Unleashing the True Potential of RPA!
Are you also a person who gets fascinated by the different kinds of robots bringing speed and efficiency on the table? If yes, then you are absolutely on the right platform. Robotic Process Automation (RPA) has been a buzzword in the tech industry for over a few years now. But it is in 2020 that A-people has started to explore more about it and subsequently, a sudden wave of automation is shaking every other industrial sector. CreateBytes has realized this transformation and it is working in this direction since then.
There is no end when it comes to talking about applications of RPA in different industrial sectors. In this blog, we are going to focus on one of the most instrumental industries, Banking and Finance and we will see how it is leveraging RPA for automating workflows. We will cover everything from strategies to benefits. Let’s start.
Robotic Process Automation Charging the Battery of Banks
In the banking sector, Robotic Process Automation is defined as a tool to install desktop and other end-user device-level software robots and build a virtual/ digital workforce through artificial intelligence. For example: virtual assistants.
In the finance industry, RPA serves as a powerful gizmo to maximize efficiency by reducing costs with the services-through-software model. With the 4th wave of automation just around the corner, it is high time for banks to expand the overall capacity and allow the workforce to focus on higher-value projects.
According to a recent financial report, the exponential growth of RPA in financial services can be realized by the fact that by 2022, the industry is going to touch a whopping $2.9 billion, rising from $250 million in 2016.
Wondering how RPA uplifts the Banking Sector? Read on then.
Have a look over some mind-boggling statistics related to banking sector over the last decade:
Net expenditure on compliance operations = $321 billion
Estimated yearly disbursement on compliance operations = $270 billion
Percentage of the operating cost attributed to compliance costs = 10
Several factors slow processes down like rising operating expenses, compounded by regulatory fines along with intense regulatory requirements. This results in poor customer experience which matters a lot today. Robotic Process Automation possesses the power of enabling banks and finance companies to offer better compliance, reduce manual efforts, mitigate associated risks, and ultimately, enhance the overall consumer experience. RPA also ensures no additional infrastructure requirements with a low-code approach. RPA assists in processing repetitive banking work by leveraging the immense benefits of robots. Honestly, RPA-based robots once implemented correctly take control over every minute operation, whether it be sending emails or opening applications. To provide seamless functionality, these robots are made to work at the data field level across software systems, similar to the excel macro.
No Discussion gets over without examples. Let’s see some sample use cases of RPA in Banking
Where to utilize RPA? We have curated a list of sample use cases of RPA in Banking & Finance:
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Loan Processing: RPA brings it down to just 10-15 minutes.
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Customer Onboarding: RPA uses OCR to assist customer verification.
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Automatic Report Generation: RPA can read lengthy documents to fill SAR using NLP.
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Account Opening: RPA eliminates data transcription errors in the account opening process.
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Know your customer (KYC) and Anti-money Laundering (AML): RPA saves time and cost both in data-intensive processes like KYC and AML.
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Mortgage Lending: RPA ensures faster documentation and quality control.
RPA Bringing Kosher Automation on the Table
Are you also tired of standing in long queues outside banking and financial institutions? We understand your concerns. Everybody faces the same problem. We are living in a country where getting finance-related things done is not a piece of cake. Hours of effort and sometimes, even a significant amount of money gets wasted in getting a simple application approved. It hits hard on your pocket. RPA provides business-efficient solutions to tiresome banking processes and thus, it brings kosher automation on the table. For instance, take a look over some of the critical banking tasks made easy via RPA:
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Customer Service
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Credit Card Processing
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Account Closure Process
All good so far! But why integrate RPA with Banking?
What are the benefits of integrating RPA with Banking? You are probably wondering that now. Right? Keep calm and read more. :’D
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Scalability
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Cost-effectiveness
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Increased operational efficiency
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Availability
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Risk and Compliance reporting
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Faster Implementation
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Zero Infrastructure
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Business growth with legacy data
Associated with the Banking Sector? Explore this section to know about core steps to implement RPA solutions in Banking
Implementing RPA solutions in Banking is pivotal to critical banking and financial services today. That’s why it is necessary to understand the steps involved in proper implementation. We have elucidated them for you. Take a look:
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Thorough assessment: Plan and conduct a thorough assessment and detailed analysis.
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Make a business case: Calculate and compare cost components and efficiency.
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Prepare a comprehensive execution strategy: Build a digital workforce with your end-to-end RPA partner.
Final Words
We don’t think that you need any more explanation on RPA’s implementation in the business & finance sector. We have seen enough reasons for that. Even some of the notable banking and financial institutions have already adopted RPA to unlock true digital transformation. The next step is to collaborate with proven expertise in RPA tools and technologies.
