Robotic Process Automation in Banking Industry

Significantly increases efficiency of business processes without any change to existing IT infrastructure

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). 

RPA implementations in Banking Industry

ElectroNeek in Banking infographic
ElectroNeek in Banking infographic

Automation solutions for: 

Benefits of using ElectroNeek RPA in Banking

Features of RPA in the Banking industry

Customer onboarding and monitoring

Account opening and maintenance

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

AML (anti-money-laundering)

According to the anti-money laundering regulatory frameworks, banks have to keep thorough records of clients’ accounts and activities. Periodically they file reports regarding their clients and completed transactions, which leads to manual time-consuming data extraction.

Automation case: $100-150k annual savings 


KYC can be thought of as the umbrella term for identifying your customers and verifying that identity. These parts of onboarding processes include gathering necessary customer information (name, address, date of birth for an individual, and an ID number) that can be automated. RPA simplifies this process by capturing the data from the KYC documents with optical character recognition technology (OCR). 

Automation case: $100-150k annual savings  

Customer document processing/Electronic banking

Bankers check all uploaded documents on completeness of all the forms, compliance with the rules, and provide data authentication if the query comes online. These processes are crucial for banking institutions because they help identify the person and his/her/their credit limits, etc.

Automation case: $250-350k annual savings  

Credit Card Issuance and Processing

Manual operations with credit card issuance have to take place in different disconnected systems (for instance, checking financial history includes data about student loans, personal loans, total household income, etc.). RPA bots can work in various systems simultaneously to validate all the required data and decide based on rules to approve or disapprove the application.

Automation case: $100k+ annual savings 

Loan origination and processing

Auto loan origination

The potential borrower has to provide personal data to the rental bank, fill in the application form, and choose the term in order to obtain an auto loan. Once this information is submitted to the lender, it is typically manually processed by a loan officer. The process finishes by signing a credit contract. 

Automation case: $50k+ annual savings

RPA in the banking industry is aimed to streamline a wide range of repetitive, time-consuming tasks from data entry, reconciliation and extraction to processing scanned documents.

Consumer loan origination

The variety of reasons to get a loan leads to a slightly different set of documents that have to be correctly filled and signed by a lender. This creates a problem for loan originators who manually sort and process information provided by people and can make mistakes because of overworking and tiredness of the number of applications that have to be dealt with.

Automation case: $400k-500k annual savings

Mortgage origination

Mortgage loan origination deals with all the paperwork involved with starting and expediting the loan approval process. It is known for its time-consuming steps, including loan file preparation. Loan officers run all documents through an automated underwriting program for approval. Still, the program does not approve every file, and some go to an underwriter for manual underwriting, which prolongs the loan origination process.

Automation case: $200k-250k annual savings

Compliance procedures

External reporting

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

Reporting processes

Every day reporting/Fair Valuation of Assets Reporting

Reporting in banking institutions require adding all consistent, fit-for-purpose data. The more extensive, more diverse, and more complex a report, the higher the challenge to meet accuracy, timeliness, and completeness standards over sustained periods. 

Fair value reporting is an essential part of financial disclosure that demonstrates the position of a company in the market. Performing fair value reporting quarterly on a marked-to-market basis requires working with loads of data from different data sources and in various formats, which can be challenging and time-consuming.

Automation case: $100k+ annual savings

Financial and operational planning

Proper planning is crucial in every industry, so banking institutions have to update business and operational plans every 3 or 6 months to stay up-to-date with market fluctuations. This includes the analysis of numerous spreadsheets and documents, which can take hours from the working time of several bankers. RPA allows people to work on the analytical part of planning, leaving data extraction, and loading automated.

Automation case: $150-200k+ annual benefits 

Customer service

Account data management

Account management requires manual data extraction from various documents provided by a client and its entry in corporate systems, which takes only 10-15 minutes per client but can round up in several hours per day. There is also an issue with asking permissions to see personal data in complex or legacy systems.

Automation case: $100k+ annual savings

Ticketing & customer support services

The speed and accuracy of the answers clients get from customer support managers are crucial for every banking institution that wants to keep existing clients and attract new ones. In order to be effective, managers have to pull data from numerous sources fast and without mistakes, but this is not always the case. RPA creates an opportunity to store all of your client data in one place, which allows your team to give advice and answer questions faster. 

Automation case: $200-250k annual savings

Processes in the Banking Industry that benefit from
RPA implementation:

ElectroNeek in real life:
Top RPA use cases in Banking and Finance

Benefits of using Robotic Process Automation in Banking

Ready to automate your business processes in
Banking industry?

Talk to our automation experts to learn how you can get started

Get a Demo