RPA for Banking and Financial
Services
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In this digital age, banking and financial institutions are one of the first to adapt to new technology. The digital systems are already making a difference in frontend and back end services. With AI and Machine Learning, RPA solutions can put thinking into work, making them more helpful. Banking institutions has a huge scope of automation due to the large number of manual and mundane processes.
With RPA, banking institutions can streamline processes and relieve resources from mundane work. AutomationEdge can give differentiating factor to banking and financial institutions by freeing up talent from repetitive work. It provides operational efficiency and reduces costs with increased compliance. AutomationEdge reduces implementation cost with its simple and faster implementation process. AutomationEdge shows ROI from first quarter.
Challenges for banks and financial institutions
Huge number of manual processes
Banking industry is largely dependent on manual processes. Such a large number of manual processes slow down the process, increasing execution time and inefficiencies.
Back office inefficiencies
Banking system has worked on paper based manual processes for a very long time which has held back its growth. Huge customer information is collected on paper forms which need to be entered in systems increasing manual work
Strict regulatory and compliance rules
Being the most impactful industry for any economy, banking is strictly regulated and has to be compliant to many rules. Failing which can lead to huge issue.
Multiple outdated legacy systems
The early adoption of technology in Banks and financial institutions has now left them with legacy systems which do not integrate with new systems. AutomationEdge RPA can integrate systems irrespective of their compatibility enabling information accessible between systems.
RPA’s impact on banking and finance industry
- Claim Processing
Claim processing requires validation of information from multiple systems. This process is time consuming and requires managing multiple systems which increases probability of error. AutomationEdge RPA solution can validate information from multiple systems without integration and zero error. It also reduces the processing time significantly.
- Bank Account Opening
Bank account opening process needs to fill the information from the identity proof documents like driving license or voter id card. AutomationEdge with the help of OCR system can read the information from documents and complete the process within seconds.
- Credit Underwriting
One of the largest banks has implemented AutomationEdge to automate credit underwriting which communicates with multiple internal and external systems to get the information and create credit report. Customer is now using more than 100 AutomationEdge bots.
- Anti-Money Laundering
It is very important to have real-time transaction monitoring and reporting solution to avoid frauds in banking and financial institutions. AutomationEdge provide and edge in fighting bank fraud by monitoring transactions and notifying in real-time for suspicious activities.
- Compliance
According to the Accenture report, 73% of the respondents believed that RPA is going to be the key enabler in compliance. AutomationEdge RPA bots works 24/7 with fewer FTEs increasing the efficiency of the process.
- KYC Process
KYC is a critical compliance for a bank. KYC process involves atleast 500 to 1000 FTEs to be checked from customer. Automating KYC process will save thousands of man-hours and millions of dollars. Thomson Reuter report says that bank spends around US $384 million per year on KYC compliance.
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