Credit Card Processing in Banking is highly benefited with RPA
by: Aishwarya Kannan 2020-02-26 Source: SKCRIPT
Earlier, approving credit card applications was a time-consuming procedure that took weeks to verify consumer details and accept credit cards. Customers were often dissatisfied with the long wait time, which led to them cancelling their requests.
On the other hand, banks will now use RPA to speed up the process of issuing credit cards. RPA software collects customer records, conducts credit and background checks, and determines whether or not the customer is qualified for a credit card based on set conditions in just a few hours. The whole process has simplified thanks to RPA.
There are 5,00,000 applications for credit cards per day (US consumers), according to the CFPB Consumer Credit Card Market Study. Online payments have grown by ~64% between the years 2013-2017, according to US Census Bureau News 2017. With the average consumer using more than one card at a time and online payments growing four times faster than retail payments, the credit card market is booming, and with it comes an enormous amount of data.
As rightly pointed out by Willcocks and Lacity (2016), Robotic Process Automation and cognitive automation can be very disruptive of the more conventional people-centric outsourcing model based on offshore outsourcing vendors and captive centres.
Here’s are some of the credit card processing simplified with RPA with a high level of accuracy and compliance under minutes.
- Application Processing : In the first stage of credit card processing, i.e., data collection, RPA automates the KYC process, including Anti Money Laundering compliances and other checks, gives a scoring to the applicant after assessing the risks, and employs decision making with Artificial Intelligence. With automated interfaces and underwriting processes, it also manages the documentation and workflow.
- Personalization : Upon approval, the card is personalized, delivered, and activated automatically with straight-through processing. It carries referral handling through auto dialler for customer and issuer contacts and authorization.
- Transaction clearing and settlement : Exception handling, verification of the charges levied by the bank, reviewing, updating, and re-process validation of failed records are the various processes optimized by RPA.
IntelliBuddies® role in Banking
An Intelligent automation platform enables the Banking & Finance industry to automate repetitive tasks, reducing time, cost, and human errors while increasing performance, efficiency, and throughput. Implementing RPA in Banking minimizes errors and human efforts to a great extent. It can deliver better compliance, mitigate risks, and higher customer satisfaction. Due to its inherent capability of working on top of existing infrastructure and a low-code solution approach, RPA in Banking makes it a suitable candidate to be adapted and deployed.
This platform can be orchestrated on-premise or on any other cloud configuration, highly flexible and scalable. Further, it can work with existing infrastructure, seamlessly bring data from legacy systems and provide you better analytics.Source: SKCRIPT