds
As BFSI companies utilized RPA to support traditional automation, they began to realize that the technology had multi-dimensional uses that went quite beyond this. Let’s take a glance at what these could be:
- The customer at the centre: The focus for RPA in the past was on handling transactional volumes to reduce the human effort involved. Looking at the gains from this, clients now want us to set in motion end-to-end process automation that will be lead to cycle time reduction.
An efficiency boost and reduced error rates are the obvious outcomes of this shift, but clients are aware of where the true benefit lies. Greater customer loyalty. Rapid, transparent, and intelligent processes will not only speed up daily operations but help solve customer complaints almost instantaneously and provide value-added suggestions to customer queries. Better customer experience will lead to greater customer satisfaction, trust, and loyalty.
- Hyperautomation: For a while now, RPA has been digitizing back-end rules-based processes. Development and implementation were reasonably straightforward and the gains quick and considerable. But I touched upon intelligent processes earlier, and this is where the sector is headed. Clients are now working with partners like us to move the emphasis to solutions that integrate cognitive technologies such as AI/ML with RPA.
When we teach bots to think, high-touch processes such as customer service as well as critical ones like compliance and fraud detection will be automated, streamlined, and secured, freeing up employees to nurture customer relationships and innovate business models.
- NPA classification: In the Indian context today, this is probably the most important discussion in the BFSI sector. Since automation was mandated by RBI in September last year, companies have fast-tracked efforts. We are in discussion with clients and will be deploying solutions over the next couple of months. Automation will make Loan Restructuring and NPA provisioning unbiased and prone to minimal error. Quite surely, this is a step that will boost the health of the sector as well as the economy.
Navigating exciting paths
BFSI companies have set their sights on the right target. To make sure digital transformation takes place smoothly, clients need to track and evaluate process parameters across their organization in real-time. Dips and failures should be identified rapidly and processes fixed on the go.
For this, CXOs and IT managers in BFSI companies need to put in place an evaluation framework to pick technology partners who bring not just experience but other important attributes. A true technology partner who can help the client power the digital shift has to have top-class process engineering capabilities, knowledge of best practices, and a strong awareness of market-specific contexts.
*Originally Published on LinkedIn
Author: Ahana Content Team
