Today’s customers and consumers want everything fastly and in our changing and advanced technical world, sometimes it is understandable. In a more particular case, the banking and finance fields require doing more in less time, when it comes to the huge number of customers who need to get their transactions done.
Implementing RPA in the banking industry makes it more applicable for employees to do the work faster and more efficiently, which increases customer satisfaction. In this blog, we will go through the main uses of RPA in banking and how it affected the field.
What is RPA in banking?
In simple words, RPA in banking refers to using robotic automation tools in banks, which drives the process to greater efficiency, allowing employees to provide an added-value service and make critical decisions instead of doing repetitive tasks.
Use cases of RPA in banking
There are many ways in which RPA can play a role in simplifying tasks in the banking industry, here are some of them:
- Account opening and maintenance
From the data entry process to the document processing process to the activation of an account, RPA can automate the entire process of opening and maintaining a bank account, from the beginning to the end. These tasks can be significantly reduced by this, and accuracy and compliance can be improved as a result.
- Anti-money laundering (AML) compliance
AML regulations require banks to comply with a set of procedures in order to keep money flowing through their systems, and RPA can help banks comply with these procedures by automating the process of identifying suspicious transactions and reporting them to authorities. It can also monitor customer behavior and transactions in real-time, which can help to identify fraud and money laundering.
- Credit card processing
Earlier, it took at least 2 weeks to validate a credit card and hand it to customers. That long amount of waiting time is used to displease customers which sometimes could lead to canceling the request. In the meantime, banks are now able to expedite the dispatching of credit cards with the help of RPA. By implementing RPA software, it will take only a matter of hours for it to collect the customer’s documents, run credit checks, do background checks, and make a decision based on predefined criteria as to whether the customer is eligible to obtain a credit card. By using RPA, the entire process has been streamlined to the best of our ability.
- Payment processing
In a world where there are more and more automated activities, such as wire transfers, direct deposits, and bill payments, it is possible to automate a wide range of payment types, in a way that reduces the chances of errors and penalties, and ensures that payments are made in a timely manner by making use of Robotic Process Automation.
- Customer service
The most sensitive area when it comes to automation. Implementing RPA in customer service has more advantages than we think, essentially cause it leaves the time and effort for employees to handle more important issues and tasks where big decisions need to be made. Robots can be taught how to answer clients’ questions, enter their data and fix their usual problems, such as: balance inquiries, transaction history, and account information updates.
In the end, banks are not the only beneficiaries of implementing RPA, however, the huge amount of urgent tasks and big pressure in the industry make it necessary to apply automation in the most possible way.