Since the beginning of technology innovation, the financial and banking business has grown swiftly, offering clients speedier, more dependable, and efficient service.

Banking organizations, on the other hand, must create better-driven solutions to compete and develop significantly in the ever-emerging industry.

This blog will illustrate how well the banking and financial industries might profit from Robotic Process Automation in their operations. Data input, service desk activities, account management, trial balancing, and other operations are common in the banking business.

Applying RPA to automate these operations can provide professionals a competitive edge by allowing them to devote more time to key duties that create revenue and save costs. RPA has been widely used by many banking sectors to automate their IT operations and processes as a result of this breakthrough.

RPA & IT Process Automation in Banking Sector

RPA has a variety of uses in the financial sector that may automate and simplify laborious and difficult activities.

Above all, these applications maintain track of vital and non-essential activities that people may overlook.

Customer on-boarding, off-boarding, payroll processing, credit application processing  loan application, customer-facing enterprise chatbot, MIS reporting, and analytics are some of the Robotic Process Automation activities.

• Processing of Credit Cards
  • For the last several years, an increasing number of people have begun to use credit cards rather than cash and debit cards. Banks are receiving numerous applications as the interest for credit card services grows. It takes weeks to analyze the consumer details and approve the credit card. This lengthy wait degrades the consumer experience.RPA, on the other hand, can employ established norms and regulations to validate customer data and approve or reject applications.
• KYC Procedure
  • When a customer opens a new account, they must go through the KYC process. This entire procedure necessitates the use of over 1000 FTE to execute the essential checks. However, RPA can be of considerable assistance in expecting the KYC process. Banks may readily confirm consumer information by comparing past financial data in a short period of time with RPA.
• Process Automation in CRM
  • Customer relationship management is the number one responsibility in the banking business. A bank receives several money-related and document-related inquiries in a single day that require quick human involvement. Banks may utilize artificial intelligence chatbots and virtual agents incorporated with NLP to recognize recurrent client requests and answer to them in real-time with accuracy and a low mistake rate by automating customer care using RPA.
• Detection of Fraud
  • With the advancement of technology, incidents of money laundering are growing at an exponential rate, and maintaining track of payments and account information is error-prone with humans, whereas RPA can easily identify the malpractice in transaction data and triggers the alerts in real-time, reducing the time required for a prompt response.