Robotic Process Automation (RPA) has been adopted in various sectors and industries to save cost and time, while delivering efficient results. Banking is one such sector that has benefited with this remarkable technology. It not only assist in repetitive, labor-intensive tasks like data entry, processing forms and assessing risk and credit score, but also increases the productivity and other benefits. It seamlessly bridges the gap between technology and legacy systems, without having to wipe out previous records or to integrate everything from scratch.
Following are the key advantages of RPA in banking sector:
- Removal of repetitive work done by banking personnel
- Operational efficiency, where a robot can accomplish tasks at least 3 times more than humans
- Round the clock operational capacity
- Nearly 100% data accuracy or zero error
- Cost effective
- Minimal implementation time
Key areas where RPA help in banking sector
- Capturing data from public databases or websites: These digital workers can scrape innumerous amount of data in various formats like text, table, images, etc. from databases and websites without having to monitor each entry. With capabilities like Optical Character Recognition (OCR) and Citrix, data is accurately captured and with APIs it can be integrated into bank’s application modules.
- Reconciliation of financial processes: This is a risky process as it involves keeping a track of customer’s money and it may include frauds. It involves huge volume of transaction data which is highly time-consuming and error-prone. To keep this process tidy and quicker, RPA comes in handy as it can integrate incoming data from various systems and match with the targeted data while using exact, partial or unmatched options. It also enables email servers to send or receive messages with help of native tools.
- Customer verification process: RPA can help with credit score mapping, profile validation, background checks and easy onboarding of customers which not only results in time and cost optimization but also enables a rewarding relationship with the customers.
- Compliance management: If the financial institutions fail to comply with the regulatory guidelines, which may change overnight, it can result in huge fines and taxes. With RPA, the software bots can check for compliance and audit to a significant extent.
Other day-to-day banking processes that can make use of RPA are account opening and closure, account payable and receivable, mortgage and loan processing, general ledger, KYC services, underwriter support, collection and deposits and many more.
The banking and finance sectors can benefit from RPA’s vast scope of automation in the long run. Not only they can live up to customer’s expectations but can stay up-to-date with the advancement going on in this digital world.