The financial sector is going through a massive digital transformation. FinTech companies and various other virtual banking solutions are increasingly gaining people’s trust and have increased the competition. Widespread adoption of leading-edge technologies by FinTech companies has made one thing clear – ‘“Whoever uses the technology better will win the race in the long run”. It thus becomes imperative for the banking sector to evolve and embrace technology to remain competitive and deliver innovative services to customers.

Moreover, banking institutions always work under constant pressure to optimize cost, boost efficiency, and work productivity to grow faster. Robotic Process Automation (RPA) can help banking institutions meet these business endeavours with ease by enabling large scale digital transformation.

Benefits of RPA in the Banking Industry

1. Faster Account Opening & Closure

Banking services are now widely available even in far remote parts of the country. Institutions are always loaded to process numerous applications for account opening and closure on a regular basis. Both these important processes involve various stages and require plenty of documents and checks to complete final approval. Through the implementation of RPA technology, banking firms can easily track all accounts and stages. Also, they can send automated notifications to customers for better visibility and schedule calls to complete these key banking processes faster than usual.

2. Better Customer Service

Customers often come with multiple queries that do not require any critical decision-making or cognitive abilities but consume enormous time and critical resources. It makes the jobs of agents difficult and increases waiting and query resolution time. On the other hand, when you implement RPA in the banking sector, you can automate a significant part of your customer services operations through advanced IVR, AI-powered chatbots, and email automation. These facets help in the instant resolution of queries without waiting, and hence save time, and significantly boost customer satisfaction. Further, the RPA system integrates all back-end applications, provides key information, and analytics on a single click to help agents resolve tickets quickly.

3. ATM Protection

Implementing RPA in the banking sector can help you enhance the security apparatus of ATMs. Normally, all ATMs have security cameras installed. But what they don’t have is the advanced capabilities required for safety. RPA enables you to make a provision for getting real-time images and instant face recognition with the help of Artificial Intelligence (AI). You can detect and prevent theft through this. Moreover, you can implement an advanced alarming system that can send instant security threat notifications to concerned persons in case incidents related to machine tempering happen.

4. Credit Card & Loan Processing

Credit card business & loans are the two most important parts of the baking industry through which institutions earn a big chunk of their profits. But it is often seen that it takes weeks to validate and approve applications for both these profitable tasks. And ultimately it leads to dissatisfaction. Implementing RPA in the banking industry can help financial organizations to streamline this work better and complete it within hours. RPA software can analyze multiple systems simultaneously to validate documents, background checks, and credit checks. Based on the results, it can approve or disapprove applications without taking much time.

5. Automate Reporting

Just like any other corporate organization, the banking sector also needs to prepare reports of different kinds to analyze the KPIs, and present them to various decision-makers and stakeholders. Implementing robotic process automation enables enterprises to auto-generate required reports in a very quick time. With an RPA system in place, you are ensured with a fool-proof file with no chance of errors, which is very much important for having a crystal clear visibility of financial documents. Automation also helps in preparing reports in different formats.

6. Fraud Detection

It is almost an impossible task for banks to keep a close vigil on all accounts all the time (24/7). As increased digitization makes systems vulnerable to cyber threats and fraud, it has become essential for financial organizations to establish a system that can help solve this problem with ease without much effort. RPA service comes as a rescuer here. This powerful technology enables organizations to auto-monitor accounts and raises red flags in case of any intrusion or threat. You can auto-block accounts and stop transactions to avoid theft. Also, you can track the sources of suspicious emails or calls.

7. Accounts Payable

Implementation of RPA in the banking industry can help ease one key voluminous task of banking that is executed every then and now i.e. Payment Transfer. RPA with the assistance of optical character recognition (OCR) solution can extract data from digital forms, fill required forms, and process payment easily. You can also set alerts in case any error occurred and transfer that particular work to an expert for priority resolution.

8. Improved Decision Making

Fate of a business relies heavily on decision-making and good decision-making depends heavily on the quality of data. RPA service helps organizations not just to collect vital information from disparate systems but also analyze meaningful patterns and find crucial insights using AI. Deeper 360* analytics helps key decision-makers to gauge the strengths and weaknesses of their core business processes efficiently. Also, implementation of robotic automation in the banking industry provides predictive insights to let management make more informed decisions for successful policymaking and productive marketing endeavours.

9. Managing Compliances

Banking is considered as one of the most important industries where the stakes of almost every citizen of a country are involved. It is thus heavily loaded with strict compliances to process each task. But a huge number of compliances make the jobs of executives tougher. Implementing robotic process automation (RPA) eases this task and efficiently helps organizations to adhere to many compliances. This technology also helps you in detecting compliance violations and protects a company from financial penalties. With the enablement of good corporate governance, RPA takes care of maintaining a robust market reputation too.

Final Words

In today’s fastly evolving technological world, automation has become the need of the hour. A necessary tool to help banking organizations streamline their rule-based mundane activities smoothly. If implemented properly, RPA can significantly reduce the burden from employees and let them focus on their core complex banking functionalities properly. It also proves financially beneficial for enterprises and helps them compete efficiently at the global stage.