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Chirag Bhayani
RPA Banking sector

RPA is growing rapidly. In Recent RPA trends and anticipation dispatch shows that by 2021, RPA will be a $29 billion industry. That’s an immense increase from $250 million in 2016.

In order to remain competitive in Banking Industry which is an increasingly saturated market – especially having an expeditious adoption of virtual banking – other banking firms have had to find a way to deliver the finest possible account user experience to their customers. Internally, the challenge was to maximize capability and keep costs as low as possible while maintaining maximum security levels.

In this banking industry, Robotic Process Automation (RPA) has become an influential and effective tool. The transactions in banking are offering financial services, repetitive & manual operations, and mixed systems environment while RPA provides process efficiency and lowers costs while ensuring regulatory compliance and deeper analytical insight of financial services. RPA enhances banking activities that engage customers in real-time, by increasing efficiency, quality, and productivity.

RPA helps the bank in these banking services; Customer Service, Compliance, Accounts Payable, Credit Card and Mortgage Processing, Fraud detection, KYC, General Ledger, Account Closure Process, Underwriter Support Deposits 

Handshake in banking industry

RPA in banking customer service

In banks, there are multiple works that usually content of repetitive operations. 

And customers’ demands everything to be given to them as soon as possible. Whether it is getting a fixed deposit done, opening an account, etc.  Banks deal with multiple queries and problems every day, everything from customers accounts information to their application status to balance information and process their request. It becomes difficult for bank employees to respond to their queries in less time. But RPA can automate such processes to respond to the customers’ queries in real time and reduce the turnaround time to seconds, allowing humans to be free for more critical tasks.

RPA in KYC

Know Your Customer (KYC) is an important process for every bank's customer. This process includes 1000 to 5000+ employees to perform necessary checks on the customers. As RPA increased accuracy, banks no longer have to worry about the employees and the KYC process can be completed with minimal errors and staff.

RPA in Fraud detection

While using the digital system, one of the major problems for banks is fraud security. It’s really difficult for banks to track all the transactions of a customer and to flag the possible fraud transactions. Whereas RPA can track the transactions and give caution for a possible pattern of fraud transactions in real-time reducing the delay of notice. 

General Ledger

It is also important for the banks to keep the general ledger updated of customers with information like financial statements, assets, liabilities, revenue, expenses, and revenue which is needed for financial statements, as handling and verifying the financial statements easily ends in many errors. RPA can independently integrate data from multiple legacy systems and prepare it in the required format. This reduces the huge amount of data handling, verifying errors and time.

Credit Card processing

A normal credit card application and Mortgage processing used to take weeks to validate the customer information and getting the application approved. The long waiting time will be an annoyance to customers and cost to banks. However, with the help of RPA, banks now can process the customer’s application within hours. RPA can converse with multiple systems simultaneously to validate or verify the information like required documents, credit checks, background checks and take the decision to approve or disapprove the application.

Mortgage Loan processing

It usually takes approx. 45 to 50 days to process a mortgage loan. Process of getting a mortgage loan approved goes through various checks like credit checks, repayment history, employment verification, and inspection. A small error can slow down the process. The process is based on a specific set of rules of verifying and checking. RPA can accelerate the process and clear the errors which will reduce the processing time to minutes from days.

Extreme benefits of RPA in Banks

Robots don’t even need a break. Banking robots can do work 24/7-365 days per year. Banks don’t have to give the robots overtime pay or health insurance or worry about them quitting. 

As being in the place of the human, robots have the least possibility of getting the error in banking activities, Robots don’t ask for any promotions like a human. A robot regularly explores the accounts of the customers concerned, including outside office hours, and thus allows efficient handling of cashing cases.

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