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.

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.

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.