RPA for Banking
Robotic Process Automation in Banking
Significantly rises the efficiency of business processes
Robotic Process Automation in the banking industry is aimed to streamline a wide range of repetitive, time-consuming tasks from data reconciliation to transcription regardless of the quantity and complexity of the systems used.
Today, RPA is changing the way banks conduct business by implementing useful but still easy-to-use technology: Instead of being obliged to rely on complicated codes and drag the IT department every time something is unclear, front-line banking employees can automate their tasks, once expertly trained.
Features of RPA in Banking
Automatic Report Generation
Generating compliance reports for fraudulent transactions in the form of SARs or suspicious activity reports is a general requirement at banks and financial institutions. RPA bots can swiftly read through these documents containing massive amounts of data before extracting the information and filing the form.
RPA helps to reduce the operational costs, saves time spent on the task, and gives error-free results.
Customer onboarding always requires manual verification of several documents. RPA simplifies this process by capturing the data from the KYC documents with optical character recognition technology (OCR).
After checking with the data provided by a customer, the data can be automatically entered into the customer management system.
Credit Card Processing
The long waiting period of credit card approval has always been a pain for the clients and banks. RPA enables banks to process the application within hours. 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.
Loan processing is known for its time-consuming and tedious rules. Some banks have automated the process to a certain degree, but RPA sharpens it and brings it down to several minutes for processing.
Account Closure Process
With a vast number of customers, there have to be account closure requests every other week. The reasons may vary, and one of them can be the fact that a client has failed to provide essential documents.
Robotic Process Automation eases the process of tracking such accounts and send automated notification about scheduling calls for the required submission of information.
Benefits from using Robotic Process Automation in Banking
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