Digitalization of the financial services is a massive growth in the banking industry considering its success and customer acceptance. While the payments are just a few clicks away, other financial services like mortgages, loan processing, etc., are still strenuous and time-consuming tasks. So the next big innovation that the lending markets needs to think is about digitalizing lending processes to make it error-free, trustworthy, quick, and simple.
To add to this challenge, the recent pandemic has delayed the growth of lending markets. This led the governments across the globe to fund SMEs aiming to help them maintain liquidity and manage essential utilities which include lending markets as well.
However, the question is how can we optimize the lending process to justify the funds to the maximum extent? With many businesses adapting themselves to a new lifestyle with digitalization, this is the right time for lending services to up their game in digital innovation.
Nevertheless, aspects like legacy-based system, clusters of unstructured data, complicated compliances, etc., curb the growth of lending markets making digital development a challenge. How to overcome these challenges to develop a successful lending processing system?
Hyper-automation is the answer to these questions. It is a step up in the automation technology, which simplifies the lending process from on-boarding to approval of loans. With hyper-automation, lending services can make the customer expectations of moving towards a digitally active lending process a reality.
Having said that, just shifting the existing lending services to an online platform doesn’t guarantee maximum benefit. Banking services need to update their services along with moving to a digital platform to enhance their customer relationship. While RPA promises to reduce the human efforts in customer-on-boarding services it is not sufficient, given the other stages in the lending process like customer verification, data processing, etc. are equally challenging. That is where hyper-automation proves beneficial. Hyper-automation is the integration of multiple digital technologies like RPA, AI, ML, and other cognitive elements which enhances automation. With Hyper-automation, the benefits are plenty some of which include faster execution, smarter agents and bots providing 24/7 support, reduces errors, etc.
To know more about the benefits and challenges of hyper-automation in lending services, join us along with guest speakers Ronak Doshi, Vice President, Everest Group and Kriti Gupta, Senior Analyst, Everest Group, and our in-house Head of Artificial Intelligence, Anand Subramaniam, in the webinar – Hyper-automation in Lending Framework to Build a Resilient and Sustainable Digital Operating Model.
In this webinar, we discuss:
- The need for Hyper-automation in small and medium financial services
- The challenges behind providing an efficient automated lending platform
- How Hyper-automation can build a future-ready, self-sustaining lending platform
Date and Time: 29th July, 2020 – 11:00 AM CST
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