3 greatest RPA use cases in banking to inspire you
Are you interested in learning about the greatest RPA use cases for banking companies? Robotic Process Automation (RPA) can help streamline even complex banking processes and operations, bringing efficiency and cost savings.
In this blog post, we will be taking a look at the three greatest RPA use cases in banking which have made a huge impact and inspired others to implement this technology. Whether you’re just beginning your journey with RPA or looking to expand its reach within your organization, these stories of success are sure to leave you inspired!
What are RPA use cases in banking?
While end-to-end automation is frequently the ultimate aim, targeted automation employing RPA can bring significant benefits quickly and inexpensively if used for the proper use cases in banking operations. The infographic that follows provides a few important instances of RPA use in banking for operational resiliency, which has become essential in the wake of the COVID-19 catastrophe.
In addition to those that are listed in the infographic, RPA has many other applications in the banking industry. Some of the most profitable RPA use cases in the banking sector are highlighted in the list below.
Top 3 greatest RPA
1. Trade Finance Operations
Banks can increase the scale of their trade finance operations and strengthen their position in the financial supply chain by utilizing RPA technologies. When it comes to issuing, maintaining, and closing letters of credit—the most popular trade financing instrument—a large bank in India uses Nividous RPA. The automation made possible by Nividous RPA Bots reduces operational expenses by 50%, increases process visibility by 80%, and reduces total turnaround time by 70%.
2. Customer Onboarding
Banks’ customer onboarding procedures are very difficult, largely because various identity documents must be manually verified. For such document validations, Know-Your-Customer (KYC), a crucial step in the onboarding process, necessitates significant operational work.
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According to a recent poll by Thomson Reuters, the expense of maintaining KYC compliance and client due diligence can be substantial, ranging from US$52 million to US$384 million annually (for a bank).
3. Contact Center Optimization
Banks are dealing with a significant volume of inbound calls at their contact centers as the majority of physical interactions with consumers are not operational or are only running at a restricted capacity during this COVID-19 situation. An important percentage of this traffic can be handled with the aid of chatbots and RPA solutions. For instance, ordinary inquiries about account statements and transactions can be handled by the Bots, whilst inquiries that demand human judgment are escalated to the necessary knowledge professionals.
Given the fast pace of the banking sector, it is no surprise that RPA has been adopted so quickly in this industry. By automating repetitive tasks, banks can improve efficiency and accuracy while reducing costs.
If you are looking for inspiration on how to use RPA in your bank, take a look at these three great examples. And if you need help implementing RPA in your organization, contact SmartOSC Fintech today. We would be happy to assist you in finding the right solution for your business needs.