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How RPA will revolutionize the IT processes

Robotic Process Automation(RPA) is a software that is designed to mimic the human back-office activities, especially for the repetitive and dreary tasks. RPA can perform these tasks at a higher pace effortlessly and effectively saving a lot of time, that can be used to perform other activities that need human strength like emotional intelligence, reasoning and customer interactions. The primary goal of RPA implementation is to streamline the tedious tasks of enterprises and automate as many processes as possible while leveraging the benefits of AI and machine learning tools.

Companies are adopting RPA to reduce the staffing costs and mitigate chances of human errors. The scope of RPA and the extent to which it can be customized is pretty extensive. It can be programmed to perform simplest of the tasks like sending an automated email to performing complex business processes.

Here are the few ways in RPA is revolutionizing IT processes:

1. Adoption in all the realms of organization:

Organizations are adopting RPA not just for internal processes but also for external and customer-oriented processes. For example, the auto-response feature for the incoming emails is one field where RPA implementation can offer excellent productivity output. Several companies have already implemented RPA, and it has proven its potential, encouraging other firms also to embrace process automation.

2. Integration with other tools:

RPA implementation is a rich area for innovation and companies has already realized that they can reap more significant benefits from RPA when integrated with other technologies. In the next few years, one can expect that RPA together with cognitive automation will be capable of performing more complex tasks that are possible only by humans today. The term RPA might be replaced by SPA (smart rule automation) which lays the foundation of smarter business processes or intelligent automation process.

3. Artificial intelligence:

The basic RPA implementation by companies involves automation based on pre-defined conditions. The future version, i.e. RPA 2.0 will be integrating the concepts of AI and other machine learning tools making RPA much more than just a rule-based automation technology. To what extent it will get revolutionized will solely depend on the needs of individual organizations but the impact of RPA on the business processes is expected to be huge.

4. Capabilities of Bots:

Bots are capable of using the operating system just like humans. They can be programmed to open an email and send a response or log into an application or create files and folders. They can further be made to do data processing and perform functions like making calculations, following if-else conditions, extracting data from documents, scraping data from the web and a lot other things.

Types of RPA:

    Attended Automation:  They are deployed at places where automation is possible but with human intervention. The assigned user will launch the bot to perform several functions automatically based on some pre-defined conditions.  In case of an anomaly, the bot may ask the user for assistance.

    Unattended automation: They work in the background and are best for back-office employees. Most of these bots are triggered when new data is entered into the system and needs data processing for marketing and regulatory needs.

    Hybrid:  Both the attended and unattended automation are combined for the front as well as back office operations. It helps to attain end-to-end automation of processes.

The hula-boo around RPA is not meaningless and is of utmost importance for all the enterprises. Where big firms are already preparing for the next level of automation other companies are also not hesitating to take the plunge into the RPA pool.  In the next decade, RPA will not just be a fancy term but will become the conventional need of the businesses.

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Open Finance: Reality or Hype?

3 minutes read

Open Banking has reshaped the fintech industry. Customers want a seamless experience with more convenient and flexible access to services. Technological innovation and digital transformation have led to the emergence of neobanks which offer a banking experience similar to delivery apps. Now the customers can avail of services like opening an account in minutes. In the last few years, another new concept- Open Finance has joined the queue. What exactly is open finance? Is it just hype or reality? And how open finance might improve customer experience (CX). These are some of the questions that we’re going to talk about in this blog. 

Open Banking

In open banking, banks and other financial institutions allow third-party financial service providers to access the bank’s customers’ data via APIs (application programming interfaces). This helps banks to create more personalized offerings and meet the changing needs of their customers.

What is Open Finance?

Open Banking and Open Finance are similar. However, Open Finance is slightly more advanced in the process. Simply put, it is the next step in open banking. 

Open Finance is a more customer-centric approach. It gives users a safe and dependable way to share their data with the financial tools and apps they prefer to use.

How is Open Finance different from Open Banking?

How is Open Finance different from Open Banking?

Source: Accenture

Open Banking has certain limitations when it comes to sharing of financial data. Here, only that data can be shared which is related to financial operations made within the bank’s app or in a branch office. Open finance goes beyond this limitation.

In Open Finance, non-banking financial data including mortgages, savings, pensions, insurance, and consumer credit – basically your entire financial footprint – could be opened up to trusted third-party APIs if you agree.

Open finance will help open new gateways for financial institutions to improve CX. Let’s dig deeper to understand how this concept will change CX in the Fintech world for the next-Gen customers. 

  1. 360-degree Customer Insights: Data acts as a tool to study deeply about your customers. Organizations can analyze the customer data and extract some valuable insights to design the complete customer journey. Open Finance opens a more secure pathway for financial institutions and gives a more complete picture of their customer’s finances. 
  2. Partnerships & Collaborations: With open finance, comes an opportunity for the financial institutions to network and collaborate with various providers. This means they could deliver a wider variety of services based on consumer data, uncovering new business models and innovations.
  3. Transparency for the Lenders: Lenders can evaluate and measure the creditworthiness of potential borrowers, audit documents, and offer customized solutions by securely collecting customer data. Machine learning algorithms may help to extract valuable insights from raw data.

Open Finance offers freedom and flexibility to consumers giving more options and control over the data they share and how they engage with their finances. With just 8 seconds of attention span, the new age consumers want better experiences to get hooked to one brand. Open finance creates unparalleled access to a broader range of products and services. With data sharing, banking organizations can keep track on the changing customer expectations who want frictionless interactions and hyper-personalized experiences across all touchpoints of the customer journey.

The Road Ahead

Statista predicts that there will be 63.8 million open banking users globally by 2024, increasing at an average annual rate of about 50% between 2020 and 2024. This means there will be more demand for innovative products and services in the industry. Banking organizations would need to analyze the rising customer expectations more closely than ever. And for this, data would act as a key to designing the experience of tomorrow. 

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