Banks need to constantly evolve to keep up with their customers’ expectations, regulatory reforms, and counter competition from other industry players. Banking and other financial organizations are under immense pressure to optimize costs and boost efficiency. The sudden rise in personnel costs, the scarcity of skilled resources, and the need to improve process efficiencies are some of the vital challenges that the banking sector is facing today. Robotic Process Automation (RPA) acts as a powerful tool to meet the needs all these situations with a simple solution.
Robotic Process Automation (RPA) has been significantly adopted in the banking and financial services sector to automate and organize time-consuming operations. Most of the tedious manual tasks are shifted from humans to machines, reducing the need for human involvement. This not only enhances overall performance and efficiency levels but also reduces expenses and staffing issues.
According to a recently published report, Robotic Process Automation in banking is estimated to be worth $2.9 billion by 2022, a significant increase from the $250 million it was worth in 2016.
RPA helps bankers deal with different types of queries, from customer service to loans, accounts, fixed deposit inquiries, or financial frauds. It also reduces the overall time taken to verify the customer details from different systems.
RPA assists in reducing the turnaround time needed to onboard any new client by automating the processes that involve KYC checks, credit scoring, etc.
RPA improves communication with the customers by automating both event-based and periodic communications along with transaction alerts.
RPA enables banks in handling operational inaccuracies by reviewing, reprocessing, and updating failed transactions precisely and quickly.
RPA allows the bank to manage multiple processes across complicated infrastructures and eliminates human errors. This enables the bank to be compliant with the latest standards by keeping detailed logs of automated procedures and generating reports automatically that are required by the auditor.
RPA is used by banks to not only gather credit card documents of the customer and make necessary background checks, but also in taking a decision based on specific parameters on whether the customer is eligible to get a credit card. It then aids in dispatching the cards as well.
With RPA correctly set up, banks and financial services can make their processes much faster, productive, and efficient.
RPA bots are highly scalable and allow you to manage high volumes during peak business hours by adding more robots and responding to any situation in record time.
Digital transformation in banking will make your processes more efficient, eliminate wasted efforts, reduce the compliance backlogs rapidly, and significantly evolve your workforce strategies.
Manual errors will reduce drastically with RPA. This enables the workforce to focus more on other essential tasks that require analysis, investigations, reasoning, and judgment.
Setting up RPA does not require any significant infrastructure changes due to its user interface automation capabilities. The hardware and maintenance cost further reduces in the case of cloud-based RPA. In addition, RPA works well with legacy systems to bridge the gap that exists between processes.
Against the backdrop of increasing competition, regulatory reforms, and changing customer expectations, the banking industry is finding it difficult to improve their efficiency and customer services. With the voluminous data dealt with every day, banks and credit unions are under pressure to optimize costs. These challenges have set the stage for the adoption of RPA by Banks and Credit unions. They are leveraging RPA to automate routine tasks, like extracting and imputing necessary information between multiple banking systems and portals, resulting in increased process efficiency and improved customer experience. RPA has enabled banks to automate entire workflows and streamline a number of their operational activities.
Want to become a truly digital organization and free yourself from all regulatory burdens? Opteamix has the expertise you need to scale your RPA initiatives successfully and realize ROI. Contact us for a personalized demo on RPA in Banking today!
Opteamix is a digital automation technology consulting firm with deep expertise in Application Development, Robotic Process Automation, AI, DevOps, Enterprise Mobility, and Test Automation Services. We are headquartered in Denver, Colorado with a wholly-owned delivery center in Bangalore, India.
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