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05/06/2024 Banking Innovation

About

In a digital world, pace and time is critical. Digital Twins fast track process automation, syncing and integrating data between systems. Creates seamless automation by tapping in to the long tail of IT automation.

Innovation presentation

Concept

Digital Twins using Process Automation technologies accelerates the pace of automation required for an 'always on' Digital World by tapping into the long tail of IT automation and bring service delivery close to client in real time through multiple channels

Case for Change

Digital Platforms requires automation of interaction and events with clients. Customer expectations in a ever growing digital world, is that these automated interactions are made available in a short space of time. Enter Process Automation technologies like RPA, OCR, Digital Documents, Gen AI, Workflow and Orchestration to tap into the long tail of IT automation with low code and no code options that accelerates the pace of automation, meeting ever growing client expectations.

Competitive landscape

Process Automation has been adopted across financial services institutions in South Africa. Most of the technologies exist in isolation from one another. RMB has brought these technologies together in a unique Center of Excellence that can not only accelerate automation but manage multiple digital twins across various technoligies.

Sources of Inspiration

Covid 19 inspired to accelerate the concept of Digital Twins to assist the human work force with routine, repetitive work free'ing them up to make sense of digital insights and focus on more Client Interactions.

Departments Involved

Engineering

All Functional Areas in the Bank

Main Results so far

Large scale automation across multiple business lines with over 250 Digital Twins generating over 350 000 man hours of productivity in a year. Shifted turn- around times by more than 20% across critical product lines.

Uniqueness of the project

The technologies on their own are somewhat mature but lacking significant sustained adoption in part. Moreover, when these technologies are brought together with an overwhelming pursuit of Augmented Intelligence, the Digital Twins begin to yield a positive return on their investment both to Customers and Bank. Bringing multiple 4th industrial revolution technologies together creates hyper automation resulting in Digital Twins that can read, process and make sense of processes, seamlessly orchestrated in an end-to-end flow.

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