While banks were already moving towards hyperautomation, COVID-19 has accelerated their efforts. According toa recent Deloitte report, the pandemic has been “reshaping the global banking industry on a number of dimensions, ushering in a new competitive landscape…prompting a new wave of innovation, recasting the role of branches, and of course, accelerating digitization in almost every sphere of banking and capital markets.”In this article we will briefly look at what hyperautomation is and the role that it is playing in transforming several core banking processes.
Hyperautomation, explained
Hyperautomation is a term that wascoined by Gartner in 2019. Hyperautomation refers to the use of advanced technologies like machine learning, and robotics process automation (RPA) to automate manual tasks. It is important to note that hyperautomation isnot meant to replace human workers but loop them into the process. According to Deloitte, “using collaborative intelligence, technology and humans work together. Employees can begin to train automation tools and other software. Through ML, they can get to a state of AI-enabled decision-making. With hyperautomation, companies can begin to reimagine work…”
