Name: Quinte at Fintech Meetup 2024 – Hyperautomation in banking
Uploaded: 2024-03-21T17:45:27.588Z
Duration: 779.28
Description: At the Fintech Meetup 2024 conference in Las Vegas, FinTech Futures sat down with Ankit Maharaj Singh, SVP, Strategic Growth and Sharad Gupta, VP, AI and Automation at Quinte Financial Technologies, to discuss the rise of hyperautomation in banking and how firms can tap into its potential to cut costs and improve customer experience.

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ENGLISH

{{00:00:03}}
Hi, Heather Sugg here, reporting for
Fintech Futures at Fintech Meetup.

{{00:00:07}}
I'm happy to be joined by Quinte today.

{{00:00:09}}
Welcome.

{{00:00:10}}
Oh, thank you, Heather.

{{00:00:11}}
Great to be here.

{{00:00:12}}
Thank you.

{{00:00:13}}
We have a lot to cover
talking about hyperautomation.

{{00:00:15}}
Automation has been a focus for financial
institutions for a long time, but the

{{00:00:20}}
name of the game has changed and what
the capabilities are has changed.

{{00:00:24}}
So I'm excited to dig into it.

{{00:00:26}}
Why don't we start by introducing yourself
and telling us a little bit about Quint.

{{00:00:31}}
Sure.

{{00:00:31}}
I'm Ankit Maharaj Singh.

{{00:00:34}}
I work as Senior Vice President for
Strategic Growth at Quinte, with

{{00:00:38}}
the brand for now 15 odd years.

{{00:00:39}}
And very excited to be here at FinTech.

{{00:00:43}}
A lot of excellent brain power.

{{00:00:46}}
And I'm trying to learn and interact
and ideate at the same time.

{{00:00:50}}
Happy to be here.

{{00:00:51}}
Thank you.

{{00:00:52}}
And my name is Sharath.

{{00:00:54}}
of AI and Automation, driving the
AI growth in FinTech and businesses.

{{00:01:01}}
And Quint as a brand, we are an automation
and analytics company servicing financial

{{00:01:08}}
institutions, both banks, credit
unions, regional banks, large banks.

{{00:01:12}}
And it is our vision and mission to be
a value driver partner for banks as they

{{00:01:17}}
move into the digital transformation.

{{00:01:21}}
Let's just dive in right
there from the beginning.

{{00:01:24}}
Talk to me about why financial
institutions should care

{{00:01:27}}
about hyper automation.

{{00:01:30}}
Yeah.

{{00:01:33}}
Hyper automation is, one approach
where banks can now take automation,

{{00:01:40}}
island of automation in one
encompassing, the direction.

{{00:01:45}}
Now, usual automation take
you 20 percent automation.

{{00:01:50}}
Now this can take up to
80, 90 percent automation.

{{00:01:55}}
And, but automation is
not the only reason.

{{00:01:59}}
It's customer service.

{{00:02:01}}
It's impact maybe on sales, is dramatic.

{{00:02:05}}
So I think this is a fantastic
time to look into hyper automation

{{00:02:11}}
and get those productivity gains,
elevate the customer experience.

{{00:02:15}}
Yeah, and just to add on I think amongst
cost reduction and other aspects, I

{{00:02:20}}
think the idea of sales and member slash
customer satisfaction is so important.

{{00:02:26}}
And hyper automation is
basically your driver for that.

{{00:02:30}}
You can cross sell, you can up sell.

{{00:02:33}}
You can make sure that you can
respond to members instantly.

{{00:02:36}}
We have Gen Z as our customer base
now, and they need answers now.

{{00:02:40}}
If they don't get an answer in
a minute, they're going to move

{{00:02:42}}
on to the next institution.

{{00:02:43}}
So hyper automation allows us
to govern that properly with the

{{00:02:48}}
regulatory governance in, in check.

{{00:02:50}}
The term that we're using
is hyper AI, ML, RPA.

{{00:02:57}}
How do we draw the lines
and define it here?

{{00:02:59}}
Great question.

{{00:03:00}}
It is.

{{00:03:03}}
It is an approach which
encompasses everything.

{{00:03:07}}
It encompasses AI, it encompasses
ML, digitization and RPAs, and

{{00:03:16}}
in fact, human in the loop also,
which is a very, important aspect.

{{00:03:20}}
It is one way where organizations
are now beginning to bring in

{{00:03:25}}
all of these automation tools.

{{00:03:27}}
Bring it together and bring in
the efficiencies what you need.

{{00:03:31}}
And at the same time, with, hyper
automation and the differences that

{{00:03:37}}
it is your driver for digitalization.

{{00:03:40}}
So that it's not the same thing.

{{00:03:42}}
And in our experience working
with banks and credit unions, what

{{00:03:45}}
we've learned is that it is it's
not important to automate 100%.

{{00:03:50}}
There has to be the human intervention.

{{00:03:52}}
So the humans have to
use automation correctly.

{{00:03:56}}
It's not a replacement.

{{00:03:57}}
It is a step forward to
make it more efficient.

{{00:04:01}}
Where do you see the best practice
of the intersection between that

{{00:04:05}}
human interaction and the automation?

{{00:04:09}}
Excellent question.

{{00:04:10}}
I think, it's everywhere, in fact.

{{00:04:14}}
So wherever decisioning is required, human
used to be required more and more of.

{{00:04:20}}
The human is still required, but it
is required where the, empathy part is

{{00:04:27}}
important, where customer understanding
thought process is very, important,

{{00:04:33}}
but you don't need to bring in human
in the transactional processes,

{{00:04:37}}
like change my Can you cancel my?

{{00:04:40}}
Account is one part where you
transactional piece But then you

{{00:04:47}}
have a human which is asking, may
I ask you, what is the problem?

{{00:04:51}}
Why you want to cancel your account?

{{00:04:53}}
That's where human need to be.

{{00:04:55}}
So human need to be in managing experience
and, intent, but not the transactions.

{{00:05:03}}
Yeah, and actually that, kind of
maps to what our definition has been

{{00:05:07}}
that let the humans do the heavy like
impact or focus more on the member

{{00:05:13}}
satisfaction, customer relations, making
sure the true questions are answered.

{{00:05:18}}
And it's the heavy lifting
which the automation can do.

{{00:05:20}}
I think that really helps.

{{00:05:21}}
That's the journey where, you know, if
a customer calls in your contact center

{{00:05:25}}
for any reason, There could be some that
can be handled easily and quickly rather

{{00:05:29}}
than waiting on the phone for 20 minutes.

{{00:05:31}}
You're on hold.

{{00:05:32}}
Nobody likes to hear that.

{{00:05:33}}
So I think that's where we have to
fine tune the policy, the governance,

{{00:05:37}}
the aspect of member satisfaction
along with the cost aspect and map

{{00:05:42}}
that correctly between the two.

{{00:05:45}}
That makes sense.

{{00:05:46}}
And being at shows like we are right
now, we've seen a lot of things.

{{00:05:51}}
gain in traction on the
gain in the hype cycle.

{{00:05:54}}
A lot of things that people jump on AI
has been a big topic about that recently.

{{00:05:58}}
How do you see hyper automation
in the hype cycle right now?

{{00:06:02}}
Is it something that we're
going to hear a lot about?

{{00:06:04}}
Are there really use cases now?

{{00:06:06}}
No, it is very much.

{{00:06:08}}
First of all, it's not a hype.

{{00:06:10}}
It's for real companies.

{{00:06:11}}
What we are seeing 70, 80 percent
improvement in productivity, a cost

{{00:06:18}}
reduction, and they're not only cost
reduction, dramatically higher customer

{{00:06:23}}
experience, because as as you said, that
the, instant reply, instant gratification

{{00:06:31}}
is now is been enabled by hyperautomation.

{{00:06:36}}
So no it is very much real, and you
would have seen GenAI, so we have seen

{{00:06:42}}
with early, client who are using GenAI
and automation together, can automate

{{00:06:49}}
simple requests of hundreds of varieties
of customer requests instantly now.

{{00:06:55}}
Yeah.

{{00:06:56}}
Yeah, and the other part that we've
seen from these hype words or these key

{{00:07:00}}
hashtag words is that Gen AI is great.

{{00:07:05}}
It is so important now and it's created
the industry to the next frontier.

{{00:07:09}}
However, what we've understood is
about the biasness that it gets,

{{00:07:13}}
the hallucinations that come up.

{{00:07:14}}
You create a bot, You don't know
where the data is coming from and what

{{00:07:18}}
is the answer that is being given.

{{00:07:20}}
How do you cross check that?

{{00:07:21}}
So I think the aspect of what we've
done in our creation of automation

{{00:07:25}}
products is that we want to make sure
that the bot is self affair, so we are

{{00:07:29}}
trying to utilize that intelligence
to make sure that the information that

{{00:07:33}}
is going back is actually accurate and
it does not create more trouble than

{{00:07:38}}
a solution for the institution, yeah.

{{00:07:41}}
Financial institutions have
been automating for a long time

{{00:07:44}}
now, and you've described hyper
automation as an automation 2.

{{00:07:48}}
0, so how does an institution know
what stage of automation they're at?

{{00:07:53}}
Great question.

{{00:07:54}}
I think the key answer to that is if you
think that you are too many decisions

{{00:08:03}}
being taken by human and, I think the
key part is if humans are doing mundane

{{00:08:08}}
things, looking in for information,
getting that answer to the customer,

{{00:08:15}}
that's the place you should begin with.

{{00:08:17}}
And if typical processes are, very easy to
identify, that The processes in customer

{{00:08:26}}
service, processes in sales, which are
done heavy lifting, very transactional.

{{00:08:30}}
It's not adding value to the customer,
but yet you are employing the people.

{{00:08:34}}
Use cases are many, but like use cases
in customer service, use cases in

{{00:08:39}}
collection, use cases in sales, marketing,
where you are using human for chasing

{{00:08:47}}
the lead, for example or, making a call
to a human when your payment is due.

{{00:08:53}}
So these are the simple things where
humans are not required, where humans

{{00:08:57}}
are required to manage banks experience.

{{00:09:00}}
And yeah, so these are the areas.

{{00:09:03}}
And just to add on I think the place
where the banks and credit unions

{{00:09:07}}
need to focus is to understand that
getting a platform is not automation.

{{00:09:12}}
What you need to do is you need
to do a study of the process.

{{00:09:15}}
What is required?

{{00:09:16}}
There might be just a small
Excel, MS Excel macro that needs

{{00:09:20}}
to be created rather than a bot.

{{00:09:22}}
Automation is formed in
so many different ways.

{{00:09:24}}
You need experts to assess the
process, to deep dive, to do interviews

{{00:09:29}}
with the process owners, with the
people who actually do that work,

{{00:09:32}}
and then find the element on, hey,
this is the product A, B, C, D.

{{00:09:37}}
Can I remove C?

{{00:09:38}}
And what is the lift that I will get?

{{00:09:40}}
So I think it's very subjective to the
activity, a contact center versus a

{{00:09:43}}
loan versus collections versus treasury.

{{00:09:46}}
There are four different
genres within banking.

{{00:09:48}}
That is why it is so complex.

{{00:09:49}}
It is.

{{00:09:51}}
So from an enterprise level,
how do you suggest someone

{{00:09:54}}
approach implementing this?

{{00:09:56}}
Yeah, in our experience as I just
said what we believe is to deploy a

{{00:10:01}}
consultative approach let somebody
come in and do a deep dive into your

{{00:10:05}}
process and give you a report or that,
hey, this is at the industry benchmark.

{{00:10:10}}
If you're at this service
level, it's great.

{{00:10:12}}
If you're below, you need to make
a few changes or you're really bad.

{{00:10:15}}
This needs an overall.

{{00:10:17}}
So people like Sharad, the other
experts that can come in and help

{{00:10:21}}
the institution to understand
what's right, look in the mirror.

{{00:10:25}}
And more importantly so there, as you
said, there are two aspects to it.

{{00:10:28}}
One is business aspect.

{{00:10:31}}
Are you getting the enough ROI?

{{00:10:33}}
What is the ROI you need?

{{00:10:35}}
What does the cost structure
look like for this process?

{{00:10:38}}
All business questions, good question.

{{00:10:40}}
Estimate that if you are starting
your implementation journey.

{{00:10:44}}
Important question.

{{00:10:46}}
But the most, the other technical aspect
of it is more around how, so first

{{00:10:51}}
is The customer's data sensitivity.

{{00:10:55}}
So do you go on cloud versus, so what
is its technical architecture look like?

{{00:11:00}}
What kind of, do you use
on cloud, on premise?

{{00:11:03}}
Do you use, what kind of database you use?

{{00:11:06}}
Because here you can use, you will
have to use a vector databases.

{{00:11:10}}
Now you will have to use
guardrails for securing your LLMs.

{{00:11:16}}
Now what kind of guardrail use?

{{00:11:18}}
So these are important
technical questions.

{{00:11:20}}
And sometimes it impacts your ROI.

{{00:11:23}}
So it is important to know what is
my technical architecture and what

{{00:11:29}}
is the ROI it is going to give.

{{00:11:32}}
And, once you have that exercise
using this, obviously this has

{{00:11:35}}
to be done in consultative way.

{{00:11:37}}
There's no cookie cutter approach here.

{{00:11:39}}
But and that's why it is not, Taking
a product, it's more like you have

{{00:11:46}}
to be consultative, you have to do
all of these things, technical and

{{00:11:49}}
business, to arrive at the answer.

{{00:11:52}}
It's a door that needs to be opened,
a journey to begin, and I think

{{00:11:55}}
you can start at any point and
start small and build the project

{{00:11:58}}
list and keep building there.

{{00:11:59}}
Yeah, and we're very excited to
partner with banks and the idea

{{00:12:03}}
is to provide value, not provide
a bot but provide a more efficient

{{00:12:09}}
way to do the same activity.

{{00:12:11}}
So I think we're very excited to be
here and I think the FinTech meetup is

{{00:12:14}}
a great experience for everybody to get.

{{00:12:17}}
Love to hear it.

{{00:12:18}}
Was there anything else you'd like to add?

{{00:12:19}}
No for us, I would say that, Our
hyperautomation I can, confidently say

{{00:12:27}}
is has unique IP built on top of it.

{{00:12:31}}
As Ankit mentioned, it's a self aware
Gen AI technology on which it is built.

{{00:12:36}}
So it's not a dumb bot which is doing
all of this, which was a previous age.

{{00:12:42}}
And, that's why a lot of
automation effort failed.

{{00:12:44}}
But here's an opportunity to
interact with human like automation.

{{00:12:50}}
But not done by humans.

{{00:12:52}}
Thank you very much.

{{00:12:53}}
It's been great chatting with you.

{{00:12:54}}
No, thank you so much Heather.

Hi, Heather Sugg here, reporting for
Fintech Futures at Fintech Meetup.

We have a lot to cover
talking about hyperautomation.

Automation has been a focus for financial
institutions for a long time, but the

name of the game has changed and what
the capabilities are has changed.

Why don't we start by introducing yourself
and telling us a little bit about Quint.

I work as Senior Vice President for
Strategic Growth at Quinte, with

And I'm trying to learn and interact
and ideate at the same time.

of AI and Automation, driving the
AI growth in FinTech and businesses.

And Quint as a brand, we are an automation
and analytics company servicing financial

institutions, both banks, credit
unions, regional banks, large banks.

And it is our vision and mission to be
a value driver partner for banks as they

Let's just dive in right
there from the beginning.

Talk to me about why financial
institutions should care

Hyper automation is, one approach
where banks can now take automation,

island of automation in one
encompassing, the direction.

Now, usual automation take
you 20 percent automation.

Now this can take up to
80, 90 percent automation.

And, but automation is
not the only reason.

So I think this is a fantastic
time to look into hyper automation

and get those productivity gains,
elevate the customer experience.

Yeah, and just to add on I think amongst
cost reduction and other aspects, I

think the idea of sales and member slash
customer satisfaction is so important.

And hyper automation is
basically your driver for that.

You can make sure that you can
respond to members instantly.

We have Gen Z as our customer base
now, and they need answers now.

If they don't get an answer in
a minute, they're going to move

So hyper automation allows us
to govern that properly with the

The term that we're using
is hyper AI, ML, RPA.

How do we draw the lines
and define it here?

It is an approach which
encompasses everything.

It encompasses AI, it encompasses
ML, digitization and RPAs, and

in fact, human in the loop also,
which is a very, important aspect.

It is one way where organizations
are now beginning to bring in

Bring it together and bring in
the efficiencies what you need.

And at the same time, with, hyper
automation and the differences that

And in our experience working
with banks and credit unions, what

we've learned is that it is it's
not important to automate 100%.

So the humans have to
use automation correctly.

It is a step forward to
make it more efficient.

Where do you see the best practice
of the intersection between that

So wherever decisioning is required, human
used to be required more and more of.

The human is still required, but it
is required where the, empathy part is

important, where customer understanding
thought process is very, important,

but you don't need to bring in human
in the transactional processes,

Account is one part where you
transactional piece But then you

have a human which is asking, may
I ask you, what is the problem?

So human need to be in managing experience
and, intent, but not the transactions.

Yeah, and actually that, kind of
maps to what our definition has been

that let the humans do the heavy like
impact or focus more on the member

satisfaction, customer relations, making
sure the true questions are answered.

And it's the heavy lifting
which the automation can do.

That's the journey where, you know, if
a customer calls in your contact center

for any reason, There could be some that
can be handled easily and quickly rather

than waiting on the phone for 20 minutes.

So I think that's where we have to
fine tune the policy, the governance,

the aspect of member satisfaction
along with the cost aspect and map

And being at shows like we are right
now, we've seen a lot of things.

gain in traction on the
gain in the hype cycle.

A lot of things that people jump on AI
has been a big topic about that recently.

How do you see hyper automation
in the hype cycle right now?

FinTech Futures

Expert Insight

At the Fintech Meetup 2024 conference in Las Vegas, FinTech Futures sat down with Ankit Maharaj Singh, SVP, Strategic Growth and Sharad Gupta, VP, AI and Automation at Quinte Financial Technologies, to discuss the rise of hyperautomation in banking and how firms can tap into its potential to cut costs and improve customer experience.