The banking industry, as always, is in a state of constant flux. You keep up. Adapt. Stay Ahead.
According to PWC’s report titled “Financial Services Technology 2020 and Beyond”, compared to other sectors 81% of CEOs in the banking industry are focused on the pace of technological change. Why so?
Banks are constantly on the lookout for:
- Improving customer experience
- Staying ahead of the competition
- Hassle-free and faster processes
What is the Role of Robotic Process Automation in Banking?
According to Grand View Research, comparing the global RPA market share by application, the BFSI sector contributed to a 29% share of the revenue. This can be attributed to the fact that the banking industry is replete with repetitive tasks. However, RPA does come in many shapes and sizes.
Traditional RPA serves only as a starting point for an enterprise’s automation strategy. Opposed to attended bots waiting on the wing, there are cognitive bots that can give end-to-end complex processes a facelift. Once the stakeholders get through the change and realize what can be achieved, advanced technologies like AI, OCR, and Analytics can be integrated into the core operations.
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Robotic Process Automation Use Cases in Banking
The benefits of robotic process automation in banking are manifold. Let’s look at them through some use cases.
Power up Customer onboarding
This is the first step to a strong relationship with your customer. Talk about first impressions! Any customer onboarding task can be automated with RPA, be it KYC or ID verification. Post onboarding, whenever a customer writes to the support team, the bots help speed through by checking the emails and assigning them to the concerned manager, depending on whether it’s a loan application, credit card request, or mortgage application. According to a survey done by Refinitiv, the average onboarding time is 30 days. If you want to automate the process, switching to online forms doesn’t cut it. There’s still a human behind the online forms verifying and mapping the data to another spreadsheet. Integrating technologies like Doc AI, the document data is extracted automatically and the bot can feed the data into the CRM system. Relieve your workforce from a ton of back-office processes and let them make real connections with your customers.
According to Forbes, US, APAC, Europe, and Middle Eastern regulators imposed around $26 billion against charges and violations concerning KYC and anti-money laundering. Banks need to know every detail before approving a customer; no errors can be entertained here. Software robots can replace the countless number of hours that go into compliance with error-free and help to enforce preventive measures like not missing a deadline.
Enhanced Customer Service
For any of these activities mentioned in the article, customers are going to write to you to get things done. Wait times on response can be drastically reduced with software bots in action. At service desks, bots can work alongside your front desk staff. While they interact with your customers, the bots that are triggered by the staff will get the customer details or perform the action that would otherwise rob precious face time with your customers. It also helps in realizing a touchless customer service necessitated by the pandemic.
With the pandemic, banks have seen an influx of loan applications triggered by government assistance programs. There are only so many keystrokes a human can hit against a bot that works 24/7. Let’s look at the repetitive task in the process.
- Data entry
- Document routing
- Task assignments
- Sending emails
All of these can be automated at the drop of the hat with RPA. These tasks will not only be performed at great speed but the chances of error are next to none. This, in turn, enables banks to process and disperse more loans. Blue Prism’s intelligent automation program enabled a UK bank to approve 30,000 loans in just the first weekend! With business process management platforms like Appian, RPA can be integrated into the workflow streamlining and lending visibility into the process.
Integrating business analytics dashboards like Power BI completes the circle. Analytics dashboards extract and transform the business data into powerful, actionable insights. You get visibility on:
- Data from high-level KPIs to low-level transactions
- Bot utilization
- Whether the process needs more bots
- Is it possible to automate more processes with existing bots?
Automation is the need of the hour for banks. By embracing cognitive RPA and hyperautomation, it’s time to unleash a breed of bank staff equipped for evolved thinking.
Looking to automate your processes? Vuram is a partner of Blue Prism and Uipath, two of the most recognized leaders in the robotic process automation space. Vuram RPA specialists are cross-trained on business process management and analytics to help you adopt a holistic and cognitive RPA solution. Write to firstname.lastname@example.org for a customized proof of concept addressing your specific business challenge.