‘RPA 101’: What is RPA in Banking?

‘RPA 101’: What is RPA in Banking?

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). 

ElectroNeek in Banking infographic

Benefits of using Robotic Process Automation in Banking

  • 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 RPA implementation in banking operations, reach out to our automation experts.

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