How RPA can help Banking institutions in Account Closure Process

The number of account closure requests that banks have to deal with monthly is enormous. One reason is the non-compliance on the part of the clients in the submission of mandatory documents.

Robotic Process Automation allows the banks to tackle this issue by easily tracking all such accounts and sending them an automated notification & additional reminder for the submission of the required documents.

This procedure deals with closing bank accounts by clearing pending settlements, cancelling cards, and closing checks, among other things. There are various reasons to close an account, one of which is when the client fails to supply the required documentation. You can monitor those accounts and submit automatic updates using Robotic Process Automation (RPA). RPA can then help close accounts in case clients fail to provide KYC documents.

Through the successful implementation of RPA, the banking industry (especially retail banking) is preparing for a paradigm shift. RPA technology in the banking sector is currently primarily focused on frameworks established previously. In the future, robotic platforms will dramatically move to a more UI-centric automation phase. With the advancement of speech and gesture recognition technology, the transactions are processed will become increasingly dependent on the end-user level.

Banks receive several requests to close the accounts on a monthly basis. Sometimes, the accounts can also be closed if the client does not furnish the proofs required for operating the account. Considering the high volume of data handled by the bank every month and the checklist they need to adhere to, the scope for human error also increases.

Banks may use RPA to send automatic reminders to customers, requesting that they have the necessary proofs. It can also accurately process account closure requests in the queue based on specified rules quickly. RPA handles unusual situations, such as the closure of an account due to a failure in KYC enforcement. As a result, the bank will concentrate on less monotonous tasks and require more human intelligence.

A few of the challenges encountered during accounts closure:

  • Huge number of requests in thousands per month received for accounts closure
  • Probability of human errors while handling exceptions involved in closure process-oriented
  • During the process cycle, manual errors can occur

With so many benefits, banks should consider implementing RPA across all functional areas to improve customer service and gain a competitive advantage. It can seem to be an expensive investment, but given the benefit, it brings to the company, it can pay for itself within months of implementation.

How IntelliBuddies® helps
Using IntelliBuddies® Robotic Process Automation in the Banking industry is beneficial for straightforward processing. IntelliBuddies® Buddies are Smart, Robust, Heritable, and Dependable to perform any task. They Work tirelessly, faster, efficiently, and error-free 24/7. Buddy is a lightweight process and a fundamental component of IntelliBuddies®. Buddy is the framework that executes the strategies designed as part of the Process Designer. The Buddies can process all accounts closure requests in queue and enabled entire business logic to cover all the possible exceptional scenarios, maintain record of system exceptions occurred during execution.

IntelliBuddies® integrates disparate systems by extracting data and relieving Healthcare personnel from repetitive tasks so they can apply their skills to the tasks where the human touch is essential.

AccountClosure by Bench Accounting is licensed under Unsplash

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