Why, Where and How of RPA in Banking and Financial Services Industry

Banking and Financial industry is growing exponentially, to support this growth, the industry has always adopted new age technologies that enables organizations to provide secure, faster and self-service solutions to customers. In the array of technologies, Robotic Process Automation is one of the fastest and widely adopted technologies.

Robotic Process Automation represents the next wave of automation that will help address a slew of challenges in the Banking and Financial services industry. It is important to understand why, where and how of RPA in Banking, Financial Services and Insurance industry.

Why Robotic Process Automation is the best solution for the Banking and Financial Services Industry?

Banking and financial institutions have to deal with millions of customer documents and information collected from multiple sources. For example, Validating Credit Card Application. A credit card company has to validate all the customer information with the documents. If done manually, this process may take days, affecting customer experience. Banks and financial institutions are full of such manual, repetitive processes. Few of them are listed below:

Where RPA can be used in the Banking and Financial Services Industry?

• Integration with Legacy Systems
  RPA can easily integrate with legacy systems using UI automation.
• Fetching Data from Multiple Systems
  It can fetch data from multiple systems to provide an intelligent report for faster decision making.
• Validating Information from Paper-Based Form
  Using optical character recognition or OCR technology, RPA bots can get read information from paper-based forms, convert it into digital format and validate information with multiple systems.
• Fraud Detection
  RPA bots can also be used to stop transactional fraud by detecting patterns.
• Faster & Custom Reporting
  RPA bots can create reports within minutes which are required in annual meeting and audits
• Automate Customer Query Resolution
  With AI, RPA can understand natural language in emails and chats to provide resolution to customer queries.

How RPA can impact business operations?

• 40% – 60% savings
  Institutions can save up to 40% – 60% processing time and cost
• Compliance Followed
  Processes will be more compliant with almost zero errors and as the bot does not make mistakes and follow rules
• Single View System
  Legacy system integration reduces manual work of verifying information from multiple systems and keep them updated
• No Infrastructure Cost
  RPA implementation does not require any major changes in infrastructure with its UI automation capabilities. RPA on Cloud further reduces the hardware and maintenance cost.
• Low Code, Pro Code Development
  RPA platforms are supported drag and drop development, which is easy to understand and develop workflows.

[Also Read: What is RPA in Banking and Finance ? Use Cases, Benefits, and Challenges in 2023]

Conclusion:

Robotic Process Automation can play a critical role by automating manual and time consuming mundane tasks. Automating such tasks reduces error rate, turnaround time and improves productivity. Freed from mundane tasks, human resources can focus on critical tasks which are of great importance.
AutomationEdge is an integrated automation platform. It is being used by various banking and financial institutions to automate complex IT and business processes which improves employee productivity with 40% – 60% savings in processing time and cost. Read our customer case studies here.
For more information on RPA in Banking and Financial Services Industry, get in touch with us.