The development of automation has been one of the greatest technological innovations of the 21st century. As automation continues to help industries worldwide, financial institutions too feel the pressure to improve efficiency, reduce costs, and boost productivity. As such, these institutions are adopting financial services robotics process automation (RPAs) as a solution to answer this growing demand. Robotic Process Automation automates mundane and repetitive tasks, saving time and freeing up employees to focus on more critical tasks that involve a greater degree of decision making.
According to the National Association of Software and Service Companies (NASSCOM), RPA implementation can help organizations reduce the onshore operational costs from 35-65% and 10-30% in offshore delivery.
Why Financial Services Robotic Process Automation?
Adopting financial services robotic process automation is helping financial institutions boost their efficiency and optimize the usage of their resources.
The variety of tasks that RPA helps financial institutes to perform better is listed below
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Automatic Report Generation
Banks are regularly required to generate reports for frauds in the form of suspicious activity reports (SARs). Checking and filling SARs manually can be a very tedious task. The application of RPAs with natural language generation capabilities can fasten the process of filling SARs with the required information. This will lead to a reduction in the cost of operation and also help free up the workforce to take on tasks that require more human intervention.
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Onboarding Customers
Customer Onboarding is another long and tedious process mainly because numerous documents are required for manual verification. Using RPA tools to extract the data from Know Your Customer (KYC) using Optical Character Recognition (OCR) and matching it with the customer-provided data can automate the entire process. This data can be automatically entered into the customer management portal if no issues are found. Thus saving time and effort.
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Opening New Accounts
RPA has made accounts much more straightforward, quick, and accurate. It does that by directly eliminating errors that may exist between the core banking system and new account opening requests.
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Mortgage Lending
RPA can perform various functions that are crucial to the mortgage lending process including loan initiation, document processing, quality control, etc. It helps finish the task faster enhancing customer satisfaction which is good for business. It also allows employees from doing the manual functions and focus more on other essential tasks.
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Processing Loans
Loan processing has always needed more optimization considering how long it takes to process them. Proper automation can bring loan processing down to 10-15 minutes to complete by going through documents and information to decide the eligibility of the customers, which is manual labour intensive by nature. It can help reduce workloads on employees and also help businesses gain customer satisfaction.
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Customer Service
Customer queries have a very low turnaround time due to their large volume and difficulty to respond. RPA tools can automate such rule-based functions and effectively respond to them in real-time, thereby improving the turnaround time.
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Processing Credit Cards
Implementing RPA can make it possible to take quick decisions on credit card approval or disapproval with a rule-based approach. This can reduce the time consumed in extensive validation checks that make this process long and cumbersome.
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Account Closing Process
Banks face an enormous amount of account closing requests per month. This is primarily caused by non-compliant customers. RPA tools can solve this problem by easily tracking such customers and sending them automatically generated notifications for submitting required documents.
Read more on, Digital Transformation in retail.
Few Examples of Financial Service Companies That Use RPA
- Zurich, a swiss company with operations globally has freed up to 40% of its commercial underwriter process by implementing RPA. It has allowed the company to focus on high-value tasks. The pilot RPA program of Zurich has realized a cost reduction of 50%, leading the company to implement RPA further.
- RPA changing banking for OCBC, a Singaporean bank is another success story. OCBC was able to reduce the amount of time taken to re-price home loans from 45 minutes to 1 minute with the help of RPA.
- Automating their processes has enabled Sumimoto Mitsui, a Japanese financial institution to cut out 400,000 hours of manual labor for employees.
Why Choose Intone for Financial Services Robotic Process Automation?
A McKinsey study of 2018 found that currently demonstrated technologies can “fully automate” 42 % and “mostly automate” a further 19 % of financial activities in business operations. Robotic Process Automation (RPA) can help you optimize the operations of your business and save time and money. It will also help you satisfy customers better and also approach prospective consumers proactively. Intone is a proud and trusted provider of state-of-the-art big RPA tools to various industry leaders and pioneers. We offer
- State-of-the-art front-end RPA, where we ensure that your customers have a superior experience and that they start to see your brand in a whole new light.
- Our back-end RPA can easily automate the most mundane, repetitive, and labor-intensive tasks to free up your employees to help them focus on higher-order tasks.
- We have higher accuracy than our competitors and we also offer multilingual solutions as compared to the market standard of English only.
- Our advanced NLP understands customer requests and responds conversationally with a minimum accuracy of 85%.
- Intone offers efficient omnichannel support through easy integration with commonly used customer support channels like Gmail, Outlook 365, etc.
- Intone offers a top of the line enterprise-grade security with a minimum of 256-bit encryption at both transmission and rest.
- Intone’s RPA will anonymize your data to ensure greater protection of sensitive data and information.
Check out how Intone can help you streamline your manual business process with Robotic Process Automation solutions.
References:https://www.xenonstack.com/blog/rpa-for-financial-services
https://www.uipath.com/rpa/robotic-process-automation
https://www.mckinsey.com/business-functions/strategy-and-corporate-finance/our-insights/bots-algorithms-and-the-future-of-the-finance-function#
https://internationalbanker.com/technology/the-impact-of-robotic-process-automation-on-financial-services/
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