Top 10 Use Cases of RPA in Banking & Finance Industry

Our team of experts can assist your bank in leveraging automation to overcome resource constraints and cost pressures. Lack of skilled resources, high personnel costs, and the need to increase productivity are the key factors driving the adoption of RPA in the banking sector. The second-largest bank in the USA, Bank of America, has invested about $25 billion in new technology initiatives since 2010. Besides internal cloud and software architecture for enhancing efficiency and time to market, they integrate RPA across systems for agility, accuracy, and flexibility. In a survey, 91% of financial professionals confirmed the increase in fraud at their organizations year-over-year. By implementing an RPA-enabled fraud detection system, you can automate transaction monitoring to identify patterns, trends, or anomalies, preventing fraud.

Let’s look at some of the leading causes of disruption in the banking industry today, and how institutions are leveraging banking automation to combat to adapt to changes in the financial services landscape. The automation not only helps in eliminating manual errors but also saves significant time and effort for the back-office operations team. Banking automation has facilitated financial institutions in their desire to offer more real-time, human-free services. These additional services include travel insurance, foreign cash orders, prepaid credit cards, gold and silver purchases, and global money transfers.

Automation in Banking and Finance

RPA is an AI technology that will automate time-consuming and repetitive tasks faster than humans. RPA solutions minimize the actual need for data reconciliation and repeated manual work so which plays a key role in optimizing productivity and business efficiency. Automation improves efficiency, accelerates processes, and eliminates the risk of human error.

Over the last decade, banks and financial institutions are reported to have spent more than $321 billion on compliance operations as well as fines. Banks are estimated to disburse nearly $270 billion yearly, just on compliance operations. Almost more than 10% of a bank’s operating cost is attributed to compliance costs.

Credit Unions

The potential for significant financial savings is the driving force for the widespread curiosity about Banking Automation. By removing the possibility of human error and speeding up procedures, automation can greatly increase productivity. Automation, according to experts, can help businesses save up to 90 percent on operating expenses. Major banks like Standard Bank, Scotiabank, and Carter Bank & Trust (CB&T) use Workfusion to save time and money. Workfusion allows companies to automate, optimize, and manage repetitive operations via its AI-powered Intelligent Automation Cloud. Most US banks take around days to originate and finish processing a mortgage loan.

The report needs to include a thorough analysis of the client’s investment profile. Customers can do practically everything through their bank’s internet site that they could do in a branch, including making deposits, transferring funds, and paying bills. Thanks to online banking, you may use the Internet to handle your banking needs. Internet banking, commonly called web banking, is another name for online banking.

Traditional banks can take a page out of digital-only banks’ playbook by leveraging banking automation technology to tailor their products and services to meet each individual customer’s needs. What makes banking and financial services challenging is extensive processing of data and analyzing unstructured and structured data. AI and machine learning enable real-time data processing that has reduced workload and leaves no room for human errors.

We have built a system that works for our banking and finance system, and we have a lot of data to back that up. By using an intelligent system to handle these monotonous tasks, the bank is able to save on the cost of a payroll department and the cost of an accounts payable department. In terms of technology investments, also the company stood in first place. According to its annual reports, it invested over $11.4 billion in AI technology.

Onboarding Customers

Automation helps reinforce cybersecurity and identity protection protocols that are already in place while adding extra steps when necessary. It is a function of a societal understanding that the best business models for both company and client include automation. 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. With so many benefits, banks should explore implementing RPA in all of their operational areas to improve customer experience and gain a competitive advantage.

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