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Hyperautomation survived the hype cycle and is poised to increase in priority as GenAI expands the focus and impact of business process transformation.
Generative AI (GenAI) is becoming intrinsic to business strategy, operations and growth and holds the promise of being a transformative technology for banking’s entire range of operations, from customer-facing work to the back office.
The next wave of hyperautomation in banking includes GenAI
Among GenAI’s big opportunities are expanding the reach of automation and the rollout of new, efficiency-boosting automation routines. GenAI can help improve workflow automation, of course, but that pales in comparison to applying human levels of intelligence to automation, which can rapidly expand what’s achievable with existing technologies.
As banks assess how GenAI can transform many parts of their business, they’ll need to make important choices about technology and architecture, product and service offerings, their workforce and their competitive moat.
For nearly a decade, banks invested heavily in automation technologies, now known collectively as hyperautomation. But with GenAI, banking executives are completely rethinking the operational extent of hyperautomation programs and the size of their business impact. GenAI’s abilities can transform work – not merely automate it – by combining intelligence with automation.
With GenAI, banks may be able to solve today’s difficult automation challenges and achieve a step-change improvement in front-to-back efficiency. More importantly, GenAI is inspiring a rethinking of fundamental business processes because with GenAI any employee with the right tools and guardrails can reengineer how existing work is done.
The ultimate prize is increasing productive value and reducing the price point of traditional support functions (such as operations, finance, HR, legal, compliance, etc.), where the bulk of costs traditionally reside.
Where we’re headed next
To find out if there’s a consensus in banking about the current and future state of hyperautomation, we interviewed digital transformation and automation leaders across a range of institutions in the US and Canada. We wanted a better understanding of how hyperautomation investments changed as key lessons were learned and to gauge how the hyperautomation ecosystem would evolve as GenAI investment grows. Our questions focused on:
- What is the historic and current programmatic structure of automation investments?
- What worked and what didn’t in these historic investments?
- What changed in these investments over time?
- How do past automation investments overlap with the bank's GenAI strategy? Do the automation leaders have a seat at the table when GenAI strategy is discussed?
- How did these investments overlap with people strategy and, specifically, how has the business-user role evolved with automation tooling?
Explore the common themes that emerged from our interviews
- GenAI will greatly enhance and expand hyperautomation’s power
- RPA is not “dead”
- The convergence opportunity
- Transforming people and processes is essential
- Roles of “citizen activators” and “citizen developers”
In each, we highlight our findings from our conversations with hyperautomation leaders, make recommendations for how automation investments should evolve and discuss how it influences GenAI strategy.
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