However, the introduction of Open Banking and PSD2, together with the proliferation of fintech firms and analytical insights, are challenging brick-and-mortar banks and other financial institutions (FIs).
Today, banks are forced to invest heavily in future-proof technologies that streamline their processes, reduce operating costs, and improve customer experience to protect their market share and buoy returns. What’s more, they are required to ensure maximum security and compliance excellence, all while being relied on legacy online banking systems that can hardly be upgraded.
Notwithstanding the adoption of modern digital innovations, the financial sector is still famous for costly operations and lengthy procedures related to data accumulation, processing, and exchange. These facts make banking a perfect platform for RPA implementation.
So, what is banking automation? — RPA (Robotic Process Automation) merges cognitive and artificial intelligence (AI) technologies to automate rule-based, repetitive, and often time-consuming activities associated with customer service, data entry, security measures, and more. The use of RPA and AI in banking allows businesses to not only improve the accuracy and efficiency of back-end task execution but also enables employees’ to focus on more complex, mission-critical duties.
Financial institutions and banks, including DBS, OCBC, Sumitomo Mitsui, Bancolombia, Heritage Bank, Federal Bank, and others, are already reaping the benefits associated with the realized banking automation system projects. Moreover, RPA revenues in financial services are projected to hit $1.2 billion by 2023.
Financial institutions process millions of consumer documents and data elements accumulated from various sources. Meanwhile, manual validation of forms and applications may take days, affecting customer satisfaction, and inciting their attrition. To prevent that, banking automation is often applied to the following processes:
Moreover, RPA is often combined with AI to understand natural language in messages and emails to resolve customer queries, or with optical character recognition (OCR) technology to read physical documents and digitize them for further validation.
So, increasing accuracy, reducing cost, and improving efficiency are the core advantages of automation in the banking sector, but what else is worth knowing? Below are seven facts about process automation, that should be taken into account while considering robotics for your business.
These days, RPA in financial services arouses intense interest among business executives and investors. Many institutions are rushing to adopt the latest tools and banking automation trends in the hope of better productivity, improved customer experiences, errorless operations, and cost savings. However, the outcomes are still mixed and mainly due to a lack of implementation strategy, clear ROI, or skilled RPA engineers in place.
TEAM International is one of the leading end-to-end robotic process automation vendors with a proven track record in the monetary sector. Being the official UiPath partner, we help reputed banks and financial service providers improve accuracy by 95 percent and reduce costs by 50 percent in the first year. Contact us today to start your effective RPA journey and pave the way to smarter business operations.