As banks prioritize the move toward automation, they can take digitization one step further by looking to hyperautomation as the next logical step in their digital journeys to achieve streamlined workflows and drive faster outcomes. 

Extending automation 

The key difference between automation and hyperautomation lies in the scale of digitization, according to IBM.  

Automation is “the achievement of a repetitive task being moved away from manual processes,” while hyperautomation is the use of a multitude of tools “that enable intelligent automation, including machine learning and RPA to scale automation initiatives,” according to IBM. 

For example, hyperautomation can be leveraged in a call center where representatives often must find customer information or pass inquiries on to other team members, Frances Karamouzis, an analyst at tech consulting firm Gartner, told Bank Automation News, noting it can be used to pull client data to reduce transaction time and manual effort.  

Bots are also a form of hyperautomation, using artificial intelligence (AI) and machine learning (ML) and robot process automation (RPA) to allow for faster processing, lower wait times and improved customer experience, she told BAN.  

“The goal often is either to do one of three things to automate a task, or large multiple tasks, toward a process, or augment a human,” Karamouzis said.  

A business-driven, multi-tool approach 

Gartner defines hyperautomation as a “business-driven, disciplined approach that organizations use to rapidly identify, vet and automate as many business and IT processes as possible.” The use of multiple automated mechanisms together allows businesses to ensure that businesses are focused on digitizing documents and artifacts to ensure that their business and IT process workflows have the least amount of friction.

“When we talk about hyperautomation, we want to make sure that the client is really business-driven and not just doing technology for technology’s sake,” Karamouzis said. “What’s interesting about hyperautomation is it’s hardly ever a one-vendor, or one-tool situation; it’s actually multiple things going on.” 

Businesses are increasingly investing in hyperautomation initiatives, with 80% of 558 organizations surveyed for Gartner’s “Top Strategic Technology Trends for 2022: Hyperautomation” report released in October saying they would increase spend while 78% of business technologists reported their companies use three or more categories of technology tools to deliver their solutions. 

“On average, the data shows that clients are typically using three or more tools,” Karamouzis said. “This is why hyperautomation that continues to grow unabated … all of these people saying that the tools are much more accessible.”  

Hyperautomation in banking 

Banks can leverage hyperautomation to consolidate processes such as identity verification, credit history reviews and loan decisioning — all within a matter of minutes. 

For example, embedded finance platform BankiFi recently integrated open-banking fintech MX’s data-sharing capabilities to drive faster and more accurate loan decisioning for banks when lending to small and medium-sized businesses. 

Similarly, $548 billion Truist is also on the path toward hyperautomation following its September launch of AI-based virtual assistant Truist Assist, which uses natural language processing to answer customers’ banking questions. 

The number of banks turning to hyperautomation “is really quite high,” Karamouzis said. “You can invest a very small amount of money and be running these technologies 24/7.” 

Bank Automation Summit US 2023, taking place March 2-3 in Charlotte, is a crucial event on automation and automation technology in banking. Learn more and register for Bank Automation Summit US 2023.