Robotic Process Automation @ Banking Finance Sector
Banks financial institutions today are under tremendous pressure to optimize costs and boost productivity. The other challenges that the banking sector is grappling with include scarcity of skilled resources, need to increase efficiency in processes, and a sharp increase in personnel costs, which altogether has given way to the adoption of RPA.
For Banking Financial sector (especially with the massive competition from FinTech and other virtual banking solutions), it has become imperative to continually evolve, remain competitive, and provide an exceptional customer experience for users.
IntelliBuddies®
IntelliBuddies® is an AI Infused Robotic Process Automation, which comes bundled with all the essential tools and technologies for the automation of your front and back-office operations. IntelliBuddies® comes with a large set of very useful activity libraries with a built-in intelligent automation framework along with AI and machine learning capabilities. The platform also provides the Process Designer tool to orchestrate the flow of work across human, buddy, and systems to enable enterprises to define end-to-end automation. Further, the platform provides the Control Room Portal for enterprises to manage their buddies in terms of their security, scheduling, orchestrating, reporting, and auditing. Overall, IntelliBuddies® would help enterprises in automating both rule-based and knowledge-based tasks and thereby reducing cost, improving response time, facilitating business growth, and at the same time achieving compliance.
Use Cases
Account opening
With RPA, the otherwise cumbersome account opening process becomes much more straightforward, quicker, and accurate. Automation systematically eliminates the data transcription errors that existed between the core banking system and the new account opening requests, thereby enhancing the data quality of the overall system.
Mortgage lending
Lending is one of the critical service for any financial institution. The fact that the process of mortgage lending is extremely process-driven and time-consuming makes it extremely suitable for RPA automation. RPA technology can be used for effortless handling of process (and exceptions as well!) with clearly defined rules.
RPA allows for easy automation of various tasks crucial to 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.
Loan processing
Loan processing has always been considered as a tediously slow process. Although the bank has automated the process to a certain extent, RPA further accelerates it and brings it down to a record 10-15 minutes for processing.
Customer onboarding
Customer onboarding in banks is a long, drawn-out process; primarily due to several documents requiring manual verification. RPA can make the process much easier by capturing the data from the KYC documents using the optical character recognition technique (OCR). This data can then be matched against the information provided by the customer in the form.
Know your customer (KYC) and Anti-Money laundering (AML)
The fact that both KYC and AML are extremely data-intensive processes make them most suitable for RPA. Whether it is automating the manual processes or catching suspicious banking transactions, RPA implementation proved instrumental in terms of saving both time and cost as compared to traditional banking solutions.
Form Registration
The form registration process is a redundant step, but a necessary task in the insurance space. RPA can automate and assist process completion in just 40% of the actual time taken, with half the workforce required.
Benefits of RPA in Banking & Finance
- Scalability: The fact that robots are highly scalable, allows you to manage high volumes during peak business hours by adding more robots and responding to any situation in record time.
- Increased operational efficiency: Once correctly set up, banks and financial institutions can make their processes much faster, productive, and efficient.
- Cost-effectiveness: Similar to any other industry, cost-saving is critical to the banking industry as well. Banks and financial institutions can look at saving around 25-50% of processing time and cost.
- Risk and compliance reporting: RPA in banking helps in generating full audit trails for each every process, so as to reduce business risk as well as maintain high process compliance.
- Availability: Whether you are looking to reduce manual errors or are achieving high accuracy at low cost, robots work 24×7 to complete the tasks assigned to them. Thus, reiterating the ever-present availability.
- Zero infrastructure cost: One of the benefits of RPA in financial services is that it does not require any significant changes in infrastructure, due to its UI automation capabilities. The hardware and maintenance cost is further reduced in the case of cloud-based RPA.
- Faster implementation: With RPA tools providing a drag and drop technology to automate banking processes, it is very easy to implement maintain automation workflows without any (or minimal) coding requirements.
- Business growth with legacy data: With RPA implementation, banks and the financial services industry are using legacy as well as new data to bridge the gap that exists between processes. This kind of initiation and availability of essential data in one system allows banks to create faster and better reports for business growth.