With the massive amount of data dealt with every day, most banks across the world are advocating the use of RPA to minimize errors and human efforts. In fact, the turnaround time in processing a request has reduced from days to hours and also minutes and the processing cost has reduced by 30% to 70%. Several processes in a bank have benefitted from banking automation via Robotic Process Automation technology. It allows the team to focus on engaging with the clients and growing business. In this blog, it present top use cases of robotic process automation in the banking sector below.
As bank deals with several queries ranging from bank frauds to account enquiry, loan enquiry, etc. It becomes complex for the customer service team to address them within less turnaround time. For this reason, Robotic Process Automation helps in resolving the low priority queries, freeing up the customer service team to focus on huge priority queries requiring human intelligence. As well as, it helps in reducing the time taken to check customer details from disparate systems and onboard them. This reduced waiting period and easy redressal have helped banks in enriching their relations with the customer.
With many compliance rules, it becomes a difficult task for the banks to comply with each of them. RPA makes it simpler for banks to adopt the rules. According to the survey, 75% of the surveyed compliance officers believed that RPA could be a key enabler in compliance within the upcoming years. RPA helps in ensuring productivity by functioning 24/7, increasing the quality of the compliance process, and improves employee satisfaction by eliminating tedious tasks and engaging the employees in tasks requiring human intelligence.
Initially, it took weeks for a bank to verify and accept the credit card application of a customer. This long-time resulted in customer dissatisfaction. Sometimes, the customer canceled the request. However, with the help of robotic process automation, banks can speed up the process of forwarding the credit cards. It takes a few hours for RPA software to collect the customer documents, makes credit checks and decides to depend on set parameters on whether the customer is eligible for a credit card or not. This entire process has perfectly done by using RPA.
As a part of compliance, banks must prepare a report about their several processes and present it to the board and other stakeholders to show the performance of the bank. Considering how crucial the reports are to the reputation of the bank, it is vital to enhance that there are no errors. While there are systems to deliver data and templates to present them in a digestible format, what the banks required was accurate data with no error. In this case, RPA helps banks in preparing reports with accurate data. It collects information from different sources, validates it, arranges it in an understandable format, and schedules it to be sent to various sources.
With many benefits of RPA Training and Certification Course, banks must consider using it in all their functional areas to ensure the customer experience. As well as, gain an edge over their competitors. It might seem to be a costly investment, but considering the value, it delivers to the business, provides a good ROI within months of implementation.