Do you know the importance of Robotic Process Automation in the banking sector? If not, this article is going to uncover the great cost-saving and efficiency-increasing opportunity that you are missing out on.

While all other industries are implementing RPA and using it as an essential tool in their processes, banking hasn’t been left out in this disruption journey either.

With the implementation of technological advancements like RPA, the banking and financial sector is growing exponentially, providing their customers with more secure, faster, and reliable services.

If you are in UAE and want to know all about the RPA in banking in UAE, along with having information on why banks must bank on RPA (especially the ones in UAE), look no more, as we have covered it all for you under one roof.

Also Read: RPA solution providers in Dubai – How to evaluate RPA vendors?


RPA in Banking Sector

If you are wondering which banks are using RPA, almost all the famous banks that you know in UAE are now finally moving to this technological advancement due to the exceptional benefits it has to offer.

There is no denying that almost all operations in the banking sector are time-consuming. To mitigate this problem, the majority of the banks are now religiously adopting RPA in the banking and financial sector to make all the repetitive and time-consuming operations more automated and thus organized.

A report states that around 2025, it is expected that RPA in the banking sector will reach approximately 1.2 billion US dollars.

With the usage of Robotic Process Automation in banking, the need of banks for human involvement has now significantly reduced, which has a positive impact on almost everything starting from betterment in staffing issues and expenses to improving efficiency levels and performance.

RPA in banking in UAE has now also increased significantly, where reports show that around 23 local and 26 international banks are now moving to advanced technology like RPA, machine learning, AI, etc.

Why banks must bank upon RPA


Why banks must bank on RPA

Now that you have got an idea about RPA in banking and financial sector, if you are wondering why banks must bank on RPA, here are the excellent benefits implementing RPA in banking in UAE has to offer:

1-    Increase in Operational Efficiency:

Once the RPA setup is implemented correctly by a renowned RPA vendor in the UAE like us, it is guaranteed that the banks and all financial institutions will enjoy productive, efficient, and faster operations due to the lesser involvement of humans and, therefore, lesser chances of human errors.

2-    Customer Approval

One of the best use cases of RPA in banking is how it can significantly help in customer’s approval process. There is always a series of standardized formalities that every new customer needs to go through. The decision at the end of this process is usually a binary decision of Yes or No – i.e. whether the person will be accepted as a customer on not.

With the help of simple rules, this can customer approval process in the banks can be automated with ease. As the rules of approval and rejection are always set, the approval decision can also be automated leaving extremely less on human discretion.

3-    Account Updates

RPA helps in looking after the workflow of accounts like account updates into a smooth automated process. Talking about some of the most basic operations such as cheque deposits in accounts can be automated using a combination of OCR and RPA.

Most other processes where customers might want to visit the bank can be fully automated with RPA. Which means that not only is online banking automated but so it the offline banking as well.

Such automation have helped most UAE banks thrive in times where technological advancements is getting all attention and will provide various benefits like better service delivery, data governance, digital transformation, labor shortages, etc.

4-    Optimization of Contact Center

Since most people avoid physical interaction with bank employees due to their busy schedules, bank contact centers are now facing massive traffic of customers’ calls. This may get overly burdened if human employees are asked to handle all the calls and keep answering repetitive questions and look after customers’ demands.

Therefore, RPA in banking sector helps significantly by using chatbots and tools that handle a significant portion of this traffic.

5-    Bringing Scalability

Due to the implementation of RPA, the employees are given enough time and freedom to focus more on innovative strategies and tasks that need their attention since all the repetitive and mundane tasks are taken care of by the RPA bots.

6-    Ensuring Compliance and Risk Reporting

For each and every process that happens in the banking sector, RPA is made responsible for carrying out complete audit trials. This helps in reducing business risks to a considerable level and therefore ends up maintaining high process compliance.

7-    Enabling Faster Implementation

What exactly makes it faster to automate and implement processes when it comes to RPA in banking in UAE? You may be wondering. Well, it is the ability of Robotic Process Automation to maintain and execute automation workflows along with easy implementation with or without the need for minimal coding.

8-    Smoothening the Bank Reconciliation Process

The bank reconciliation process can turn out to be extremely exhausting and time-consuming for the employees of the banks because they are required to find out a massive chunk of transactional data that may involve multiple banks and require balancing the final figures.

This is where RPA in the banking and financial sector can come to the rescue! The RPA bots used for banking are then programmed to replace the employees’ manual efforts with rule-based automation. This way, they can verify each payment entry against the bank and all other records. When the entries are matched, the records are reconciled; else, they are sent for further verification.

9-    Bridging the gaps

RPA in baking in UAE is also getting huge importance because this lets the banks use new data and legacy to bridge the gaps that exist between the processes. This allows the banks to create faster and better records all the time because all the data is available in one system.

10- Helping avoid human errors

Since banking requires employees to handle vast chunks of data, there is a high chance that they may end up making errors because, after all, they are humans! RPA in the banking and financial sector ensures avoiding manual processes of a considerable amount of data in order to prevent the occurrence of human errors as much as possible. With bots, the process that may take a human some minutes can be efficiently completed within seconds, and that too without any worry of any kind of error occurs.

11-  Reduction in costs of processes

Reduction in costs of various processes is yet another reason why banks must bank on RPA. Reports have shown that introducing bots for different manual processes reduces costs by around 30% to 70%. This way the manpower can easily focus on more critical tasks that need their attention.


Conclusion – RPA in banking in UAE

RPA is now making waves in almost all industries, and the banking industry is no exception. While many processes are carried out manually in banks, RPA can easily help the employees free up their time by automating repetitive tasks and letting them focus on the critical tasks that need their additional attention. Due to this reason, RPA in banking in UAE is now becoming famous, and many banks are moving towards this advanced technology.

Also, if you are looking to get started with your RPA journey right away, get in touch with us for a free demo of our RPA solution for your business.