From taking over monotonous data-entry to answering customer service queries, RPA has been able to save financial workers from spending time on repetitive, labor-intensive tasks and enabled value generation within banks on an industrial scale. RPA has revolutionized the banking industry by enabling banks to complete back-end tasks more accurately and efficiently without completely overhauling existing operating systems.
Robotic Process Automation for Banking
Banks deal with multiple queries every day and must respond with low turnaround time. RPA can automate such rule-based processes to respond in real-time and reduce turnaround time to seconds.
Accounts Payable requires extracting vendor information, validating it and then processing the payment. RPA with the help of OCR (Optical Character Recognition) can solve this problem by reading and validating the information.
There can be various reasons for account closures and one of the most frequent ones is when the client failed to provide a mandatory document. RPA can easily track such accounts and send automated notifications to remind the client.
Banks need to prepare reports and present them to their stakeholders to show the performance. RPA solutions can easily auto-generate reports, analyze their contents and based on the contents, email them to relevant stakeholders.
Banking is in the center of the economy and therefore in the center of compliance. RPA can be a key enabler in legal compliance improvement.
It can be difficult for banks to track all the transactions flagged as possible fraud. RPA can track the transactions and raise the flag for possible fraud transaction patterns in real-time.
Banks need to keep the general ledger updated in order to prepare financial statements. RPA can integrate data from multiple legacy systems to present them in the required format.
CREDIT CARD PROCESSING
With the help of RPA, banks can process the application within hours and talk to multiple systems simultaneously to validate the information.
RISK & COMPLIANCE
40% - 60%
UPGRADING OPERATION EFFICIENCY
25% - 50%
40% - 60%
REDUCED BUSINESS RESPONSE TIME
"In recent years the Banking industry supposed an investment of around US$ 250M in the Robotic Process Automation (RPA) market. But due to the strong growth of virtual banking and security matters, it is expected to exponentially grow up to US$ 2.9B by 2021."
Download this case study to discover how one of the world’s largest financial group and leaders in consumer finance, drastically reduced processing times and moved employees to higher-value activities.