RPA or Robotic Process Automation is a way to optimize your workflow by delegating routine tasks to programmed robots that can be efficiently used in the banking industry for rule-based compliance procedures.
Along with other duties, compliance officers provide regular reports on the effectiveness of a business’s compliance measures. This leads to the precise procedures of report creation processes that include completion of the various forms manually, information extraction from databases and legacy systems.
Automation case: $100k-150k annual savings
ACH transfer review
An Automated Clearing House (ACH) transfer is one of the most common methods of moving money to and from bank accounts. The ACH network is involved in practically every type of electronic transaction, which means that finance departments have to manually add all incoming information about each client from disconnected systems (online shops, transfers to another bank, etc.) into one file.
Automation case: $50k+ annual savings
Benefits of using RPA in customer onboarding
- It 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.
- Implementation takes several days, not weeks or months.
- RPA bots are easy to adjust. If needed, they can be installed or updated in a couple of days.
- Minimal IT intervention is required. Regular banking employees can be trained to maintain banking RPA bots.
- Error-free results. RPA bots eliminate mistakes made because of ‘the human factor.’
- Receiving documents by email automatically
- Data can be processed in the night time even without the participation of people if scheduled
- After the process is finished, the robot can be used for other tasks
- The workflow can be modified for any type of document or system just in a couple of hours
To learn more about the use of RPA in banking operations, reach out to our automation experts.