Today’s banking world looks vastly different than it did a decade ago. New technologies, competitors, and changing customer expectations have disrupted the industry. To stay competitive and survive in this ever-changing landscape, banks must adopt new technologies and processes that allow them to operate at scale and with agility.
One such technology is hyperautomation. This article will discuss what hyperautomation is and how banks can use it to automate SOX compliance and improve their overall services.
What is Hyperautomation?
Hyperautomation is the use of multiple automation technologies to automate processes end-to-end. It means using many different technologies to automate a strategy to help banks complete their daily tasks more efficiently.
It goes beyond traditional process automation and includes using artificial intelligence (AI) and machine learning (ML) to automate tasks that humans previously performed. Hyperautomation can automate manual tasks, decision-making processes, and workflows.
Benefits of Hyperautomation
Banks use hyperautomation for a variety of reasons. The most common reason is to improve efficiency and speed up processes. Hyperautomation can also help banks reduce costs, improve accuracy and compliance, and make better decisions.
Improve Efficiency and Speed Up Processes
Banks are under constant pressure to improve efficiency and speed up processes. They must do this to remain competitive and keep up with the changing customer expectations.
Hyperautomation can help banks achieve these goals by automating manual tasks, decision-making processes, and workflows. This allows banks to operate at a faster pace and with greater agility. In addition, hyperautomation can help banks improve their customer experience by providing quicker and more accurate services.
By automating manual tasks, hyperautomation can help banks reduce their operating costs. In addition, hyperautomation can help banks improve their accuracy and compliance, further reducing costs.
Improve Accuracy and Compliance
Banks must comply with various regulations, including the Sarbanes-Oxley Act (SOX). The Sarbanes-Oxley Act (SOX) was enacted in 2002 to protect investors from fraudulent accounting practices. It requires all public companies to maintain accurate financial records and promptly disclose material changes.
When banks automate SOX compliance, they improve their accuracy and compliance posture and have better record-keeping and disclosure processes.
Make Better Decisions
Because hyperautomation collects and analyzes data from multiple sources, it can help banks make better decisions regarding their products, services, and strategies. Hyperautomation can help banks identify trends and better decide where to allocate their resources.
How to Implement Hyperautomation
When considering how to implement hyperautomation, financial institutions should first assess their needs and objectives. Determine what processes benefit most from automation and what technologies are available to help you achieve your goals.
Some things to consider when making this decision include:
- What manual tasks take up the most time?
- What processes are the most error-prone?
- What processes are the most compliance-heavy?
Once you have identified the processes that would benefit most from automation, you can begin implementing the technology. Considering how the technology will integrate with your existing systems and infrastructure is crucial to having a smooth merger. Be prepared for the possibility of some hiccups along the way and have a plan in place to address them.
Keeping your team abreast of your plans to bring in new automation technology is essential to ensure a smooth transition. They must be trained to use the new technology and understand its capabilities. Providing adequate training will help your team feel comfortable with the change and allow them to take full advantage of the benefits hyperautomation has to offer.
As with any new initiative, it is important to set measurable goals and objectives. This will help you track your progress and ensure that the hyperautomation technology has the desired effect. Furthermore, setting goals will help you identify areas where further improvement is needed.
Some goals to include may be:
- How well does the system automate SOX compliance?
- How much time and money has been saved?
- What is the customer satisfaction rating?
The Future of Hyerpautomation
As banks increasingly adopt hyperautomation technology, the potential benefits will continue to grow. In the future, hyperautomation will bring even greater efficiency and cost savings to banks and improve customer experiences.
As the technology matures, we can expect to see even more widespread adoption across the banking industry. With its ability to improve accuracy, compliance, and decision-making, hyperautomation is poised to become a cornerstone of the modern bank.