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RPA 101: What is RPA in Banking?

/ ~ 2 minutes read

The scope of opportunities to implement Robotic Process Automation in banking processes is almost limitless because of the majorly manual and traditional working environment. RPA is the technology used to adapt banking institutions’ operating models to the modern market environment and optimize essential business tasks with data processing. Everything from onboarding and compliance procedures to daily/monthly/quarterly reporting and customer service processes can be automated with RPA in a matter of hours.

Research by PwC shows that more than 81% of banking CEOs acknowledge the impact of digital transformation in the finance world. This indicates the potential growth of RPA usage by banking institutions in the next few years.

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Benefits of using Robotic Process Automation in Banking

  • RPA does not require any IT infrastructure changes or upgrades. It is, in fact, a relatively lower-cost software that works with all connected banking applications and systems.
  • RPA implementation is a fast process that takes a couple of days, and you can see the results from day one.
  • 100% accurate data processing. RPA bots operate by the algorithm created by the user. Thus, eliminating typos, missing files and other common human mistakes.
  • RPA bots are ready to work 24/7/365, even in the night time, without direct human supervision. This way, processing of invoices, contacts, billing forms and other documents will be ready before managers come to the office.
  • One robot can be used for any automation-ready task. These robots can become your employees’ ‘digital assistants’ and allow them to concentrate on higher-value tasks while monotonous procedures are performed by bots.

Case study

Reliance Bank automated reporting and pivot table generation with ElectroNeek and saved 2500 hours per year for the entire department.

Read more about it here: Reliance Bank Case

RPA in banking is an efficient tool for streamlining business processes with data available for business users without prior experience in IT. This allows banking institutions to adopt and scale automation, transform their businesses, and elevate market domination for years to come.

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