As more and more countries push their initiatives related to a cashless economy, the payment card industry is expected to grow by leaps and bounds in the coming years. However, the current industry is crippled with its own set of challenges.
In this article, we will have a closer look at how banking process automation can streamline the entire credit card processing and make way for happy customers.
The Current Challenges in Credit Card Processing
The drive of most governments towards introducing a cashless economy has made the use of credit cards mainstream. More and more customers prefer carrying plastic money with them when compared to the fiat currency. If stats are to be believed, consumers are using their credit cards more than they did. The average credit card balance lies close to $4,800!
It is found that the average consumer is using more than one credit card, and online payments have far outperformed the retail payments by 4 times.
However, the ever-booming credit industry has overwhelmed the financial institutions which still rely on manual processes. Traditional credit card processing takes weeks – from validating the customer information to approving the credit card – a range of processes are to be followed, and checks are to be conducted.
This has made the whole system inefficient and has increased the probability of errors and frauds. This is quite natural, keeping in mind that financial institutions handle as many as 500,000 credit card applications per day!
This is When Robotic Process Automation Can Help!
Undoubtedly, the struggle is real. But not anymore. The introduction of robotic process automation, also known as RPA, has proved to be a big relief to the banking and financial institutions.
For starters, an RPA is a right amalgamation of artificial intelligence (AI) and machine learning capabilities that makes the handling of high volume and repeatable tasks easy to perform, without any errors.
When it comes to credit card processing, an RPA can help by accelerating the whole process, and reducing the long waiting periods. Long waiting time not only costs the financial institutions hefty but also leaves the customers dissatisfied. RPA enables the banks to issue a credit card to customers within hours. An RPA can communicate with multiple systems at once, validate the required information, conduct background checks, and make a decision based on the rules to approve and disapprove the application.
All this will translate to:
- Reduced costs
- Streamlined operations
- Happy staff
- Digitized data
- Reduced business response time
- Better customer service
Can it get better than this? We guess not!
AutomationEdge is the Best RPA!
Now that we are discussing the importance of RPA in the credit card processing, it is worth mentioning about AutomationEdge which is the best RPA Software as highlighted by Gartner Peer Insights. The tool works by making the most out of cognitive capabilities, artificial intelligence, and machine learning all at once to speed up the industry.
Automationedge can help you in reducing costs by up to 80 percent and can deliver visible ROI within the first four weeks.
The Next Steps
Make the most out of the available technology, and introduce zero-error-methodology in your financial institute by employing RPA today! Got any questions? Let us know in the email [email protected]