Have you ever thought the banking industry will upgrade itself by automating a majority of its operations? Yes, it has and it will continue revolutionizing itself with end-to-end automation using RPA solutions.
RPA or robotic process automation is a strategically woven approach that certainly turns a banking industry competitive and stable. This assists the banking institutions to fight against turbulence like economic instability and cut down the costs with virtual assistant management software, driving high revenue growth.
In this article, we will put the limelight on the most used cases where RPA has made a dramatic change.
5 Mostly used cases of RPA in the banking industry
1. Customer support optimization: Customers always look for a friendly banking interface to communicate with the bank and perform several banking activities. Especially, the senior citizens and the corporate professionals find it hard to reach the branch for any task. This is when the banking industry thinks about customer support optimization with RPA.
The RPA-powered knowledge base management software when integrated into the system can deliver appropriate solutions to the concerns. The intelligent knowledge base of the bots is always ready to serve the customers raising any banking query or issue. This draws in more traffic, resulting in engaging more new customers to the doorstep.
2. Customer onboarding: The RPA software integration even smoothens the customer onboarding process. In any banking process, customers are asked to submit KYC documents that are verified for further processing. This is the most integral part of the customer onboarding process where customer identification is thoroughly checked.
The RPA software enables users to submit their documents digitally, validate identity, using RPA-powered computer vision and intelligent optical character recognition. The entire process saves time, eliminates errors, and boosts back-office operations.
3. Bank guarantee closures: The bank guarantee closures usually require a team of intelligent staff who can manually collect and organize the data between the disconnected legacy systems. They are even responsible for identifying bank guarantees due for closure. Be it generation of notices or execution of closures, every single task used to be performed manually.
Thanks to the RPA-based virtual assistant management software that automates the entire process, creating faster communication with the customers. Things are handled in less time than normal.
4. Bank reconciliation process: Bank reconciliation process is the most inevitable part of any banking journey. The statement generated is required to compare the cash balance with the payments or transactions processed. At the end of the day, the balance shown in the statement should be equal to the amount available in the bank account.
RPA software is well-programmed to automate verification of each payment, bank data, and records, and compare them with the cash balances. If there is a mismatch in the result, the bots resend the records to the team for manual verification. Though such discrepancies hardly happen.
5. Automated report generation: Generating reports and optimizing the baking process are very significant when you want your financial institution to grow at a high pace. Earlier the financial service providers used to create a report and figure out the return on investment by putting manual efforts. Definitely, such steps are time-consuming.
With the use of RPA software and solutions, you get easy access to generate automated reports. The reports are comprehensive that include various ranges of activities and data. Several columns of data are listed so that the managers can find it easier to optimize their processes and gain a better return on investment. The automated report generation feature is usually paired with the employee management system of the banking industry. Managers preferring this digital solution certainly come across this feature.
RPA solutions in the banking industry are nothing new. However, its application has become more prominent when the industry witnessed a global pandemic. Technology is now considered the key to digital transformation.
RPA applications like employee management systems, conversational bots, etc. have left no stone unturned to deliver quality output to the businesses. Make sure you think about this when you set out for business transformation.
Alicia Johnson is an outreach consultant for multiple technologies industries. With expertise in corporate communications and practical knowledge about different technologies, she has spent the past 7 years working in the technologies industry and she loves to share her experience with readers.