Maximize efficiency by applying RPA for your bank

In an increasingly crowded banking sector (especially with massive counter-competition from FinTech and other virtual banking solutions), banks must constantly evolve, remain competitive, and provide exceptional customer experience to users.

Banks are under intense pressure to reduce costs and increase productivity. Other challenges confronting the banking sector include a scarcity of skilled resources, the need to improve process efficiency, and a sharp increase in personnel costs, all of which have led to the adoption of Robotic Process Automation (RPA).

In this post, SmartOSC Fintech is going to discuss the various benefits of RPA in the banking sector in applying RPA for your bank.

What is RPA in Banking?

RPA is a technology that allows banks to stay competitive in a growing market by automating manual business procedures. Customers will be able to use RPA banking to automatically process payments, deposits, withdrawals, and other banking transactions without the need for manual intervention. RPA provides banks with a quick return on investment.

Banks can replace many monotonous human operations by combining banking automation and artificial intelligence.

RPA Use-Cases in Banking

Customer service

Banks handle a wide range of customer inquiries, from account opening to fraud to loan requests. When there is a high volume of inbound inquiries, call centers can become overwhelmed. Customers may become dissatisfied with longer wait times.

RPA can handle low-level tasks, freeing up the customer service team to focus on tasks that require a higher level of intelligence.

Fraud Detection

Technology advancement has resulted in an increase in fraud cases. It is now impossible for banks to manually check every transaction and identify fraudulent patterns.

RPA employs algorithms to detect fraudulent transactions, flag them, and route them to the appropriate departments. Meanwhile, to prevent further illegal activity, the suspicious account can be automatically suspended.

Know Your Customer (KYC) Process

Banks are responsible for collecting “Know Your Customer” or KYC information. Hundreds of FTEs are employed by banks to validate the accuracy of customer information.

RPA now enables banks to automatically collect, screen, and validate customer information. As a result, banks can complete this process more quickly and for less money, while also reducing the possibility of human error.

Mortgage processing

Mortgage processing is a time-consuming process for both customers and banks. Before approving a loan, banks must perform a number of checks, including credit checks, employment verification, and inspection. Even minor mistakes made by either the bank or the customer can significantly slow the processing of a mortgage loan.

However, RPA has now sped up the process for banks. It follows predefined rules and eliminates potential bottlenecks, which speeds up mortgage processing. Mortgage loan times can be reduced by up to 80% for many banks.

Credit card processing

Previously, a bank would take weeks to validate a credit card application. Customers were dissatisfied as a result of the slow processing times, with many becoming so frustrated that they canceled their applications.

RPA now allows banks to quickly process credit card applications and dispatch cards. RPA software scans through credit card applications, customer documents, customer history, and so on in a matter of hours to determine whether a customer is eligible for a card. With the assistance of RPA software, credit card processing is now perfectly streamlined.

Conclusion

With the advantages outlined above, banks that are at the forefront of implementing RPA banking will benefit from this industry.

RPA bank or Robotic Process Automation services, when properly implemented, can be truly transformative for the banking sector by automating manual, repetitive, and time-consuming tasks.

The result of automating such mundane tasks would be increased productivity, a significant reduction in error rate, and an impressive turnaround time. Contact SmartOSC Fintech right away if you’re looking for technology solutions in this field.