By Satyajit Kanekar
We are in the middle of an automation revolution. This change is being spearheaded by leveraging advancements in artificial intelligence, machine learning, IoT, and cloud computing.
Finance leaders are transforming businesses by finding new ways to automate processes and increase efficiency.
It is no surprise that the financial sector was one of the first industries to embrace hyperautomation.
In the last two years, the adoption of hyperautomation is in hyper speed, with sectors acknowledging the many benefits it provides, such as an increase in efficiency and productivity, creation of new opportunities, reduction in costs, and so much more.
But first, what is hyperautomation?
Did you know that the term was first coined by Gartner in 2019? According to the research giant, “Hyperautomation is a business-driven, disciplined approach that organizations use to rapidly identify, vet, and automate as many business and IT processes as possible.”
It is the next step to automation and involves the use of multiple tools and technologies, such as Robotic Process Automation (RPA), Machine Learning (ML), Artificial Intelligence (AI), low-code platforms, event-driven architecture, etc.
Hyperautomation solves business challenges and drives finance into the future. As per research, about 80% of finance leaders have already implemented RPA or are planning to implement RPA.
The way forward for any business is to evolve with technology.
Hyperautomation is driving the future of finance
One way in which hyperautomation can be used is through the use of chatbots and virtual assistants. These tools allow customers to communicate with financial institutions conveniently and efficiently — without human intervention. For example, a customer can ask a chatbot about their account balance or make a payment at any time without having to necessarily speak to a customer service representative.
Fraud detection and prevention is another area where fintech can use hyperautomation. AI and ML algorithms can analyze large amounts of data in real-time to identify patterns and anomalies that may indicate fraudulent activity. KYC and AML (Anti-Money Laundering) are typically data-driven and make an ideal fit for hyperautomation. Suspicious transactions can be flagged and reported, which leads to significant savings in time and money.
Hyperautomation can also be used to improve customer experience in the industry. For example, AI can be used to analyze customer behavior and preferences, and use this information to make customized recommendations and financial products and services. Such relevant data increases customer loyalty and satisfaction.
In addition to the benefits mentioned above, hyperautomation can help in reducing costs and improving operations by reducing errors and improving efficiency. Additionally, AI tools allow financial professionals to focus on more value-added services, such as decision-making and analysis.
However, organizations need to be aware of the potential risks surrounding hyperautomation, such as vulnerability to cyberattacks. It is important to have robust security measures in place to protect against these threats. Moreover, adopting hyperautomation requires a company-wide and conscious effort to achieve complete benefits.
With so many tools available, it is imperative to understand which kind of automation will work the best for your business growth. Capitalizing on technology today will reduce risk and maximize opportunities in the future.
Position the business for success with AI
Typically, finance companies deal with ginormous amounts of data. Being structured to such data is one of the most important benefits of hyperautomation and also the need of the hour.
AI tools are powerful in transforming the fintech industry. They allow financial leaders to see where operations are at the moment and predict where they can reach in the future.
If you want your company to be “future-proof”, hyperautomation is what you need!
(The author is Satyajit Kanekar, Co-founder & CEO of Mobileware Technologies, and the views expressed in this article are his own)
