Banking operations and labour costs are reduced by implementing RPA. Furthermore, it drastically lessens human tasks and error. For example, banking automation using RPA technology can cut processing costs by 30% to 70% while also speeding up turnaround times. Using RPA, the banking industry can benefit from the following:

Enhanced Client Services

RPA helps banks shorten turnaround times for everything from client on boarding to confirming customer information to account and loan inquiries. This supports banks’ effort to keep and reward customer loyalty.

Accounts Payable and Closure Procedures That Are Automated

Using OCR (Optical Character Recognition), the traditional AP process entails receiving vendor invoices, checking the data in the fields that are subsequently provided, and processing it. This entire procedure is automated by RPA, and the money is automatically credited to the vendor's account.

Additionally, RPA handles account closing tasks with 100% accuracy and automatically notifies consumers to provide required papers.

Setting Up KYC And Compliance In Banks

Data reveals that some banks spend close to $384 million annually on KYC compliance. Customer data collection, validation, and processing are all done using RPA. The productivity and standard of the compliance process are improved with fewer FTEs and 24-hour operation.

Processing of credit cards and mortgages

By automating background checks and validation based on predetermined rules and procedures, RPA streamlines the credit card dispatching process. Banks must do a number of scrutinising checks, such as job and credit history, etc., much as when processing mortgages. Based on clear methods, RPA implementation accelerates the entire process.

Identifying fraud

The introduction of RPA allows for the early detection of potential fraud. Due to automation, banks are now able to recognise and flag accounts that pose a concern. Banks can thus examine these accounts carefully and start a fraud investigation.

RPA For Customer Care

The customer service sector is one of many that are embracing the advantages of RPA. Robotic process automation can be used by BPOs to handle rule-based redundant tasks. The following are the various customer care RPA use cases:

Data Exchange That Is Automated 

Executives in customer service work in a data-driven environment. Critical customer information is obtained, and conclusions are derived from it. By better and quicker serving their consumers, RPA automates the entire process and contributes to time and cost savings.

Cost management

RPA implementation saves operating expenses by 25–50%, according to the Institute of Robotic Process Automation. By assigning redundant jobs to these software bots, RPA implementation lowers operational costs. Additionally, this increases sales for clients and outsourcers.

Workflows that are precise and varied

The workflows are accurate and completed quickly with very little human involvement. There is a minimum amount of the labour involved in the process when repetitive jobs are left to software bots. Along with improving accuracy, this also saves time, money, and resources.

RPA can be implemented in industrial operations to provide clients with services that are distinct and individualised. Customer loyalty is maintained as a result.