Major Uses of Robotic Process Automation (RPA) in the Banking Industry

Applied Tech Review | Thursday, October 21, 2021

RPA is proving to be extremely helpful in the banking sector as it minimizes the need for human engagement with automated processes and enhances customer service.

FREMONT, CA: Robotic process automation (RPA) has been widely used in the banking and financial sectors to help organize and automate time-consuming banking activities. RPA has also significantly sped up a range of back-office processes that previously slowed down bank employees. Banks have been able to dramatically minimize the need for human engagement by shifting most of these repetitive, manual operations from humans to machines, which has had a direct influence on everything from performance and efficiency levels to staffing concerns and expenses.

Here are the major uses of RPA in the Banking Industry:

Fraud detection

It is extremely difficult for banks to keep track of all transactions in order to identify potential fraud. RPA, on the other hand, can track transactions in real-time and raise a red signal for probable fraud transaction patterns, lowering response time. RPA can help prevent fraud in some circumstances by restricting accounts and halting transactions.

Report automation

It is extremely difficult for banks to keep track of all transactions in order to identify potential fraud. RPA, on the other hand, can track transactions in real-time and raise a red signal for probable fraud transaction patterns, lowering response time. RPA can help prevent fraud in some circumstances by restricting accounts and halting transactions.

KYC process

Banks must complete a Know Your Customer (KYC) process for each and every customer. This procedure entails 500 to 1000+ FTEs performing necessary customer inspections. Banks have begun to use RPA to validate client data due to the high expense of the traditional approach. Banks no longer have to be concerned about FTEs, and the process can be performed with fewer errors and fewer employees.

Customer service

Every day, banks respond to plenty of inquiries ranging from account information to application status to balance information. Banks are finding it increasingly difficult to react to enquiries in a timely manner. RPA can automate such rule-based operations in real-time, reducing turnaround time to seconds and freeing up human resources for other important work. RPA can also address issues that need decision-making with the use of artificial intelligence.

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