Robotic Process Automation: Benefits, Impacts and 5 Real-world Use cases in Banking
In the fast-moving world of cut-throat competition, an affordable and time-saving process is essential to make businesses propel forward. And that’s where Robotic Process Automation (RPA) comes into play. With its multitude of benefits and leverages over other automation paradigms, Robotic Process Automation, one of the most-welcomed technologies with dynamic behaviour, has revolutionized the banking sector by offering a cost-effective backup to human resources. Therefore, RPA is inevitably an innovative technology that increases accuracy & efficiency to take business operations by storm.
Considering banking automation, Robotic Process Automation is enormously useful in bringing the best in the following operations
- Regulatory Reporting
- Marketing
- Sales & Distribution
- Bank Servicing
- Payment Operations
- Lending Operations
- Back-Office Operations
- Enterprise Support
Benefits of RPA in Banking and Finance
Robotic Process Automation (RPA) is one of the leading trends in business technology. Designed with artificial intelligence capabilities, RPA agents can make smarter decisions and able to optimize a wide range of processes. Some of the key features and benefits of RPA in banking and finance include
SCALABILITY
Being highly scalable, implementation of RPA allows banks to manage huge volumes with high accuracy and without any errors in a short span as specified.
FASTER IMPLEMENTATION
Banks and other financial institutions can able to finish even the tedious processes much faster and in a productive way
COST EFFECTIVENESS
When RPA is made useful in Banking automation, about 25-50% of time and money can be saved.
- Availability – Unlike humans, robots can work 24×7 without getting exhausted. By that way, with the help of Robotic Process Automation, error-free results can be produced with high accuracy and low cost.
- Improved regulatory compliance – In the banking and finance sector, RPA helps to prove regulation compliance by quick logging processes and effective documentation.
- Real-time monitoring & investigation – With the ease of access, Robotic Process Automation makes it comfortable to monitor, track, and investigate reports regularly made by robots from anywhere.
Top 5 Real-world use Cases of Robotic Process Automation (RPA) in Banking and Finance
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KYC PROCESS
In every bank, Know Your Customer (KYC) is a crucial process that involves checking thousands of customer forms in a limited time. Now, with the implementation of RPA in banking, customer data collection, screening, and validation have become an effortless job `which is completed in a shorter duration with minimal errors and usage of staff.
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CREDIT CARD PROCESSING
A few decades back, it took days to confirm, validate, and approve the applications for credit cards even with large manpower. With the help of Robotic Process Automation software, it only takes a few hours to dispatch credit cards after checking, confirming, and approval. Therefore, RPA has majorly contributed in streamlining the complete credit card process.
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COMPLIANCE
Like other industries, it is essential for the banking and finance industries to comply with various rules and regulations. Robotic Process Automation makes it much faster to adhere to the rules and thereby increases productivity at large. By 24/7 support, Robotic Process Automation not only improves the quality of the compliance but also reduces arduous tasks to attain employee satisfaction.
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REPORT GENERATION & MONITORING
Report generation is one time-consuming and tiring job without which business cannot take a step forward either. In today’s world where BOTs are used, all sorts of report-related activities including template generation, raw data management, report generation, formatting and distribution are efficaciously taken care of by RPA software. Even the daily check-in reports are not an exception to these robots.
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FRAUD DETECTION & BLOCKING
While fraudulent cases are increasing day by day due to technological advancements, fraud patterns are very difficult to be identified by human power. With built-in fraud identification methods, RPA never fails to impress the banking companies with its banking automation and flag the potential threat to the respective department. So, RPA ensures banning of all the suspicious activities in banking and finance companies.
Robotic Process Automation – The key for businesses to be Perfectly Potential
Having numerous benefits, it is ideal for banks to prefer usage of Robotic Process Automation in all functional areas so as to boost customer experience and stand ahead of their competitors!
Artificial intelligenceautomationbankingfinanceRobotic Process AutomationRPA