What is Robotic Process Automation (RPA) in Banking?
It has been strongly observed that banking and financial institutions are spending 10% of their operational costs on compliance. An estimate states that banks spend nearly $270 billion yearly on their compliance operations, and they are reported to spend over $321 billion on compliance operations, including fines.
Here, RPA can create magic for these players by not only automating mundane, repetitive and rule-based tasks but also maintaining high compliance norms. The primary aim of RPA is to enhance productivity by engaging customers in real time and leveraging the immense benefits of robots. This also helps in achieving robust governance.
The best part of implementing RPA in banking and financial services is that it doesn’t need any additional infrastructure. With ready workflows or integrations and a low-code, no-code approach, banks can easily hop on to RPA adoption and make the most of it. These RPA-based banking robots need structured inputs and governance. It also requires proper employee training.