Robotic Process Automation in Banking processes the banking work that is monotonous in nature. RPA in banking and financial sectors increases their productivity by engaging customers in real-time, reduce risk, reduce repeated manual tasks, data reconciliation with its low code approach.
RPA in Banking & Finance
Over the last decade, Banking and Financial sectors have spent significant time and cost on compliance operations. The voluminous data dealt with by these sectors on day-to-day basis is driving several banks across the world to migrate from their traditional systems towards process automation.
Robotic Process Automation (RPA) is an expedient engine that could meet the pressing demands of the Banking and Finance sector. Ability to do more with fewer resources is driving these sectors to look for better ways to boost productivity. Maintenance expenses are one of the focus areas in Banking and Financial sectors. Adopting RPA can extensively reduce the operating costs by up to 70 percent.
Implementation of RPA in Banking and Finance minimizes errors and human efforts to a great extent. It can deliver better compliance, mitigate risks, and increase customer satisfaction. Due to its inherent capability of working on top of existing infrastructure and a low-code solution approach, RPA makes it a suitable candidate to be adopted and deployed.
Features of Robotic Process Automation in Banking Industry
In current days, illegal activities are becoming common in Banking and Financial institutions. They are highly vulnerable to the violation of security and cyberattacks. Implementation of RPA can comfort Banking and Financial institutions by providing an advanced level of substantial and stable protection. In an automated system, frauds are detected and exposed more efficiently than humans could figure out.
Reduce Operational Risks
RPA in Banking and Financial institutions can replace human errors caused by mistakes, tiredness, or lack of knowledge and provide a lower operational risk level.
Applying RPA in Banking and Financial sector will reduce errors by eliminating human touchpoints and judgment for routine activities across the financial value chain.
Fundamental Banking Operations
RPA in Banking and Financial domain helps handle the back-office operations such as customer data updates, verification, documentation, accounting reconciliation, and more.
Account Opening Process
RPA in Banking and Financial institutions assists the account opening process by obtaining the information from entry forms and feeding it into the host applications. It reduces tedious, error-prone data entry procedures, increases operational accuracy, and saves costs.
RPA efficiently resolves lower priority queries, freeing up time for the workforce to handle higher priority queries
An RPA system gathers documents from customers, makes credit & background checks and takes decisions based on preset parameters
RPA can accelerate the processes based on preset rules, algorithms and thus clearing the bottlenecks
RPA can collect information from different systems, validate and update the same back to the system
RPA can handle financial statements, assets, liabilities, revenue, and expenses across disparate systems
RPA can process account closure requests, obtain proofs, perform tasks in shorter durations with 100% accuracy
- Cost Savings - RPA in Banking and Financial institutions provides easy to adhere to rules and increases productivity by functioning 24/7 with fewer FTEs & lower response time
- Time Savings - The introduction of RPA in Banking and Financial institutions can reduce the volatility related to staffing in an organization and eliminates the need for seasonal employees. It also reduces processing time & hours spent in onboarding and repeated manual works
- Expressway - RPA in Banking and Financial institutions will create tasks and processes in the express mode, which means it is 90% quicker than before
- Error Free Operations - RPA in Banking and Financial institutions creates an error-free customer data repository & promotes more customer interactions. The validated data used for making better decisions is highly accurate
- Efficient Process - RPA in Banking and Financial institutions streamlines the data validation process
Robotic Process Automation in Banking is used to automate the backend workflows usually consists of rule-based, arduous, high volume redundant tasks, and allows employees to focus on value-added tasks. It is used to quicken the core processes, killing human prone errors, increases the accuracy, available 24/7, helps to lower the costs, and time-to-market for new services.
- RPA in banking supports the banks and financial institutions to automate their processes faster with drag and drop technology, increases productivity, available 24/7 for data entry, payroll and other repetitive tasks.
- RPA in banking improves the customer experience. Buddies can quickly examine the difficulties of customers and provide a proper response to their queries.
- RPA in banking can reduce the loan processing time and accelerate the time-consuming processes creating happy customers.
- RPA in banking helps complete auditing trails for each & every process to reduce business risk and maintain high process compliance.
- RPA in banking does not require any infrastructure changes due to its UI automation capabilities. The hardware and servicing cost further reduces in the case of cloud-based RPA.
- Account opening - With the implementation of RPA in Banking, the burdensome account opening procedure becomes much simple, speedy and specific. It eliminates the data transcription errors in the core banking system and the new account opening requests, thereby enhancing the data quality of the overall system.
- Automatic statement Generation - RPA can generate compliance reports of fraudulent transactions in the form of suspicious activity reports. RPA technology uses natural language generation capabilities to read through these lengthy compliance documents before extracting the required information and filing the SAR.
- Loan processing - Loan processing is always considered a slow process. RPA in banking can accelerate it and brings it down to a record of 10-15 minutes for processing.
- Mortgage processing - RPA in banking reduces the time taken for processing the various tasks include the mortgage lending process, including loan initiation, document processing, financial comparisons, and quality control. As a result, the loans can be approved much faster, leading to enhanced customer satisfaction.
- Know your customer (KYC) - RPA in banking is used to collect customer data, evaluate and validate it. This helps banks to conclude the process in a shorter duration with fewer errors and employees.