Digital adoption among enterprises has been accelerated, especially after the global coronavirus pandemic. Companies are now more focused on using trailblazing technologies capable of increasing operational efficiencies and boosting productivity. Among all the technologies, hyperautomation has gained maximum traction in the last few years.
According to a new forecast from Gartner, the worldwide market for technology enabling hyperautomation will reach $596.6 billion in 2022.
Hyperautomation is a business-driven approach that helps enterprises automate their activities by mimicking five main capabilities: hearing, observing, speaking, performing, and understanding. Hyperautomation leverages multiple technologies, including artificial intelligence (AI), machine learning (ML), robotic process automation (RPA), and makes it easier for enterprises to work, especially time-consuming processes like customer onboarding.
Customer onboarding challenges that hyperautomation can solve
Customer onboarding is a crucial yet challenging process for financial institutions. It involves several departments within the bank, each having its own set of documents verification criteria to be met. Waiting for approval from each department may slow down the onboarding process. This leads to high rates of account opening abandonment as not many customers wait for such long durations forcing financial institutions to forego some onboarding opportunities.
Another challenge that most banks face is the changing regulations that financial institutions must comply with. These regulatory compliances are complex, and it takes a lot of time for banks to verify each document.
Due to the increased number of crimes related to identity theft and cybercrime, banks need to regularly review and adjust their internal processes, adapt internal systems, and communicate changes to customers promptly.
Legacy systems can sometimes hinder smooth document processing, making it difficult for banks to offer a delightful end-to-end customer experience. With old legacy systems, banks find it difficult to maintain and update data across all systems, resulting in a delay in the onboarding process.
The number of documents required during customer onboarding usually ranges from 5 to 10 but can be more in complex cases. Each document is required to be assessed manually by a different department to calculate the risks and credit score, creating confusion, and leading to errors.
How can hyperautomation transform customer onboarding?
Now that we know some of the challenges that banks, and other financial institutions face during the customer onboarding process let us see how hyperautomation can help overcome them.
Leveraging ML, AI, RPA and data analytics, a lot of manual work in the customer onboarding process can be partially or fully automated. The time required will be reduced to minutes rather than days, leaving enough room for banks to accelerate customer onboarding and grab new opportunities.
However, increased speed is not the only reason banks must switch to onboarding process automation. Other benefits of hyperautomation include improved regulatory compliance resulting in lower risk of defaulters and enhanced customer satisfaction, resulting in higher customer retention rates. Hyperautomation also provides better analysis of all the customer documents submitted, helping banks eliminate bottlenecks that were unnoticed before.
Changing customer expectations and a growing demand for faster and personalized services are forcing financial institutions to move towards hyperautomation.
PureSoftware is one of the leading software products and development companies working in the domain of digital transformation. We have helped myriads of businesses achieve their digitization goals, including leveraging hyperautomation. To know more about us or how to automate your business processes, speak to our experts today.