RPA USE CASES IN BANKING SECTOR
• THE BFSI SECTOR HAS WITNESSED TREMENDOUS GROWTH IN RECENT YEARS. DESPITE THE PANDEMIC AND SHRINKING ECONOMY, THE BANKING SECTOR REMAINS STRONG BECAUSE OF ITS WIDESPREAD ADOPTION OF VIRTUAL BANKING AND EMERGING TECHNOLOGIES LIKE ROBOTIC PROCESS AUTOMATION (RPA). AS PER GARTNER RESEARCH REPORT, THE PANDEMIC HAS ACTED AS A CATALYST FOR BUSINESS INITIATIVES AND MAKING DIGITAL OPTIONS THE FUTURE OF THE BANKING INDUSTRY.
• AUTOMATION IS THE KEY TO SUCCESS IN THIS CHALLENGING AND COMPETITIVE SCENARIO. TALKING ABOUT THE BANKING SECTOR, REMOTE PROCESS AUTOMATION CAN BRING AUTOMATION IN ALL THE MAJOR OPERATIONS RANGING FROM LOAN PROCESSING TO FRAUD DETECTION AND KYC TO ACCOUNTS PAYABLE.
TOP 5 RPA USE CASES
• LOAN AND CREDIT CARD PROCESSING
BOTH THESE PROCESSES ARE TEDIOUSLY SLOW AND REQUIRE A LOT OF ATTENTION TO THE DETAILS. RPA
CAN BRING DOWN THE LOAN AND CREDIT CARD PROCESSING DURATION OF WEEKS AND MONTHS TO SOME MINUTES BY BRINGING AUTOMATION. SYSTEMS
CAN COMBINE RPA AND ML TO MAKE PROPER DECISIONSQUICKLY.
• ACCOUNT CLOSURE
ACCOUNT CLOSURE REQUESTS CAN BE A BIG HEADACHE FOR BANKERS. THE CUSTOMER’S NONCOMPLIANCE AND OTHER REASONS CAN MAKE THIS TASK DIFFICULT EVERY MONTH. RPA CAN HANDLE THIS ISSUE BY TRACKING ALL ACCOUNTS AND SENDING THE NECESSARY NOTIFICATIONS TO CUSTOMERSREGULARLY.
KNOW YOUR CUSTOMERS (KYC)
IT IS ONE OF THE MOST CRITICAL AND YET FRUSTRATING COMPLIANCE PROCESSES FOR YOUR BANK. AS PER THE THOMSONREUTERREPORT, FEW BANKS SPEND AT LEAST USD 500 MILLION EVERY YEAR ON KYC. RPA CAN COLLECT THE CUSTOMER’S INFORMATION AND VALIDATE IT PERFECTLY TO SAVE TIME,EFFORT,ANDMONEY.
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ACCOUNTS PAYABLE (AP)
AP IS A MONOTONOUS AND DAUNTING TASK
THAT INCLUDES DATA EXTRACTION FROM ALL THE NECESSARY FIELDS IN THE INVOICE AND THEIR QUICK VALIDATION. RPA CAN EMPOWER BANKING EXECUTIVES TO CREDIT ALL PAYMENTS
AUTOMATICALLY TO THE VENDOR’S ACCOUNT AFTERQUICKANDACCURATEVALIDATION.
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FRAUD DETECTION
EXPANDING HORIZONS OF THE BANKING
SECTOR INCREASE THE RISKS RELATED TO FRAUD AND SUSPICIOUS TRANSACTIONS. IT
IS, THEREFORE, NECESSARY FOR BANKS TO STRENGTHEN THEIR FRAUD DETECTION
MECHANISM. RPA CAN TAKE AN ‘IF-THEN’ METHOD TO IDENTIFY SUCH FRAUDS OR TRANSACTIONSQUICKLY.
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