RPA in Finance and Banking: Use Cases and Expert Advice on Implementation

The digital world has a lot to teach banks, and they must become really agile. Surprisingly, banks have been encouraged for years to go beyond their business in the ability to adjust to a digital environment where the majority of activities are conducted online or via smartphone. As it transitions to a digital economy, the banking industry, like many others, is extraordinary transformation. While most bankers have begun to embrace the digital world, there is still much work to be done. Banking automation can automate the process by reviewing and reconciling data at each step and procedure, requiring minimal human participation to incorporate the essential parts of these activities.

Automating repetitive tasks reduces employee workload and allows them to spend their working hours performing higher-value tasks that benefit the bank and increase their levels of job satisfaction. Leading South African financial services group Old Mutual integrated multiple systems into one platform to provide employees with a holistic view of both customers and services available. This helped them to onboard customers 10x faster and provide 9x shorter queues in branch, plus an uplift in sales from service.

Robotic process automation in finance: implementation tips

Any type of automation inevitably leads to the eternal question “How will it affect our jobs? Interestingly, as ATMs expanded—from 100,000 in 1990 to about 400,000 or so until recently—the number of tellers employed by banks did not fall, contrary to what one might have expected. James Bessen of Boston University School of Law argues that there are two reasons for this counterintuitive result. Number one, by reducing the cost of branch operations, ATMs made it possible to rapidly expand the number of branches. Even though fewer tellers were required in any single branch, new branches meant more tellers.

Banks have thousands of repetitive processes for potential RPA automation, and relying on intuition rather than objective analysis to select use cases can be detrimental. Selecting use cases comes down to a company-wide assessment of all the banking processes based on a clearly defined set of criteria. Various financial service institutions are striving to implement more effective automated technology that will set them apart from their competitors. Businesses are striving to meet the expectations of their customers by offering a fantastic user experience, especially in these times of growing market pressure and reduced borrowing rates.

Robotic process automation in banking: improve and speed up your operational management

By minimizing human errors in data input and processing, RPA ensures that your bank maintains data integrity and reduces the risk of costly mistakes that can damage your reputation and financial stability. Banks deal with a multitude of repetitive tasks, from data entry and transaction processing to compliance checks and customer support inquiries. Loan approval is yet another manual process-intensive work that banks and other financial institutions do. There is more than one aspect of the loan approval process that can be automated with RPA in the banking and financial sector. Automating this huge amount of rules-based processes in banks and other financial institutions can save a dramatically significant amount of time. Even if 20% of the processes can be automated with RPA in the banking and finance sector, it will enable them to focus on what’s important.

In the event of missing, or incorrect, account numbers intelligent automation can be used to send alerts and/or responses. Further, issues around finding exchange rate discrepancies or even payment recalls can be automated. Another frequent payment processing issue is when beneficiaries claim non-receipt of funds, but intelligent automation can be deployed to send automated responses in cases such as these. An Accenture study found that banking executives now expect that AI-based technologies will not only transform their industry, but will also add net gains in jobs. Let’s discuss components of banking that can benefit from intelligent automation. Business process automation (also called BPA or business automation) refers to managing and handling business processes using various automation technologies.

For that, the customers are willing to interact with automated bots and systems too. Orchestrating technologies such as AI (Artificial Intelligence), IDP (Intelligent Document Processing), and RPA (Robotic Process Automation) speeds up operations across departments. Employing IDP to extract and process data faster and with greater accuracy saves employees from having to do so manually. For the best chance of success, start your technological transition in areas less adverse to change.

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Pranjal Mishra