RPA in Banking and Financial industry (BFSI) is deployed to eliminate manual, data-sensitive tasks so that financial institutions can provide better customer service and reduce the burden of regulatory compliance. It helps financial institutions automate and streamline their operations to acquire more customers and strengthen existing relationships.
Use Cases of RPA in Banking
RPA has various applications in the BFSI industry to free up the human workforce so that they can focus more on critical and strategic tasks.
Customer Service
Respond to customer queries in real-time and decrease turnaround time to seconds.
Compliance
Improve productivity and eliminate errors to enhance the quality of the compliance process.
Accounts Payable
Quickly extract vendor information using OCR, validate it, and process payments.
Credit Card Processing
Validate the customer information background and credit checks to approve or reject applications.
Fraud Detection
Track all transactions and highlight any suspected fraud transaction pattern in real-time.
KYC Process
Validate customer data and perform necessary checks with minimal errors and employees.
Generate Reports
Integrate data from multiple legacy systems to create accurate reports in minimum time.
Account Closure Process
Send automated notifications for sending necessary document submissions for account closure.
Benefits of RPA in Banking
Cost savings and higher compliance with timely fraud detection.
Increases operational efficiency with bots sending emails and scraping documents.
Creates an agile business that quickly responds to customers’ needs.
Increases customer satisfaction by decreasing business response time.
Leverages existing infrastructure without the need for expensive APIs.
Faster implementation for effective business transition.
Watch The Webinar
RPA Implementation In F&A
As more and more finance leaders turn towards robotic process automation to stay competitive, this on-demand webinar will show you how automating rule-based repetitive tasks can help your team focus on more strategic projects.
Get StartedLet Nuummite Consulting Help
Nuummite Consulting is leading RPA implementation partner in the Middle East that can help banking and financial institutions overcome the top three automation challenges:
- Automate unstructured data
- Let customer-facing functions efficiently handle automation
- Automate processes with attended, unattended, or hybrid bots.
We work closely with our clients to identify, implement, and deliver on RPA projects that eliminate manual errors, increase productivity, and ensure higher compliance.