RPA’s Impact on Banking and Financial Service Industry
Claim Processing: 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.
Credit Underwriting: 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.
Anti-Money Laundering: 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.
Compliance: 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 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.