Banking and Robotic Automation: generating excellence and profitable CX
Robotic Automation is the key to a disruptive transformation in banks’ operating models. More than being the enabler that increases the efficiency, the profitability, and the proactivity in Customer Experience; RPA, and mostly RDA, allow companies to create a true contextual 360° view of the customers, together with an agile platform to implement strategic and operational changes quickly.
Banking sector faces the challenge of increasing savings and efficiency while delivering higher CX experience in an evolving IT infrastructure to support adaptive products. On top of these challenges, banks face recapitalization, competition inquiries, and ongoing regulation transformations. All this results in increasing transactions and data volumes, and creating more complex customers’ profiles; therefore front, middle and back offices require alternative methods and tools to transform the business.
Robotic Automation, both on server Processing level (RPA) as on Desktop level (RDA), gives the opportunity to rationalize these methods. It is more than a simple script; it is a rule-based engine tailored to replicate business processes based on multiple systems and data sources, managing complex content and rules. Robotic Automation changes the perception of the banks when it comes to designing and managing their IT ecosystem, and their related ROI calculations.
Indeed, one of the big advantages of Robotic Automation is that there are no system changes required: no need to develop complex APIs that become obsolete when there is a system version upgrade. Robotic Automation is interfacing at the user level just as the usual employee does; this means that security and confidentiality remain the same.
Robotics Automation is a revolution in software and fits particularly well into banking processes such as accounts management, loans attribution, cards operations, or reconciliation. In these processes, there is a huge number of agents that are working with them manually. Every resource is following a standard operating procedure, which is made up of a series of data reading, decisions or business rules to apply, and then actions done by using their mouse and keyboard. Robotic Automation is doing the same: it is the third hand of an employee, supporting him by reading the data, taking decisions and acting based on them.
Robotic Automation may be mostly perceived as the enabler to decrease the need for human labor, reduce handling time and response time, or quickly interface with existing systems valuable to their bottom line. But it brings many other benefits, mostly when used in Desktop Automation: it allows to create an adaptive interface that easily enables a 360 degrees view of the customer, and propose contextual support to the agent.
Robotic Automation also brings the capability to continuously monitor business processes, as well as the staff’s behavior as part of those processes. This monitoring of patterns and events gathered through machine observation can then be used for future improvements or quality monitoring purposes. On top of that, robotic automation is capable of eliminating almost any processing error, allowing a high accuracy level.
Freeing agents from tedious and repetitive tasks will increase their overall productivity: they can work on more value-added activities that involve personal interaction, problem-solving, and decision-making. It helps the front office agents to be more proactive with customers while benefiting from contextual guidance to propose additional products or services. All that contributes to faster training, a better employee satisfaction, thus better retention rates.
Robotic Automation supports banks in their major processes
HR payroll and administration
Reporting and data analysis
Robotic automation benefits for banks
Reducing unnecessary processes times
Average handling time may be reduced by up to 80%, while response time can be reduced by up to 90%.
Ensuring accuracy and consistency
Robotic automation removes errors and provides consistent results and decisions
Allowing full auditable processes
Each and every process step is logged and available for analysis for regulatory compliance
Empowering employee satisfaction
Tedious tasks are removed from the agents, who can concentrate on added-value interactions that are elevating customer experience
New players, or smaller banks, can easily grow while keeping costs low, and remaining competitive.Larger organizations can compete on pricing and time-to-market without facing expensive integration of complex legacy systems
Providing new insights
Robotic automation creates contextual and unified views of the customers, providing identification of opportunities and operational improvements
Best approach to a successful implementation
A pilot is a great way to put the business dollars in right use and provide the executives with the information needed to take decisions on robotic automation implementation. The approach is effective: identify the opportunity, validate it, design the mode, and deploy the pilot.
Listed below are a few key items organizations need to keep in mind when they select an automation process:
Select a process (or its sub-process) with higher resource usage.
None or minimum dependency on other groups or departments (for approvals, emails, etc.) as part of the process.
Low to Medium Complexity Process – Number of applications Involved, Business Rules, and Exceptions. Choosing the most complex process for an initial automation may not always be a good choice since you are trying to prove the automation case within a defined constraints of environment, budget, and timelines.
Simple Process – To show Agility, speed of development and deployment
Integrated Process – Multiple Applications (2 or 3 max) or input source (Excel, Files, Databases, etc.) to highlight the available features of the solution.
Define Success Criteria upfront and set Expectations with parties involved
Plan to democratize automation in other departments
Develop best practices and challenge the norm
Robotic Automation is the next revolution, and it is already here.
Case study: BNP-Paribas – Hello Bank
In June 2013, BNP-Paribas launched a new offer for online banking on the European market (France, Germany, and Belgium). The opening of clients accounts, after a self-online subscription, required a complex process. It implied KYC controls, validations in external systems, and administration steps in the central back office information systems of the head office.
The KYC process includes seven checks in external systems, five data controls, and documents validation. It involves the internal creation of the new clients’ account with 17 data processing steps. In its original architecture, the processes presented ruptures and lacked coherence controls, which was a source of complexity and errors.
BNP-Paribas decided to optimize the KYC and activation processed by automating controls, and by robotizing its validations. Also, it appeared essential to bring a Next Best Action, online assistance to the operators.
BNP-Paribas selected Contextor, an RPA, and RDA innovative European solution. Their experts created applications’ assistants which automated all the KYC control tasks and systematized the validations. These assistants launch many third party applications, such as the one from the central bank, or the one for loan research, this to provide a comprehensive report on the subscriber’s eligibility.
Also, the creation of a real-time contextual banner (dynamic panel) on the workstations allowed a quick appropriation and live assistance through next best action guidance. Learning the processes was facilitated, and contributed to the reduction of errors. The operator’s efficiency was dramatically improved by the reduction of the number and the nature of the clicks, copy-paste, and re-entry.
The robotic assistants support the operator by proposing the right decisions while releasing him of the tiresome and redundant tasks.
Agile Governance, for the transformation assistance,
Improvement, for the reliability of the processes,
Cross application, for inter-applications interaction,
Dynamic panel, for the performance of the advisers,
Next best action, for a powerful online help.
Increased agents’ effectiveness and efficiency,
Controlled evolution of the Information System,
Fast integration of diverse technologies like 3270, Web, Windows client, without touching the business applications,
Improvement of the success rate related to customer’s account activation,
Dramatic reduction of the average handling time for the subscriber KYC and account activations,
Creation of an operational contextual banner (dynamic panel).
Advanced statistical data
Time to Market: 6 weeks
Operational Deployment: 1 week
Average handling time: -80%
Average response time: -90%
Dedicated workstations: 100
Integrated applications: 12 applications
Creation: 1 single interface.
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Kleptika is the sole distributor of Contextor, a European leader in robotic automation solution. Contextor delivers both RDA and RPA capabilities, as well as contextual and dynamic user interface.
Kleptika partners with Contextor the European Leader in RPA/ RDA (Robotic Desktop Automation) to automate businesses processes and optimize results for all UAE and GCC companies.
Contextor’s business strategy provides an integrated development environment implementing agile and enhanced customer experience. Contextor brings the RPA technology to the desktop level in a fast and easy way, minimizing time to market and flexibility. Gaining time is good but providing a solution that benefits operations and the customer side is even better. The RDA solution is currently deployed in back and front office, point of sales, branches and even mobile applications.