HNB, a leading bank in Sri Lanka, has been honored with the prestigious Sri Lanka Technology Excellence Award for Robotics Banking. This award was presented at the Asian Technology Excellence Awards 2023, recognizing HNB’s exceptional integration of Robotic Process Automation (RPA) with its Custody Banking and Trustee Service.
As part of its digital transformation journey that commenced in 2019, HNB’s Process Excellence (Services) team played a crucial role in implementing RPA across various departments. With a well-planned and multidimensional strategy, the bank focused on automating manual tasks and streamlining back-office processes to enhance customer experience.
The adoption of RPA has proven to be immensely beneficial for HNB, enabling the automation of repetitive manual tasks and minimizing the risk of human errors. One area that has particularly witnessed remarkable improvements is trade confirmations, where processing time has decreased by nearly 90%. Additionally, equity and margin settlements now take approximately 96% less time to process, further increasing operational efficiency.
This achievement highlights HNB’s commitment to embracing innovative technologies and leveraging automation to redefine banking processes. By integrating RPA into their operations, the bank has successfully accelerated their digitalization efforts and positioned themselves as a frontrunner in the Sri Lankan banking industry.
Q: What is Robotic Process Automation (RPA)?
A: Robotic Process Automation (RPA) is a technology that uses software robots or artificial intelligence to automate repetitive tasks and perform them with greater speed and accuracy compared to human counterparts.
Q: How does RPA benefit banking processes?
A: RPA in banking processes helps improve operational efficiency by automating manual tasks, reducing human errors, speeding up processing time, and enhancing customer experience.
Q: What is HNB’s digitalization and process automation journey?
A: HNB’s digitalization and process automation journey began in 2019, aiming to integrate innovative technologies like RPA to streamline operations and enhance overall banking services.