Understanding the Role of RPA in the Banking Industry
The banking and finance industries are at the mercy of a huge array of processes that must be followed in order to comply with regulations, as well as keeping banking and customer data safe. The growth of online banking systems in particular has meant banks and other financial institutions have had to ensure their technology can keep up with customer expectation as well as competitors.
A recent report from PwC stated that around 80% of banking CEOs are concerned about the speed of technological change. Together with the demand for maximising efficiency and security but keeping costs low has meant today’s banking industry is under increased pressure to deliver. With that in mind, RPA could be a powerful tool in assisting banks in streamlining their processes.
Applications of RPA in banking
RPA is well-suited to the banking industry for a number of reasons, particularly because the sector is so driven on processes and data. Automation of this kind can help banks to get back in control of compliance, improve the risk profile and streamline core procedures.
Using intelligent technology instead of manual effort could make a huge difference to evolve your workforce, bringing together digital workers with human input for maximum productivity. This allows you to meet some of the bank’s biggest challenges, such as automated unstructured data.
Some of the most impressive benefits of an RPA solution for the banking industry is to reduce manual error and have the resource to refocus the team, as well as being able to update automatons in line with changing regulations in the industry.
RPA for customer service
Banks can deal with a multitude of different queries every day, which can make it more difficult to resolve them in a short turnaround time. From customer onboarding to opening a new account, there are a number of instances where your customer will expect a timely and helpful service.
RPA can assist in shortening these sometimes long and tedious processes, by helping to verify and validate documentation quickly and accurately. This type of automation can help you respond to queries in real time and speed up the overall process for the benefit of both the bank and the customer.
What’s more, RPA has the ability to assist with mortgage lending and other types of lending processes, which could help approval for loans be granted much quicker, to the delight of your customers.
Utilising RPA for fraud detection
As digital systems for banks become more prevalent and more advanced, keeping up with security risks is more important than ever. It can be challenging to track transactions accurately and flag possible fraudulent activity, but the right RPA solution can aid in real-time tracking where necessary.
Being able to identify anti-money laundering can be a data-intensive process, but RPA can automate previously manual processes to identify suspicious transactions. In turn, this can reduce any delay in response to deal with the incident.
An RPA solution can enhance and streamline processes through automation while still maintaining a human input, which is crucial for a successful deployment.
To find out more about the features and benefits, contact us today. Email us info@robiquity.com or Call us 0161 974 3244