Implementing RPA in Banking and Finance
In the banking sector, Robotic Process Automation (RPA) solutions are widely employed to automate laborious and repetitive processes. RPA is a technology that performs high-volume, repeatable tasks by mimicking how people interact with software. It assists banks and finance departments in automating repetitive manual processes, allowing employees to focus on more critical tasks and gain a competitive advantage. By automating banking procedures, banks can improve compliance, decrease human labor requirements, lower risks, and enhance customer experience. Other challenges confronting the banking sector include a scarcity of skilled resources, the need to improve process efficiency, and a sharp increase in personnel costs, all of which have led to adoption of Robotic Process Automation (RPA). The following are some of the most rewarding RPA use cases in the banking industry.
Banks and financial institutions are required by compliance rules to prepare and present reports detailing their performance and challenges to the board of directors. Traditionally, compliance officers are expected to manually read all reports and fill out the SAR form with the necessary information. As a result, it is a very repetitive task that requires a significant amount of time and effort. According to studies, 73 percent of compliance officers believe that RPA compliance will significantly impact over the next three years. RPA improves compliance by reducing costly FTEs and improving compliance quality, in addition to increasing productivity by eliminating tedious tasks and involving employees in jobs that require Human Intelligence.
Banks will win the digital battle by focusing on their customers. Customer onboarding in banks is a time-consuming process because several documents require manual verification. RPA can make the process easier by extracting data from documents using optical character recognition. This can then be compared to the information provided by the customer in the form. If no discrepancies are found following the automated matching, the data is automatically entered into the customer management portal. RPA automation in customer onboarding helps avoid manual errors and saves employees a lot of time and effort.
Loan processing is always regarded as a time-consuming and inefficient process. Processing thousands of loan mortgage documents can be time-consuming, and banks may struggle to process applications while ensuring accuracy without intelligent automation workflows. RPA bots can quickly extract data from forms, allowing the lender's database and loan calculators to be updated. The SBA Paycheck Protection Program Form bot can then use the borrower and loan information to populate all fields on the SBA E-Tran website and complete the lender application form for a loan guaranty.
Data digitization has enabled banks to reduce paperwork. RPA can rapidly scan relevant information and extract strategic analytical data. RPA tools that use drag-and-drop technology to automate processes with little development are available. The banking application is updated with account closure information which also covers a variety of exceptional scenarios that may arise during account closure. Once the account is closed, the status of service request tickets is updated with the generated transaction ID and solution ID. During a process exception, the process execution of the robot stops and notifies the branches for further action.
As more countries push their cashless initiatives, the payment card industry is expected to grow by leaps and bounds in the coming years. However, the current industry is beset by its own set of difficulties. Credit card applications, which typically take several days to validate the customer's information before approving the credit card, are another time-consuming process at banks. When it comes to credit card processing, an RPA can help by speeding up the entire process and reducing long wait times. It enables banks to issue credit cards to customers in a matter of hours. An RPA can communicate with multiple systems at the same time, validate the required information, and conduct background checks that help make quick decisions to approve/disapprove the application.
Cost-effective
Increased operational efficiency
No infrastructure cost
Improved Customer Experience
Increased Reliability and Accuracy
Processes are scaled up with minimal errors.
The introduction of RPA has proven to be a massive relief for banking and financial institutions. At 2AutomateAnything, our professionals work with you to take your business to the next level. Begin with concrete sub-processes/tasks; after the most time-consuming tasks have been automated, you can proceed at your own pace towards full automation.
Automatic Report Generation
Banks and financial institutions are required by compliance rules to prepare and present reports detailing their performance and challenges to the board of directors. Traditionally, compliance officers are expected to manually read all reports and fill out the SAR form with the necessary information. As a result, it is a very repetitive task that requires a significant amount of time and effort. According to studies, 73 percent of compliance officers believe that RPA compliance will significantly impact over the next three years. RPA improves compliance by reducing costly FTEs and improving compliance quality, in addition to increasing productivity by eliminating tedious tasks and involving employees in jobs that require Human Intelligence.
Customer Onboarding
Banks will win the digital battle by focusing on their customers. Customer onboarding in banks is a time-consuming process because several documents require manual verification. RPA can make the process easier by extracting data from documents using optical character recognition. This can then be compared to the information provided by the customer in the form. If no discrepancies are found following the automated matching, the data is automatically entered into the customer management portal. RPA automation in customer onboarding helps avoid manual errors and saves employees a lot of time and effort.
Processing Loan Application
Loan processing is always regarded as a time-consuming and inefficient process. Processing thousands of loan mortgage documents can be time-consuming, and banks may struggle to process applications while ensuring accuracy without intelligent automation workflows. RPA bots can quickly extract data from forms, allowing the lender's database and loan calculators to be updated. The SBA Paycheck Protection Program Form bot can then use the borrower and loan information to populate all fields on the SBA E-Tran website and complete the lender application form for a loan guaranty.
Account Closure Processing
Data digitization has enabled banks to reduce paperwork. RPA can rapidly scan relevant information and extract strategic analytical data. RPA tools that use drag-and-drop technology to automate processes with little development are available. The banking application is updated with account closure information which also covers a variety of exceptional scenarios that may arise during account closure. Once the account is closed, the status of service request tickets is updated with the generated transaction ID and solution ID. During a process exception, the process execution of the robot stops and notifies the branches for further action.
Credit Card Application Processing
As more countries push their cashless initiatives, the payment card industry is expected to grow by leaps and bounds in the coming years. However, the current industry is beset by its own set of difficulties. Credit card applications, which typically take several days to validate the customer's information before approving the credit card, are another time-consuming process at banks. When it comes to credit card processing, an RPA can help by speeding up the entire process and reducing long wait times. It enables banks to issue credit cards to customers in a matter of hours. An RPA can communicate with multiple systems at the same time, validate the required information, and conduct background checks that help make quick decisions to approve/disapprove the application.
Benefits of RPA in Banking & Finance
The introduction of RPA has proven to be a massive relief for banking and financial institutions. At 2AutomateAnything, our professionals work with you to take your business to the next level. Begin with concrete sub-processes/tasks; after the most time-consuming tasks have been automated, you can proceed at your own pace towards full automation.
