Most of you must be wondering what’s RPA ? and the way it is going to help us in Banking and Finance. Robotic process automation (RPA) is a software technology that makes things easy for humans. It can manage human actions like interacting with digital systems and software.
Banks & financial institutions today are under enormous pressure to optimize costs and boost productivity. RPA within the banking system is a great tool to deal with the pressing demands of the banking sector and help them maximize their efficiency by reducing costs with the services-through-software model.
However, once founded and implemented correctly, these RPA-based banking robots can take complete control of the system actions, including clicking & opening applications, sending emails, and copy-pasting information from one banking industry to a different.
In this blog, we are going to discuss various Implementation of RPA within the banking system that offers different opportunity to automate a number of the critical banking tasks listed below –
- Customer service
The volume of everyday customer queries in banks (ranging from balance query to general account information) is big, making it difficult for the staff to reply to them with low work time. RPA tools can allow banks to automate such boring, rule-based processes to effectively answer queries in real-time, thereby reducing the work time substantially.
- Mastercard processing
One of the opposite time-consuming processes at banks is MasterCard applications, which generally take several days for validating the customer information before approving the Mastercard. RPA, on the opposite hand, can help make quick decisions to approve/disapprove the application with a rule-based approach.
- Account closure process
The number of account closure requests that banks should cater to monthly is gigantic. One reason is that the non-compliance on the part of the clients within the submission of mandatory documents. Robotic Process Automation allows the banks to tackle this issue by easily tracking all such accounts and sending them an automatic notification & additional reminders for the submission of the desired documents.
Benefits of RPA in Banking & Finance
RPA implementation allows banks to place more concentrate on innovative strategies to grow their business by freeing employees from doing mundane tasks.
- Operational Efficiency
Once correctly founded, banks and financial institutions can make their processes much faster, productive, and efficient.
Similar to the other industry, cost-saving is critical to the banking system yet. Banks and financial institutions can observe saving around 25-50% of time interval and price.
- Risk and compliance reporting
RPA in banking helps in generating full audit trails for every & every process, so on reduce business risk also as maintain high process compliance.
- Zero infrastructure cost
One of the advantages of RPA in financial services is that it doesn’t require any significant changes in infrastructure, thanks to its UI automation capabilities. The hardware and maintenance cost further reduces within the case of cloud-based RPA.
If implemented properly, RPA or Robotic Process Automation services may be genuinely transformative for the banking sector by automating manual, repetitive and time-consuming tasks. Some banks and financial institutions have already started implementing RPA in their operations, as they serve more opportunities and problem-based solutions that are quick & easier to implement, as compared to large-scale transformations.