In this digital age, banking and financial institutions are one of the first to adapt to new technology. The digital systems are already making a difference in frontend and back end services. With AI and Machine Learning, RPA solutions can put thinking into work, making them more helpful. Banking institutions has a huge scope of automation due to the large number of manual and mundane processes.
With RPA, banking institutions can streamline processes and relieve resources from mundane work. AutomationEdge can give differentiating factor to banking and financial institutions by freeing up talent from repetitive work. It provides operational efficiency and reduces costs with increased compliance. AutomationEdge reduces implementation cost with its simple and faster implementation process. AutomationEdge shows ROI from first quarter.
Challenges for banks and financial institutions
RPA’s impact on banking and finance industry
Claim processing requires validation of information from multiple systems. This process is time consuming and requires managing multiple systems which increases probability of error. AutomationEdge RPA solution can validate information from multiple systems without integration and zero error. It also reduces the processing time significantly.
Bank Account Opening
Bank account opening process needs to fill the information from the identity proof documents like driving license or voter id card. AutomationEdge with the help of OCR system can read the information from documents and complete the process within seconds.
One of the largest banks has implemented AutomationEdge to automate credit underwriting which communicates with multiple internal and external systems to get the information and create credit report. Customer is now using more than 100 AutomationEdge bots.
It is very important to have real-time transaction monitoring and reporting solution to avoid frauds in banking and financial institutions. AutomationEdge provide and edge in fighting bank fraud by monitoring transactions and notifying in real-time for suspicious activities.
According to the Accenture report, 73% of the respondents believed that RPA is going to be the key enabler in compliance. AutomationEdge RPA bots works 24/7 with fewer FTEs increasing the efficiency of the process.
KYC is a critical compliance for a bank. KYC process involves atleast 500 to 1000 FTEs to be checked from customer. Automating KYC process will save thousands of man-hours and millions of dollars. Thomson Reuter report says that bank spends around US $384 million per year on KYC compliance.
Good Work Speaks for Itself
“We are very happy with AutomationEdge. It has helped us improve turnaround time (TAT) by 90% and above for many IT and HR requests. We have currently automated around 13% of our service desk tickets. We are going to automate 100+ new use cases in next 6 to 9 months.”
Benefits of AutomationEdge
Cognitive Capabilities (AI, ML, Chatbot)
Easily scaled operations
Central access control
No Coding Required
High level of Security and Compliance
Best talent doing creative work
Independent of your environment
Operations deep insight and analytics
Extensive Banking Domain Experience
One of the largest banks leverages
AutomationEdge RPA to Automate
Bank Account Closure Process