Automation is fast becoming a strategic business imperative for banks seeking to innovate whether through internal channels, acquisition or partnership. Implementing integrated automation solutions will enable banks to streamline the very tasks that are holding them back – removing manual intervention and ensuring that simple tasks are handled with speed and agility without error. The financial industry has seen a sort of technological renaissance in the past couple of years. But this has also lead to a complex scenario where the problem has to be addressed from a global perspective; otherwise there arises the risk of running into an operational and technological chaos. Some of the advantages of software automation are:

1. Automation in Banking
BankingandAutomation- the twotermsare synonymoustoeachother in the same waybread is
to butter- alwaysclubbedtogether.We live inadigital age andhence,noinstitutionof the
global economycanbe immune fromautomationandthe adventof digital meansof operations.
In fact,banks andfinancial institutionswere amongthe firstadoptersof automationconsidering
the humongousbenefitsthattheygetfrom embracingIT.The reasonwhy banksandfinancial
institutionsrapidlyembracedITisthat theiroperationswhendonemanuallytake upa lotof
time andeffortfromtheirstaff as well- makingthemdoroutine activitiesandsearchesoverand
overagain,and inthe process,missingthe chance tomove upthe value chain. Automation
enablesastandardizedaudittrail,makingsure the rightpeople have accesstothe rightsystems
and guaranteeingthatfinancial institutionsadhere toindustrystandards,while reducingthe
needforcost involvedinkeepinglegacyITsystemsrunning.
Automationisfastbecomingastrategicbusinessimperative forbanksseekingtoinnovate1
-
whetherthroughinternal channels,acquisitionorpartnership.Implementingintegrated
automationsolutionswillenablebankstostreamlinethe verytasksthatare holdingthemback
– removingmanual interventionandensuring thatsimpletasksare handledwithspeedand
agilitywithouterror.
The financial industryhasseenasort of technological renaissance in the pastcouple of years.
But thishas alsolead to a complex scenariowherethe problemhastobe addressed froma
global perspective;otherwise there arisesthe riskof runningintoanoperational and
technological chaos.
Some of the advantagesof software automationare:
1 Source: http://www.computerworlduk.com/it-vendors/how-automation-can-help-banks-keep-pace-
with-consumer-demand-3595833/

2. 1. ProcessAutomation: Workingina more abstract level allowsnotonlythe automation
of technical processbutalsothe automationof traditional businessprocesses.Decision
engines,riskbased pricing;defaultpredictionandfrauddetectionare examplesof
processesthatcan be improvedunderthisperspective.
2. Semantics:The newwayof definingprogramminglanguages,basedonthe concepts
that structure them,opensthe doorto knowledgerepresentation.
3. Less technical complexity:Again,the higherlevel of abstractionof the languagesallows
to solve,automatically,muchof the technical detailsinheritedtothe differentsolutions.
Thisautomationof complexityresultsinquality,safety,standardizationandother
software features.
4. Multi-platform:Havingthe control of programming languages,the same development
can be translatedintomultiple platformswithouthavingtoperformanew projectfor
each newdevice.
5. Businessoriented:Once the programminglanguagesare closertothe business,
developerscanfocusonprovidingasolutionfromthe businesspointof view andnot
froma technical perspective.Italsobreaksdownthe traditional communicationbarriers
betweenthe developmentareasandrestof the areas of the company.
Enhanced Areas2
Fintechisworkingonmultiple areasinwhichthe automation canprovide advantages.We can
grouptheminto three mainblocks:BusinessServices,OnlineServicesandDataManagement.
BusinessServices:Meetingcustomer’snew demandsandthe productivityimprovementare
objectivesthatare movingthe industrytoact overtheirmore traditional structures.Automation
providesadvantageson:
1. Decentralization:To performthe decentralizationof services(call centers,back
office…),theirapplicationsneedtomigrate toa webenvironment.This isamajor
challenge because the systemsmustkeepthe traditionaldesktopapplicationsfeatures:
safety,speedanduser-experience.
2. Portfoliomanagement:The automationof processes providesamore streamlined
management.Onthe otherhand,the semanticsallowsaunifiedmanagementof
heterogeneousportfoliosandthe integrationof externalones.
3. Compliance:Semantics,alongwiththe use of business-orientedlanguagesfacilitate
auditanalysisprocessesandthe deploymentof itsdocuments.
4. Legacy systems:The higherlevel of abstractionprovidesastraightforwardwayto
designinterfaceswithlegacysystems.
Online Services:The emergence of new devices,the improvement of communicationsanda
newdigital culture have made institutionsopentheirdoorsinorderto supplyamore interactive
managementtotheircustomers.Againautomationprovidesbenefitsin thisarea:
1. Accessibility:Multi-platformcanmultiplythe waysof interaction.
2 Source: http://bheudek.com/2014/07/31/benefits-of-automation-in-fintech/

3. 2. Financial education: Semanticsgivesthe systemsdocumentationandvisualization
capabilitiesfacilitatingitshandlingandunderstanding.
3. Personal management:As a resultof the previouspoints,the customercanperforma
more personal managementof theirdataandassets.Asmentioned,the semanticsplay
a major role inthe interactionwiththe customer.
4. NewBanking: Multi-platform, semanticsandprocessautomationenable newbusiness
linessuchas personalizedoffers,paymentplatforms,crypto-currencies,proactive risk
analysisandothers.
Data management:A more interactive relationwiththe customerandthe new methodologies
to processthat informationhave revolutionizedtraditional CRMtechniquesandthe whole data
management.Automationbenefits:
1. Back office automation: The automationof back office meansthe automationof its
workflows.The possibilitiespoweredbysemantictodesign“smarter”decisionengines,
togetherwithprocessautomation,are keylinestoachieve thisgoal.
2. Reporting: Semanticsisincreasingbeingapartof reporting.XBRLisa goodexample.
3. Security: Processautomationenhancesthe securityindataprocessing.
Automate to Innovate3
Automationisfastbecomingastrategicbusinessimperative forbanksseekingtoinnovate –
whetherthroughinternal channels,acquisitionorpartnership.Implementingintegrated
automationsolutionswillenablebankstostreamlinethe verytasksthatare holdingthemback
– removingmanual interventionandensuringthatsimpletasksare handledwithspeedand
agility,withouterror.
Automationenablesastandardizedaudittrail,makingsure the rightpeople have accesstothe
rightsystemsandguaranteeing thatfinancial institutionsadhere toindustrystandards,while
reducingthe needforcostinvolvedinkeepinglegacyITsystemsrunning.Bybringingeverything
togetherandconnectingloose ends,automationenablesthe bankingsectortodeliverthe cost-
savingthat itneeds,whilesimultaneouslydeliveringvaluetocustomers.
How does Hexanika make use of automation in Banking?
Hexanikaisa FinTechBigData software company,whichhasdevelopedanendtoendsolution
for financial institutionstoaddress datasourcingandreportingchallengesforregulatory
compliance.
Our software platformstreamlinesthe processof dataintegration,analyticsandreporting
by cleaningandjoining the sourced datathroughsemanticsandmachine learning algorithms.
It simplifies datagovernance processandgenerates timelyandaccurate reportsto be submitted
to regulatorsinthe correct formats.Oursolutionsalsosignificantlyreduce the time and
3 Source: http://www.computerworlduk.com/it-vendors/how-automation-can-help-banks-keep-pace-
with-consumer-demand-3595833/

4. resourcesrequiredforeveryday-regulatoryprocesses,andare robustenoughtobe
implementedonexistingsystemswithoutrequiringanyspecificarchitectural changes.
To know more about our products and solutions,
read: http://hexanika.com/company-profile/
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