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How RPA in Banking is beneficial

Banking Industry has been transforming over the years. Technology has allowed the banks to manage their data much better making it centrally available. This data is also used now to get insights that were previously not possible.

Over the years the core banking function has involved a lot of people. With people, there is always a requirement for processes so that everyone in the organisation can take the same decisions. However, people following processes sometime maybe tired or be biased or bored or another people issue you have seen, which may lead to poor decisions. Research now has proven that computers are more reliable and unbiased while taking the decision based on processes and policies. This brings us to the concept of Robotic Process Automation.

RPA involves studying the existing processes and automating the most obvious and straightforward decisions in the process. This allows the companies to get better results on the execution of those processes. People are moved to doing more productive and creative things like identifying new revenue sources or creating new banking programs that can help the customer satisfaction with their bank.

RPA in banking - Mantra Labs

In this era of digitization, the existing banks face the extra challenges of digitization across the whole banking value chain as well as new banking models that are coming up with new age players. This combined with the regulatory frameworks that keep a tight noose and higher operating capital requirements make it a difficult business to be in.

RPA provides a side gate of relief for the banking industry as a whole with the benefits it entails. By using robotic algorithms the decisions can be made faster leading to faster processing cycles for every transaction. Computer programs can also perform self-audits to be compliant to regulations as soon as they change or apply. The existing infrastructure remains same which means not a great spend in opex. With data centrally managed and automated programs looking for insights it can bring huge benefits by finding deep operational insights to save time and cost.

RPA benefits in banking - Mantra Labs

The automation and computer software may make you feel that RPA is only applicable in IT systems however there are more areas that RPA can help. The key areas in banking that can be benefitted from RPA.
– Reporting
– Compliance
– Cyber Risk and Resilience
– sourcing and procurement
– Accounting and Administration
– Securities operations

Mantra Labs has been working with leading FinTech companies like EzeTap, Religare, I&M Bank and others in the fields of Payments, Insurance, Banking Solutions, Micro lending and newer initiatives of AI, Blockchain and Robotics Process Automation. For any query, contact us at hello@mantralabsglobal.com

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The Essence of User-Centered Design: A Dive into Fundamental Principles

In a digital world where user experience reigns supreme, crafting designs that resonate has become a mission. Enter User-Centered Design (UCD), a philosophy placing users at the core of the creative process. In this exploration, we’ll delve into the fundamental principles of User-Centered Design and understand why they are the keystones of successful interfaces.

User-Centered Design

Introduction:

Imagine navigating a website seamlessly, effortlessly finding what you need. That experience is no accident but the result of intentional design. User-centered design (UCD) is the compass guiding designers toward creating interfaces that users not only navigate but embrace.

1. Empathy is Key:

  • Incorporate for a better approach: Start by stepping into the shoes of your users. What are their pain points? What delights them? By empathizing, designers gain insights that drive user-focused design decisions.

2. User Involvement Throughout the Design Process:

  • Real-life example or statistic: Apple’s iterative design process involves user testing at every stage. This constant involvement ensures that their products align precisely with user needs.

3. Holistic Approach to Design:

  • Visual content: Picture your design not as isolated screens but as a cohesive journey. Use diagrams to illustrate how each component fits into the larger user experience ecosystem.

4. Usability is Non-Negotiable:

  • Case studies or examples: Consider the success of Google’s homepage. Its simplicity and efficiency showcase the power of a user-centered approach, emphasizing usability.

5. Accessibility for All:

  • End with a clear call-to-action: Make your designs accessible. It’s not just a legal obligation; it’s an ethical imperative. Ensure your interfaces are usable by everyone, regardless of ability.

6. Consistency Across the Interface:

  • Formatting for readability: Consistency is not just a design principle; it’s a readability strategy. Use bullet points for clarity and short paragraphs for easy consumption.

7. Flexibility and Customization:

  • Inclusive language: Users are diverse, so should your designs be. Incorporate flexibility and customization options. This ensures your interface caters to a broad range of preferences.

Why User-Centered Design Matters:

A. Enhanced User Satisfaction:

  • Feedback mechanism: Prioritize user satisfaction. A satisfied user is an engaged user. Welcome reader input and questions to keep the conversation alive.

B. Reduced Learning Curve:

  • Clear call-to-action: Minimize frustration. Make your interfaces intuitive, reducing the learning curve. Invite users to explore with a clear call-to-action.

C. Increased Engagement and Retention:

  • Visual content: Engaging interfaces retain users. Visualize engagement with appealing images or infographics. Showcase how user-centered designs reduce bounce rates.

D. Effective Problem Solving:

  • Tangible proof: Case studies offer tangible proof. Explore how UCD’s iterative process allows for effective problem-solving. Real-world examples bring these concepts to life.

Conclusion:

In the grand tapestry of digital design, User-Centered Design is the thread weaving functionality, aesthetics, and user satisfaction into a seamless whole. By embracing these principles, designers transform mere interfaces into user-centric experiences. So, as you embark on your design journey, remember: User-centered design isn’t just a philosophy; it’s a commitment to excellence. Design with the user in mind, and success will follow.

About the Author: Mehul Chauhan is a seasoned Senior UI/UX Designer at Mantra Labs. With a deep understanding of design principles and a keen eye for detail, he brings creativity and innovation to every project he touches. When he’s not busy perfecting digital interfaces, you can find him seeking inspiration in art galleries or exploring the latest design trends across various industries.

Further Reading: Unveiling the Art of Emotional Design

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