Improving operating efficiency and sustainability in banking

Robotics Process Automation: A new Initiative for Banks in Africa

automation in banking operations

Banks may find that they need this same level of efficiency again as the energy and cost-of-living crises begin to bite. Robotic process automation can match the output of hundreds of employees, which can end up saving the bank considerable time, resources and money when problem-solving or doing everyday administration. Our recent research found 49% of senior industry leaders believe it is important to future-proof resilience models to ensure they are fit-for-purpose. A recent EY Future Workplace Survey found that “according to 57 per cent of business leaders, productivity is better today than it was pre-pandemic”. SMEs, especially those in the technology and banking sectors, are more able to adapt and thrive in a hybrid workplace. InGain provides various automated solutions for data exchange or cooperation regarding incoming bank payments.

Manually downloading payment files to reimport them to a banking platform is hardly ‘agile’ and knowing your true cash position in real-time is almost impossible, especially when dealing with large-scale operations. GPT chatbots are continuously being enhanced and improved based on customer interactions. Through machine learning algorithms, and consistent developments these chatbots analyze customer feedback, identify areas for improvement, and update automation in banking operations their responses accordingly. This iterative and consistently advancing learning process ensures that the chatbots turn out to be more accurate, reliable, and efficient over time. Banks can leverage this continuous improvement to provide an even better customer experience and continue to stay relevant in an ever-evolving digital landscape. GPT chatbots act as intelligent virtual assistants, capable of performing a wide range of tasks at a given time.


They often don’t require IT involvement, and sometimes they can just be installed on a desktop and left to run. If you have a query or would like to arrange an initial meeting to discuss how we can shape the future of your business, then get in touch and our team will get back to you shortly. ChatGPT is trained on a massive dataset of over 45 terabytes of text data, including books, articles, and other written material. This training data was selected to provide a diverse range of language and topics, which allows it to understand language patterns and relationships between words and phrases.

Banks must implement robust security measures to safeguard customer data and comply with relevant regulations, such as data encryption, access controls, and strict data handling protocols. Automating these tasks can lead to improved operational efficiency, and reduced costs, and offer human resources to focus on more complex and value-added activities. The banking industry is one of the critical sectors of the economy whose contribution to the pace of development and economic growth cannot be fully quantified. Changes in today’s modern world reveal that the preponderance of natural factors cannot equip the banking sector fully to grapple with the exigencies of global completion. Antholt (1993) has declared that information is just as important as a production factor like land, labor and capital.

The cost of inefficient KYC

However, this value is still being left on the table – primarily because there are well-documented automation challenges. These include a lack of tactical and transparent support for automation and heavily siloed deployment within organisations, resulting in disconnects within and across digital transformation efforts. Automation has become vital for future competitiveness and diversity in financial services. This has become apparent in the way that financial institutions are aggressively deploying automation technologies. For Banking and Finance teams, automating the drafting process will play a significant role in improving the quality and consistency of your documents. Compare the level of inconsistencies in manually drafted documents, and weigh this figure with those that have arisen from automated documents.

automation in banking operations

Communication Technology comprises the physical devices and software that link (connect) various computer hardware components and transfer data from one physical location to another. For example, if there are multiple transactions made within a short time, then the RPA identifies the account and flags it for a potential threat. RPA also helps in reducing the time taken to verify customer details from disparate systems and onboard them.

Financial Services

Analytics can also help banks to improve customer acquisition and retention, design customized products and services, and provide personalized customer experiences. Barely a day goes by without the launch of a new report extolling the potential benefits of artificial intelligence (AI) and automation in the financial services industry. These reports often refer to the potential for cost reduction, increased operational efficiency, improved customer experience and, ultimately, bottom-line growth. Automation in the banking industry in Ethiopia plays a crucial role in improving operational efficiency, reducing manual errors, and increasing customer satisfaction. Automation helps banks to streamline their operations, reducing processing times and enabling real-time data management. This results in faster and more efficient banking services, reducing waiting times for customers and improving their experience.

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Moreover, the integration potential extends beyond internal efforts, as third-party solutions seamlessly assimilate into the digital ecosystem, fortifying the industry’s capacity to adapt, innovate, and thrive in the digital era. In order to successfully overcome this, banks need a cost-effective, agile servicing backbone, one that has automation built-in, to design systems that place customers at the centre of their operations. This can be accentuated by building lean, industrialised

processes from modular, universal components, and by having high-performing operational teams with strong leadership. Data analytics is also utilized by banks to manage customer acquisition and retention by understanding customer behaviour and preferences.

Transforming KYC with process automation and real-time digital KYC profiles

One option favoured by Mr Gayner is for companies to have recourse to a considered automation roadmap – the first step toward minimising the cost of automation. “FS sector firms should invest in a robust proof of concept to ensure the technology fits with their wider IT initiatives and complies with corporate policies, but also that the approach to automation is the right one. It is important that automation adds value, and is not just a replacement for bad processes,” explains Mr Gayner. Financial services are forecast to be among the most vulnerable sectors to automation in the short term because algorithms will help produce faster, more efficient analysis, assessments and reports.

What is an example of automation work?

Daily & weekly task automation examples:

Sending payroll for processing. Backing up files. Sending reminder emails. Completing data entry using natural language processing (NLP), robotic process automation (RPA), or artificial intelligence (AI)

As banking undergoes significant transformation, particularly in the post-COVID19 era, the value of digital channels and Banking Automation strategies is more evident than ever. In light of pandemic-induced business and employment shifts, reducing costs to offset pandemic-related losses is paramount. The rise of digital payments has led to a steady decline of the use of physical currencies such as banknotes.

While nearly a quarter (23%) told YouGov they were concerned about their job being automated, 73% believed they would be able to adapt to a future where robots had replaced them in their current role. Similarly, nearly three-quarters of Americans believe AI will eliminate more jobs than it creates (rising to 79% in the financial, insurance, real estate and consulting industries). In July, Christian Sewing, the chief executive, had announced plans to slash 18,000 jobs as part of its business overhaul. Deutsche cut 6,000 jobs and restricted investment banking activities under Sewing as part of its sweeping changes, the media reported. Need a more consultative approach to help determine what’s best for you when it comes to automating bank feeds? Simply need a silent integrator without the need for another banking portal, allowing you to keep everything centralized in NetSuite?

automation in banking operations

The Deutsche Bank aims to drive automation in its back office operations through a project called Operations 4.0 to with the goal to become innovative and digital. With that, the bank’s back office employees are expected to understand basic coding and handle digital tools. A successful digital platform required both a flexible and knowledge base which, with strong governance and disciplined behaviours, forms part of the enablement platform and accelerates strategic use of automation technologies. Embracing a strategic mindset in utilising intelligent automation is critical in capturing maximum value. The bank has already realised an estimated 30 per cent additional enablement value to date from its more than 500 digital workers. This enabled the bank to rapidly develop and deploy processes giving customers access to government pandemic aid and relief funds.

There are several financial services organisations that have already started leveraging this technology. Morgan Stanley has integrated OpenAI-powered chatbots into their operations to support financial advisors with a wealth of knowledge and information from the organisation’s extensive internal repository of research and data. It has been reported that hedge fund, Citadel, is in discussions to obtain an enterprise-wide license for OpenAI’s ChatGPT, which will be utilised for software development and information analysis. Basic processes such as financial reconciliations, employee on-boarding, periodic screening, reporting, data re-entry and mid-term adjustments are just a few of the processes that virtual workers manage across the back office. Using a multi-skilled virtual workforce, banks can automate a large percentage of the KYC process. Virtual workers are able to access systems and applications in the same way as humans do, reading documents and data sources and making rules-based decisions accordingly.

Taking advantage of all the elements of automation available

can lead to an ability to be able to flex operations to be far more adaptable than it has ever been. A key advantage of automating operations is eliminating tedious time-consuming tasks that hinder processes and deliverables. In these scenarios, banks collect the forms, review them, and then decide

whether or not to approve the loan requests. For example, where affordability is tight or there is poor credit history, but there is a sweet spot of the optimal level of automation and straight through

processing, alongside selective oversight and review. Getting the right balance between what is automated and what needs review is critical to getting the right loan decisions and the right outcomes for customers. In conclusion, Transforming Financial Operations with Robotic Process Automation is not only doable but also has an undeniable momentum.

  • RPA in financial aids in creating full review trails for each and every cycle, to diminish business risk as well as keep up with high interaction consistency.
  • There are several financial services organisations that have already started leveraging this technology.
  • Automation has been making waves throughout various industries in recent years, and the IT sector is no exception.
  • Supported with a wide suite of training materials, users can easily adopt the tool and integrate it with their existing stack and way of working.

What is the key to successful automation?

  • First Understand The Value Stream Of The Process In Question.
  • Validate The Process In Question Before Beginning.
  • Simplify The Process As Far As Possible.
  • Ensure You've Got The Data Needed To Inform Workflows.
  • Be Clear About What The Technology Isn't Good At.