Robotic Process Automation or RPA has emerged as the starting point for digital transformation in financial sector as well as other sectors. According to Gartner, 85% of companies with more than $1 billion in annual revenue will deploy some form of RPA by 2022. As stated by UiPath, 75% increase in productivity can be achieved through automation by removing the burden of monotonous and time-consuming tasks. Banks and NBFIs seek to optimize credit decisions, improve financial risk management and enhance customer experience, therefore, introducing automation will prove to be a vital solution to cater to all these aspects.
eGeneration, the leading local software company and UiPath, world's number 1 RPA/hyperautomation platform as per leading analyst reports - Gartner magic Quadrant, Everest, Forrester, Nelson Hall, etc. along with being the world's fastest growing enterprise software company with USD 10.2 billion valuation have jointly organized a webinar titled “Reimagine Financial Sector with Robotic Process Automation” in partnership with two dailies. Shameem Ahsan, Chairman of eGeneration and Nitin Purwar, Senior Functional Architect of UiPath delivered their keynote presentations.
Shameem Ahsan, Chairman of eGeneration said, “Robotic Process Automation can automate work that is tedious like performing repetitive tasks in offices and eventually it will give us time for what makes us human. Time for what computers cannot do: empathy and creativity. To make the most of this opportunity, an organization needs to adopt an “automation first” mindset from top to bottom.”
Syed Mahbubur Rahman, Managing Director of Mutual Trust Bank Ltd. said, “COVID-19 has taught us how important technology is during lockdowns. In a country with 60 banks, our first and foremost objective is to improve customer experience which can be achieved through the implementation of RPA. It is unfortunate that data integrity and data accuracy still lacks in our country. I strongly believe that digitization has become the fuel to be competitive and agile.”
Selim R.F. Hussain, Managing Director of Brac Bank Ltd. said, “Over the last few years, there is a lack of skilled resources in the banking sector as many of them are moving to different sectors, and adding to that is the surge in costs. Therefore, it is evident for banks today with the reduction in margin and the challenges posed by the pandemic, there is an enormous pressure to improve processes. I would encourage banks to look into RPA which will help us embark on the journey towards digitization.”
Rahel Ahmed, Managing Director and CEO of Prime Bank Ltd. said, “Digital transformation is no longer in the future, it is in the present. We seek to automate as many processes as possible going forward, and that is where digital transformation, artificial intelligence (AI) and robotics come into effect. Moreover, we are getting to a place where almost every bank is incorporating chatbots which is one form of automation. Accordingly, we are definitely in this transformation and so is the Bangladesh financial sector.”
Nitin Purwar, Senior Functional Architect of UiPath said, “Banks should prioritize providing exceptional customer service not just during the on-boarding stage, but throughout a customer’s journey. I think it is becoming imperative for some of the larger banks and established banks to make sure that their digitization strategy is on par with the new and upcoming banks. Previously, banks would shy away to scale their journey regarding automation, but now there is an increase in adaptation of automation as well as scaling of automation as the robust benefits of RPA are becoming more popular.”
Abdullah Al Mamoon, DMD and COO of United Commercial Bank Ltd. said “I believe that RPA will definitely complement the digital transformation. The benefits that RPA is going to incorporate into the banking business is indomitable and will happen only if we truly put traction and acceleration in the digital transformation. During this pandemic, I think RPA will contribute immensely to help manage a lot more efficiently.”
Mohammad Aminul Haque, Acting CEO and CFO of Nagad said, “RPA is a very important terminology at this moment, both for fintech and banks. This is the right time to revisit the entire ecosystem because we are talking about the economy of Bangladesh where 90% of the transactions are happening through cash transactions and a lot of people still do not have fintech wallet. In a country like Bangladesh, such automation is very essential. Now is the perfect time to automate processes not just for the banking industry, but also for every other existing industry.”
Jaya Janardanan, COO of Ujjivan Small Finance Bank said, “RPA is crucial for all organizations as it will streamline various business processes by automating repetitive and time-consuming tasks. I think the sooner companies adopt RPA, the better it will prove to be for them. RPA will perform processes more efficiently along with being more compliant. Also, it is very critical for organizations to plan what you need to do, how you need to do and to recognize the activities you want to automate.”
Emran Abdullah, Director, Operations and Sales of eGeneration said, “The automation first era is here, and eGeneration in partnership with UiPath can help companies position themselves to succeed and thrive in this exciting time of technological innovation and disruption.”
-rmc/
