Top 5 RPA Use Cases in Banking

 The banking industry has a huge opportunity to transform its workflows using robotic process automation. It can make them smarter, more efficient, and faster than ever before. It also helps employees focus on their strengths. Banks and financial service companies have an amazing opportunity with automation. We've seen PMC increase their data processing speed and cut costs by 89%. This is how to use RPA to stay ahead in your industry.

The Benefits of RPA Banking

RPA is similar to other industries and can be used to improve workflows. Automation removes inefficiencies from slow-moving or resource-intensive tasks and streamlines workflows to maximize operational efficiency. According to Gartner, RPA is already being used by the largest banks around the globe. 55% will support enterprise architecture programs by 2022.

Financial services companies who want to automate their processes with robotic process automation are in the right place. Some major benefits of RPA in banking industry are:

• Reduced cycle times
• Quality monitoring of the process has been improved
• Implementation of rules and regulations must be adhered to more strictly
• Improved data collection 
• Reduced long-term cost
• Increased efficiency means less time, money and effort wasted

How can banking industries reap the benefits of robotic process automation? These are some common banking uses:

Banking RPA Use cases

Transaction Processing

After a customer requests a transaction, they need to be properly handled. These lengthy transaction processes can be automated with RPA using a handoff system and data transfer system to signal tasks like depositing to the correct account.

Automatic Report Generating

Compliance officers must provide suspicious activity reports and fraudulent transaction records. They also need to review the extensive data in order to give relevant details to the appropriate agencies. This time-consuming task is made much easier by RPA. RPA automates extracting and compiling data from multiple sources, allowing compliance teams to review it and take appropriate action. The RPA software can be trained with different inputs for each section or report and verified that they are in compliance.

Customer Onboarding:

KYC processes require hundreds to thousands of full-time employees. It's easy for people to see how this all adds up. The problem is that banks' efforts to ensure compliance have harmed customer experience. Forbes estimates that it takes 24 business days to onboard a customer on average. This can lead to the abandonment of onboarding and the loss of millions in revenue. Robotic Process Automation offers a tremendous opportunity to simplify customer onboarding and due diligence. It automatically captures and validates customer information, adds it from other sources, and compiles a complete customer profile. This process is faster and more precise, which results in better customer service, lower costs, higher revenue, and lower risk.

Anti-Money Laundering

Banks can use profile-building techniques and automatically flag suspicious transactions to gain insight into how customers spend money. This allows you to save time and catch fraud before it becomes serious.

Loan Processing

Mortgage or loan lending is another area where banks can leverage RPA to simplify a process that is often tedious for customers. Bank employees typically review and cross-reference data from different sources to determine whether the application is valid. Bank employees will typically manually review applications, cross-reference data from different sources (i.e. credit checks, employment verification), and compile the information. Sometimes, this can lead to delays due to human errors. Banks can reduce the time to close a mortgage loan by automating their process. This allows them to cut down on the amount of time required (or sometimes hours) and improve customer service.