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Diverse Applications of RPA in Marketing for NBFIs
Benefits of RPA in Marketing for NBFIs
Best Practices for Implementing RPA in Marketing
Challenges and Considerations
Conclusion
References
Introduction
Effective marketing is essential for attracting and retaining customers, considering the competitive landscape of non-banking financial services. Most people associate marketing with expert strategic campaigns and captivating ad content; however, there is more to the work than just merely developing creative and unique marketing techniques. Moreover, traditional marketing processes are often manual, time-consuming, and error-prone.
Non-banking financial institutions (NBFIs) face unique challenges in marketing, including data management, customer segmentation, campaign optimisation, ensuring regulatory compliance, and delivering personalised customer experiences. To navigate these challenges, NBFIs are increasingly turning to Robotic Process Automation (RPA) as a transformative solution to streamline marketing operations, enhance customer engagement, and drive business growth.
According to research by Gartner, approximately 80% of finance leaders have either implemented or are planning to implement RPA. Additionally, a separate study by Forrester shows that 57% of workers report that RPA reduces manual errors.
But RPA alone is confined to straightforward, structured, and objective tasks, which has given rise to AI-powered automation. While AI generates valuable insights and predictions, RPA can translate those insights into actionable steps, delivering tangible results. AI adds a layer of intelligence to RPA that wasn't previously achievable. It broadens the scope to include nuanced, subjective, and unstructured data capabilities. By integrating RPA and AI tools, you can automate a larger portion of your processes.
This white paper explores the potential applications of RPA in marketing for NBFIs, highlighting key benefits, challenges, and best practices.
Convergence of RPA with AI
AI has significantly impacted RPA technology. Initially, automation tools handled repetitive tasks effectively in workplaces. However, due to the ever-increasing demand for automation, RPA is facing limitations, and AI is now breaking through these barriers.
The combination of RPA and AI expands the capabilities of both tools. Businesses are experiencing the benefits of intelligent automation, such as enhanced customer service, improved efficiency, and reduced costs. AI has broadened the scope of RPA beyond previous expectations.
A recent Gartner survey revealed that a significant 80% of executives believe that automation can be implemented in any business process. This impressive statistic highlights the potent impact of RPA when combined with AI.
AI-powered RPA is revolutionizing how businesses engage with their audiences. By seamlessly integrating artificial intelligence with automation, AI-powered RPA empowers marketers to optimize campaigns, personalize customer experiences, and drive impactful decisions with unprecedented efficiency and accuracy. From automating routine tasks to leveraging predictive analytics for targeted insights, AI-powered RPA not only enhances operational agility but also enables marketers to focus more on strategy and creativity, ultimately delivering enhanced ROI and customer satisfaction.
AI empowers RPA robots to mimic human decision-making and problem-solving capabilities, significantly expanding the scope of tasks that can be automated.
Real-Life Use Case
A leading private-sector insurance company implemented RPA to enhance customer service efficiency amid a growing volume of inquiries from various channels. By automating the processing of queries from SMEs via email, direct branch requests, phone calls, agents, and third-party resellers, the company significantly reduced the manual workload on customer service representatives.
The RPA system efficiently triaged and responded to routine inquiries, ensuring swift and accurate resolutions. It categorized requests, extracted relevant information, and either responded directly or escalated them appropriately.
For example, when an SME submits a query via email, the RPA system could automatically categorize the request, extract relevant information, and either respond directly or escalate it to the appropriate department. Similarly, requests received through direct branch interactions, phone calls, and third-party resellers were processed with increased speed and precision.
Moreover, this automation, integrated seamlessly with the company’s CRM and data management systems, ensured comprehensive logging and tracking of customer interactions, providing a complete view of each client's history and needs.
Here are some notable benefits of RPA use cases in the company:
Diverse Applications of RPA in Marketing for NBFIs:
Data Integration and Management: RPA automates data integration from various sources like CRM systems, social media, and transactional databases. This consolidation and cleansing process gives NBFIs a holistic view of customer behaviour, enabling targeted marketing campaigns and personalized messaging.
Customer Segmentation and Targeting: RPA algorithms analyze customer data to identify patterns, segment customers based on demographics, behaviour, and preferences, and predict their likelihood to engage with specific products or services. This automation enables NBFIs to tailor marketing campaigns more effectively to target high-value customer segments.
Campaign Management and Optimization: RPA automates the execution of marketing campaigns across multiple channels, including email, social media, and digital advertising. By automating tasks such as audience targeting, content creation, and performance tracking, NBFIs can optimize campaign effectiveness, reduce time-to-market, and maximize ROI.
Lead Generation and Nurturing: RPA automates lead generation, scoring, qualification, and follow-up for NBFIs, streamlining the identification of high-quality leads. Automated nurturing processes like email campaigns and personalized content delivery guide prospects through the sales funnel, boosting conversion rates.
Customer Service and Engagement: RPA chatbots and virtual assistants automate customer service interactions, offering real-time support across channels. This automation resolves inquiries swiftly, provides personalized recommendations, and boosts customer satisfaction and loyalty.
Benefits of RPA in Marketing for NBFIs:
Operational Efficiency: RPA streamlines tasks, freeing up teams for strategic and creative work.
Cost Reduction: RPA cuts labour costs, boosts productivity, and improves resource use, leading to savings.
Improved Accuracy: RPA eliminates human errors in data entry and processing, ensuring reliable marketing data.
Scalability: RPA allows NBFIs to scale marketing operations easily with growth and demand changes.
Best Practices for Implementing RPA in Marketing:
Identify Use Cases: Prioritize based on impact on marketing objectives, ROI, and feasibility.
Engage Stakeholders: Involve marketing, IT, and other teams for buy-in and goal alignment.
Start Small, Scale Gradually: Begin with pilot projects, then scale based on results.
Provide Training and Support: Empower marketing teams with RPA tools and training.
Monitor Performance and ROI: Continuously track KPIs and measure ROI for effectiveness.
Challenges and Considerations:
In 2019, a McKinsey report revealed that only 55% of organizations succeeded with their automation initiatives. While robotic process automation (RPA) promised significant returns, many companies struggled to realize its full potential.
NBFIs implementing RPA must prioritize robust security measures to protect customer data and navigate regulatory complexities for legal compliance. Integrating RPA with existing systems requires technical expertise and careful planning for compatibility. while overcoming resistance to change is crucial for fostering an innovative culture and ensuring successful adoption.
However, today, the integration of RPA with AI technology, known as hyper-automation or the combination of various automation capabilities, has revolutionized the landscape of automation.
Conclusion:
RPA has become indispensable for NBFIs, automating marketing activities, enhancing productivity, and elevating client engagement. These institutions are challenged to consistently satisfy, retain, and attract customers, especially with the emergence of tech-savvy competitors offering speed, flexibility, and a wide array of technology-driven user experiences.
In short, AI-powered RPA may boost employee satisfaction and engagement while also facilitating continuous change in the workforce across several dimensions. Companies must adapt their operational strategies to align with a larger talent strategy to maximize value. Simply put, the benefits of RPA significantly outweigh headcount and expense savings. By leveraging RPA to streamline data administration, customer segmentation, campaign management, and lead creation, NBFIs can enhance their agility, competitiveness, and profitability and set off on a digital transformation.
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