RPA technologies have become increasingly important for financial services companies due to their ability to automate tedious, manual processes, saving time and money, and improving overall efficiency. Here are some of the top use cases for RPA in the banking industry.
RPA can significantly enhance customer support by reducing workload and managing incoming inquiries. This allows for quick responses and improves overall customer satisfaction.
Client onboarding is a process that can take a long time due to the manual verification of various documents. RPA can simplify this process by employing optical character recognition to extract data from Know Your Customer (KYC) documents. This data can then be compared to the information provided by the customer, streamlining the onboarding process. AutomationEdge, for instance, has simplified the Aadhar masking process for one of the top banking clients in India.
AML and KYC
RPA is well-suited for Anti-Money Laundering (AML) and KYC processes, which are both data-intensive. By automating tedious operations and identifying fraudulent activities, RPA has proven to be effective in saving time and money when compared to traditional banking solutions.
Loan processing has traditionally been a slow process. Even though some banks have partially automated the procedure, RPA further quickens the process, reducing the processing time to a record 10-15 minutes.
Banks must handle a tremendous volume of account closure requests each month. One factor that contributes to this volume is clients’ failure to comply with the requirements for the submission of necessary documentation. RPA can help banks track all of these accounts effortlessly and provide automatic messages and reminders for the submission of the required paperwork, addressing this issue.
Overall, the use cases for RPA in the banking industry are vast and varied. By automating tedious processes, RPA technologies can significantly enhance customer service, streamline processes, and reduce costs, ultimately leading to improved business outcomes.