RPA in Banking and Finance
Introduction
The inclusion of advance technological innovation in the banking and financial industry has seen this industry grow exponentially resulting in faster, more secure and reliable service. To provide a better user experience, minimize cost and gain competitive advantage banks are increasingly adopting virtual and branchless banking concept. The pandemic has further catalyzed this adoption to manage customers and employees.
What is RPA in Banking
RPA can help used to automate a number of time consuming, repetitive, rule based banking processes like account opening, customer services, AML/KYC and many more. RPA automates repetitive tasks, streamlining operations. This reduces costs by minimizing manual labor, errors, and processing time. Businesses can reallocate resources to strategic initiatives, improving efficiency and profitability. When RPA is implemented with AI, it can be implemented in more complex decision making banking process like fraud detection and anti money laundering.
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RPA use cases in banking
Precision, Speed and Compliance at the Fingertips
Customer onboarding: Bank's process of customer onboarding requires the bank to follow some typical steps which need to be followed for all customers. With strong compliance and audit procedure it is vital that the same steps are followed.]
The Know Your Customer (KYC) procedures are usually cumbersome as they are manual requiring the customer to wait. RPA Bots can be implemented to Automate account opening process, KYC Verification, documents collection thus reducing manual effort and improve accuracy.
Loan Processing: Similar to customer onboarding Loan Processing also requiring strict compliance with following the standard operating procedure. Any delays in the processing of loan not only causes frustration for the client but also affects the image of the bank. RPA can help in ensuring all the processes from loan origination to disbursement process (data extraction, credit check and risk assessment) follow the same routine and can be undertaken in the quickest possible time. RPA ensure there is no biased decision.
KYC and AML Screening: With strict compliance RPA ensures that all screening be it KYC or AML are undertaken with 100% accuracy and efficiency. Usually all AML related process are slow as it requires human involvement which are prone to errors.
Customer Support: Consumers have a number of options when it comes to banking. Ensuring customer satisfaction is key to customer retention. Fast services and timely customer query response are the demand of the modern digital savy customer. RPA with the use of BOTs ensuring all customer requirements are answered and their queries resolved 24 x 7, 365 days a year. RPA is the key to branchless banking.
