The banking industry is getting faster, secure, and reliable with the rise of digital banking solutions, cryptocurrencies, mobile payments, and other advanced technologies. One such technology adoption that is growing exponentially over the past few years in the banking industry is Robotic Process Automation (RPA). Robotic Process Automation (RPA) is software that automates the execution of business processes in an enterprise. Business process automation (BPA) and RPA in banking are enabling banks to become more efficient while reducing costs. RPA is changing how banks operate, and in this blog post, we will explore 4 different RPA use cases that are transforming the banking industry.
Compliance
Banking is one of the strictly governed and regulated industries in the world that needs to adhere to a lot of compliance standards. According to a report by Forbes , banking regulatory costs will rise from 4% to 10% of banking revenue by 2021. With the help of BPA and RPA in banking, error-prone and repetitive processes like risk and compliance control, monitoring, and reporting can be automated. Thus, RPA can increase compliance with great accuracy, leaving no room for error.
Customer Service
Customer service is one of the most important factors in banking. Good customer service is the key to increase revenue and outrun the competition. So, customer service and customer satisfaction go hand in hand when it comes to banking. But as banks have to deal with hundreds of queries regarding account inquiry, loan inquiry, etc from hundreds of customers every day, it becomes difficult for the customer service team to address them with low turnaround time. With the help of RPA in banking, these rule-based processes to respond to queries can be automated. RPA can also reduce the time for onboarding a new customer from few days to few minutes.
Fraud Detection
The rising number of fraud cases is one of the major concerns of a bank. Especially now with the rise in digital banking, banks have to check every transaction and identify fraud patterns to prevent hundreds of fraud incidents daily. Detecting and preventing these incidents swiftly and quickly is crucial but doing this manually will take up more time and further increases the risk. By using RPA, banks can identify thousands of transactions in a second and identify patterns for potential fraud., thus reducing the response time.
KYC Profiling and Validation
Know Your Customer or KYC is a mandatory process for banks for every customer. This process when done manually takes up a lot of time, money, and effort that can be used on core business tasks. RPA in banking allows banks to collect, screen, and validate customer information automatically, resulting in a faster, cost-efficient process. Thus, RPA can handle many of the tasks that are currently done by bank employees, which allows them to focus on projects where they add more value.
With digital transformation in banking happening at full swing, banks are changing the way they operate by adopting RPA and BPA. These technologies are transforming banking by automating the back office and operational tasks, freeing up resources to focus on customer service, products, and other areas of growth. At Intone, we provide innovative expertise and capabilities needed to deliver the future of banking today. We help financial institutions transform and modernize core banking operations, enable a mobile banking experience to become a social one, create world-class payment and credit processes, or provide data monitoring, analytics, and quality assessment and compliance and assurance reporting.