SEARCH
How hyperautomation and AI are revolutionising financial services
How hyperautomation and AI are revolutionising financial services
As the world adjusts to new online and hybrid workplaces, demand for digital financial services will only continue to grow. Financial services providers won’t be able to meet this demand until they embrace emerging technologies that help them deliver superior services to the market.
While speed to market is vital, financial services providers must also seek ways to tailor products to individual customer preferences, in turn, build brand loyalty.
Businesses could automate up to 60 per cent of their administrative tasks and slash their operational costs by as much as 30 per cent, according to McKinsey. It should be no surprise that 95 per cent of organisations globally have either implemented or are currently implementing their own automation solutions. Employee satisfaction may be the most attractive aspect of hyperautomation. A recent Salesforce survey found that staff were significantly happier with their jobs when empowered to remove mundane tasks from their daily routines.
Hyperautomation
The popularity of automation technology led to the emergence of “hyperautomation”, where businesses scale their automation projects across the entire business to automate any and every process and system they can. This mentality has only been strengthened by emerging technology like robotic process automation (RPA), one of the most popular enablers of hyperautomation. RPA platforms use technology to identify and automate business areas, in essence automating the automation process. While RPA has emerged as the most popular technology, even more, basic platforms like machine learning can empower staff to automate processes themselves. For example, an employee could program a machine-learning algorithm to automatically onboard new customers instead of manually onboarding them, only alerting the employee if there’s an abnormal customer request.
Automation means efficiency, not redundancy
For as long as the concept of automation has existed, so too have concerns that automation means employees will lose their jobs to robots. The same goes for financial advisors, with the rise of robo-advisors giving the industry cause for concern that artificial intelligence could take their job. Financial advisors need to make automation work for them, not vice versa, which means empowering them to complete their job faster, more efficiently and with less frustration, giving them time back to focus on other requirements like developing more personalised relationships with customers.
Using APIs to revolutionise home loans
Take Australian financial technology company Tic:Toc, for example, a digital-first home loan provider. The company wanted to automate its home loan approval and fulfilment process to make it easier and faster for customers to receive a decision, while cutting out the need for paper applications. Using MuleSoft, Tic:Toc created a catalogue of APIs to unlock data from 22 systems, including the e-form application so customers could receive a decision on their home loan immediately from their device. As a result, Tic:Toc reduced the application and approval time from the 22-day industry average down to just 22 minutes. The company didn’t need to make any staff redundant either, given the home loan approval process was paper-based, it merely removed an unnecessary process that technology can do faster.
This year, expect to hear more about hyperautomation as more organisations come to understand the benefits of freeing up staff to do what they love.
Marc Caltabiano, Vice President ANZ, MuleSoft
About the author
Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily. Neil is also the host of the ifa show podcast.
Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily. Neil is also the host of the ifa show podcast.
Subscribe to our Newsletter
We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians
Your email address will be shared with nestegg and subject to our Privacy Policy
latest articles
OUR PLATFORMS AND BRANDS
- Accountants Daily
- Accounting Times
- Adviser Innovation
- Australian Aviation
- Broker Daily
- Cyber Daily
- Defence Connect
- Fintech Business
- HR Leader
- Independent Financial Adviser
- Investment Centre
- Investor Daily
- Lawyers Weekly
- Money Management
- Nestegg
- Property Buzz
- Real Estate Business
- Smart Property Investment
- SMSF Adviser
- Space Connect
- Super Review
- The Adviser
- Wellness Daily
- World of Aviation
EVENTS AND SUMMITS
- Accountants Daily 30 Under 30 Awards
- Adviser Innovation Summit
- Australian Accounting Awards
- Australian Aviation Awards
- Australian Broking Awards
- Australian Defence Industry Awards
- Australian Law Awards
- Australian Space Awards
- Australian Space Summit
- Better Business Summit & Awards
- Broker Daily Business Awards
- Corporate Counsel Summit & Awards
- Cyber Security Summit & Awards
- Defence Connect Budget Lunch
- Defence Connect DSR Summit
- Fund Manager of the Year Awards
- ifa Excellence Awards
- ifa Future Forum
- Investor Daily ESG Summit
- Lawyers Weekly 30 Under 30 Awards
- Lawyers Weekly Women in Law Forum
- New Broker Academy
- Partner of the Year Awards
- REB Awards
- Reinnovate
- SME Broker Bootcamp
- SMSF Adviser Technical Day
- Super Fund of the Year Awards
- Women in Finance Awards
- Women in Law Awards
- Accountants Daily Podcast Network
- Australian Aviation Podcast Network
- Broker Daily Podcast Network
- Defence Connect Podcast Network
- HR Leader Podcast Network
- REB Podcast Network
- Relative Return
- Space Connect Podcast
- The Adviser Podcast Network
- The ifa Show
- The Lawyers Weekly Show
- The Smart Property Investment Show
PODCASTS
LEARNING AND EDUCATION
MOMENTUM MARKETS NETWORK
LINKS
STAY CONNECTED
Subscribe to the Adviser Innovation eNewsletter.
