Robotic Process Automation in the banking industry streamlines a wide range of repetitive, time-consuming tasks from data reconciliation and data extraction to managing scanned documents (Optical Character Recognition, OCR), for instance, for customer onboarding.
Case Study
To open a bank account, a potential client has to provide personal data, as well as identification numbers and a valid government ID (such as a driver’s license or passport).
The banker has to make photocopies of all the documents and extract all the needed information. All the updates in the account have to be made manually too.
Automation case: $100k+ 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 other banking operations, reach out to our automation experts.