Hatton National Bank PLC (HNB) has pioneered the integration of Robotic Process Automation (RPA) into its Custodial Banking and Trustee Services system in a move that will greatly improve its service and operations.
Designed to supplement rather than replace, the automation permits employees to focus on more specialised requirements, setting a robust foundation for upscaling. The RPA automates manual tasks, reducing the risk of human errors and reducing processing time by almost 90%, allowing for trade reports to be given on the same day (T) as opposed to the following day (T+1). Further downstream (in the process), the time taken for Equity and Margin settlements is also expected to be reduced by approximately 96% with the phased roll-out of the second leg of RPA implementation.
HNB Head of Custody and Trustee Services, Tyrone Hannan said, “As the first local private bank to implement RPA in this field with the support of Potenza (Pvt) Limited, I believe the unparalleled efficiency provided by automation further cements our position as the leader in custodial banking.
“Moving forward, we plan to continue building on our achievements by further expanding on our foreign markets, continually upgrading our technologies, and working closely with our clients to ensure sustainable growth and success,” he said.
HNB Head of Process Excellence (Services), Christopher Thuraisingham said, “This is a significant milestone as part of HNB’s on-going journey of leveraging Robotic Process Automation Technology to garner exponential improvement in process efficiencies for improved customer and staff experience. This will also enable the business to increase its processing capacity with its existing resources.” HNB’s digitalisation efforts, exemplified through the effective use of RPA, follow its impressive growth in the sector and have served to further cement the bank’s position as a custodian and trustee to the nation - with an overwhelming market share, evidenced by assets of over Rs. 400 billion under Custody at the close of Q1, 2023.