In its efforts to continue pioneering innovative banking solutions, UAE’s leading financial institution, Mashreq, announced that it is working with Blue Prism (AIM: PRSM) to increase productivity, improve customer experiences and deliver new services.
Mashreq selected Blue Prism’s secure, scalable and easy-to-use Digital Workforce to deliver greater operational efficiencies, higher accuracy and a massive reduction in processing time for new and existing customer services. The bank is using Blue Prism to integrate artificial intelligence (AI) and automate dozens of mission-critical processes across multiple business functions, including banking operations, compliance, customer care and their technology help desk.
“We are harnessing the power of Robotic Process Automation (RPA) to create customer-centric solutions that can help us deliver on the promise we have made to our customers—to enrich their banking and financial experiences through innovation. The efficiencies and improvements enabled by Blue Prism’s Digital Workforce Operating System cut across numerous departments and enable us to be more responsive and agile as an organisation. After evaluating several RPA offerings, we selected Blue Prism because it was the most scalable, secure and compliant solution available,” said Sandeep Chouhan, Group Head of Operations & Technology at Mashreq Bank.
As a result of automating many internal tasks and processes, Mashreq Bank has seen more than 150,000 secure and error free transactions executed daily. Mashreq’s deployment of Blue Prism has delivered a better issue TAT (Turn Around Time) by 65 per cent on manual processes, and reduced customer complaints by 90 per cent. In addition, individual branch productivity is up by 60 per cent due to the bolstering of human workers with RPA tools that boost productivity.
“Industries like banking, insurance and financial services are ripe for the disruption and digital transformation that RPA brings. The level of automation goes beyond streamlining administrative and transactional tasks. Service quality and time to service - how fast you can deliver service to customers - are the dominant drivers in intelligent automation, especially the adoption of RPA technologies,” said Jing Bing Zhang, Research Director and lead analyst, Worldwide Robotics and Asia Pacific Manufacturing Insights, IDC Asia Pacific.
Alastair Bathgate, CEO, Blue Prism added that more companies are harnessing the power of automation to facilitate secure and compliant transactions while also freeing up human capital that can focus on delivering innovative, new services and improving the overall customer experience.