Banks are consistently seeking ways to enhance customer experience, maintain a competitive edge and facilitate seamless and speedier processes. But what can be the best digital remedy to address all of these key apprehensions? It lies in RPA which stands for robotic process automation.
In the banking industry, RPA differs from the automation of business processes. BPA, or Business Process Automation, is an automation approach that includes, streamlining and modeling processes, and integrations. However, RPA is more concerned with automating repetitive activities that simulate human behavior to accomplish tasks.
Why Do Banks Require RPA?
The financial sector is one such domain that’s riddled by vital and intricate processes, the vast bulk of which are monotonous. Most banks are being compelled to reinvent and ratchet up their processes and systems with emerging technologies in the post-COVID world, where internet users are on the rise, in order to provide their clients with an immersive experience in all channels – cell phone, social networks, mailing, and so on. Therefore, robotic process automation is the perfect suited solution in this case.
What is Banking Robotic Process Automation?
Banks are heavyweights once it comes to back-end processes. Because the processes involve more figures and critical data, any errors could be disastrous. So, banks can use robotic process automation to automate all of these plain, rule-based, or recurring back-end duties. For example, data processing and customer support tasks such as changing customer details, responding to basic queries, and so on. RPA enhances human behaviour and executes steps without the need for human assistance. Automating such routine labour can spur innovation and automate operations noticeably.
The True Potential of RPA in Banking:
Several banking institutions around the world have used RPA to optimize productivity and cut costs. It has evidenced to be among the most efficient methods of improving operational efficiency. Listed below are some of the key advantages of using RPA in banking and financial services:
Reduced Time to Market
RPA allows for simple integration with legacy systems and current architecture, allowing you to begin using it immediately.
Since RPA automates end-to-end workloads, users save energy and time on routine tasks.
Improved Customer Experience
Since RPA enables banks to optimize processes or frequently asked questions such as bank account balance, payment details, and loan data, the response time is substantially whittled down, increasing customer satisfaction. RPA is used by banks to help people access services more promptly and effectively. This boosts customer happiness and retention.
Value for Money
RPA is a low-cost workable alternative for banking. RPA can save between 25 and 50% of the total cost. According to research, it’s likely that about 45-75% of offshore jobs in the financial industry will be executed by robots, translating into 75% cost and efficiency gains for companies.
Improved Risk Assessment
Managing risk is among the most crucial elements, particularly in the banking industry. The amazing thing is that RPA can significantly lower operational risks. RPA can help companies cut errors, stay in compliance with the required regulations, and enable them to make sound choices. RPA can also keep systems and customers’ data more secure and confidential.
Robotic process automation in banking has a promising future. The introduction of technologies such as hyperautomation enablement platforms has facilitated the ability to implement and launch RPA at a furious speed. As consumers become more open to the digital world’s value propositions, banks must constantly upgrade their technology, and RPA is a great place to begin.
Do you want to automate your processes? EvoluteIQ’s RPA experts are seasoned veterans of business process administration who can assist you in implementing our comprehensive RPA and hyperautomation solution. Talk to us today to request a custom made proof of concept that addresses your unique business requirement.