Digital Process Automation for Banks (2023)
Throughout our conversations with banking clients about digital process automation (DPA), we have noticed a common challenge they face - scaling up from proof-of-concepts to enterprise-wide implementations. Despite setting up a center of excellence (CoE) to drive DPA adoption, they struggle to move forward.
To unleash the full potential of automation for both customers and employees, it is crucial to address the obstacles and empower the CoE.
So, what is DPA exactly? It's a series of steps aimed at transforming a traditional process into a digital one. This includes utilizing digital workflows and various automation tools such as cognitive chatbots, robotic process automation, and machine learning. The ultimate goal is to enhance the entire customer journey and improve employee effectiveness.
DPA Use Cases
Customer onboarding: DPA can streamline the customer onboarding process by automating the verification and processing of customer information and documents.
Loan processing: DPA can automate the loan application and approval process, reducing the time it takes to process loans and improving the customer experience.
Fraud detection: DPA can use machine learning algorithms to analyze large amounts of data and detect potential fraud, improving the efficiency and accuracy of fraud detection.
Compliance: DPA can automate compliance checks and reporting, reducing the risk of non-compliance and improving the speed and accuracy of compliance reporting.
Customer service: DPA can automate repetitive tasks such as answering frequently asked questions and handling customer requests, improving the efficiency and effectiveness of customer service.
Account reconciliation: DPA can automate the process of reconciling accounts, reducing the time and effort required for this task and improving the accuracy of account reconciliation.
Back-office operations: DPA can automate tasks such as data entry, invoicing, and payments processing, improving the efficiency and accuracy of back-office operations.
To maximize the benefits, DPA should also focus on optimizing outcomes across processes, not just within them. For instance, automating a task like locating a customer account can be reused by different teams, such as compliance, to maximize the return on investment.
However, executing this efficiently requires close collaboration between the CoE and the business units, which can be a challenge in itself. Business leaders may not prioritize DPA and funding for DPA projects may be fragmented.
To overcome these obstacles, the CoE must be positioned as a business enabler and not just a technology group. It should be funded in a way that encourages long-term benefits such as improved sales, employee retention, and customer experience, not just operational efficiency. Moreover, the CoE governance structure should include a mix of business and IT leaders to balance short-term and long-term goals.
To empower the CoE to drive DPA at scale, here are three steps to follow:
Secure support and sponsorship from the executive committee
Budget for large-scale delivery
Use DPA as a means to address legacy re-platforming
With successful implementation, DPA has the potential to bring significant improvements to the customer experience, employee engagement, and operational efficiency. Now is the time to build the bank of the future with DPA.
Stealth Scaling serves a variety of industries, including insurance, finance, healthcare, and retail. The company's platform is designed to be easy to use and implement, making it accessible to businesses of all sizes.
Stealth Scaling is a company that helps businesses automate manual and repetitive processes to improve efficiency and reduce costs. The company provides a range of services, including process automation, data extraction and management, and process optimization, serving a variety of industries.
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