An Autonomous Core Banking System, would have been a farfetched idea, just five years back. Today I feel this is well within our reach to create an Autonomous CBS, that can run future digital banks. Most of the functions can be run autonomously by the CBS itself using Digital Bot Workers.
Availability of Bot Workers that can run complete end to end processes to service customer requests and back-office requirements of Banks, makes this possible. A digital Bot Worker runs using the SOPs (Standard Operating Procedure) defined for each process. SOPs are accompanied with communication templates, service domain specific business rules along with detailed checklists for each activity in the SOP, where relevant. Bot Workers also use processing knowledge accumulated on customer / segment level behavior patterns to detect out of pattern behavior. Bot Workers compute risk grading levels of each service / transaction to be processed. Any out of pattern detected or risk level computed is higher than the tolerance threshold, the service / transaction will be escalated to a manual reviewer and manual checker. Otherwise, the entire service / transaction is processed by the Bot Worker and some of these based on some criteria (mostly financial and risk based) will be sent to a human checker. Each Digital Bot Worker will be assigned a unique ID and a role. Using the role, services will be available to the Bot Worker based on Role Based Entitlements.
Each checklist item or activity performed by a Bot Worker will have justification and audit trail log for audit and inspection purposes. Manual Review, Manual Checker, Quality Checks and Audit Feedbacks can be used to train the Bot Workers to be trained to be better on a continuous basis.
We can configure front office bot workers to service customer requests or requests emanating from online customer delivery channels. We can also configure back-office bot workers to perform back-office processes. One customer request can be processed to some extent by the Front Office Bot Worker and remaining work can be performed by the Back Office Bot Workers. Human Reviewers and Checkers will be required to oversee and approve Bot Processed Services and transactions.
CBS Infra will include Digital Back Office Rooms with Digital Seats for the Bot Workers.
A CBS designed with embedded, configurable, Supervised Digital Bot Workers can run more than 50 to 60% of the Banking operations completely autonomously. As the CBS accumulates processing knowledge this autonomous share can even grow to 80% levels.
We at Patterns have already developed Digital Bot Workers for over ten different sections of a Bank covering hundreds of Banking Processes.
