HNB’s pioneering Custody and Trustee Services bolstered by automation
View(s):Hatton National Bank PLC 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 capabilities.
Designed to supplement rather than replace, the automation allows 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 drastically reducing processing time by almost 90 per cent, 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 significantly by approximately 96 per cent with the phased roll-out of the second leg of RPA implementation, the bank said in a media release.
“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,” said HNB Head of Custody and Trustee Services, Tyrone Hannan. “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,” said HNB Head of Process Excellence (Services), Christopher Thuraisingham.
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 over Rs.400 billion under Custody at the close of Q1 2023. The bank is also one of the largest Settlement Bankers to the Colombo Stock Exchange.
Successfully launched in June 2018, HNB’s Custody and Trustee services play a pivotal role in facilitating its large client base in gaining easier access to the capital market and participating actively in IPOs and the corporate bonds market.
With a strong focus on providing exceptional financial services to both local and foreign clients, the bank has rapidly expanded its capabilities through digitalisation and diversification, showcasing significant progress since its inception. In addition to Custody and Trustee Services, HNB has also expanded to other capabilities, including fund accounting, margin trading and escrow services. Moreover, the bank has maintained a dominant position in Custody Services for provident funds, local fund managers, high net-worth individuals, and insurance companies.
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