Friday Nov 29, 2024
Friday Nov 29, 2024
Monday, 6 November 2023 00:00 - - {{hitsCtrl.values.hits}}
From left: HNB Associate Avishka Fernando, Project Manager – Process Excellence (Services) Nuwanka Perera, Application Support and Solution Lead Meth Bulathsinhala, Head of Centralised Credit Administration Angelina Dharmaraj, Head of Process Excellence (Services) Christopher Thuraisingham, Head of Custody and Trustee Services Tyrone Hannan, Associate Yohani Abeygunawardena, IT Project Manager Chithral Wickrama, Manager – Data Centre System Administration Asanka Abeyrathne, and Relationship Manager – Custody and Trustee Services Niroshan Chandrapalan
Hatton National Bank PLC (HNB) has clinched the Sri Lanka Technology Excellence Award for Robotics – Banking at the Asian Technology Excellence Awards 2023 for integration of Robotic Process Automation (RPA) in its Custody Banking and Trustee Services.
Part of its digitalisation and process automation journey which commenced in 2019, the initiative was spearheaded by the Process Excellence (Services) team using a multi-pronged RPA implementation strategy. Propelling the initiative was HNB’s continuous improvement culture, key focus areas of which include the back office and centralised processing units to improve customer experience whilst reaping significant productivity gains.
Working in partnership with domain experts, process automation at the Custody Banking and Trustee Service resulted in employees having to focus on more cognitive tasks, setting up a sound foundation for scaling up. The RPA automates manual tasks, reduces the risk of human errors and has resulted in a significant reduction of processing time by almost 90% for trade confirmations and approximately 96% for equity and margin settlements. The resulting exponential productivity gains greatly reduces the load placed on staff by repetitive volume-based processing. This has enabled customer trade reports being provided to fund managers and customers on the same day as opposed to the following day as per the existing industry practice setting a new benchmark in the local banking space.
HNB’s digitalisation drive through effective implementation of RPA follows its impressive growth in the sector reflected by assets of over Rs. 500 billion as at Q2 2023, further reinforcing the bank as a leader in the local custodian and trustee space. Concurrently, HNB is also in the process of rolling out the insurance renewal process with RPA integration at its centralised Credit Administration department to improve customer experience, standardisation and process efficiency across the branch network.
HNB’s digitalisation and process automation efforts demonstrated through the effective implementation of RPA is a testament to the company’s continuous investment in technology to maximise efficiency for greater returns and its steadfast commitment to continuous improvement.
The Asian Technology Excellence Awards acknowledges exceptional companies that are at the forefront of adapting to digital disruption and leading the technological revolution within their specific sectors.
