Robotic Process Automation is the combination of artificial intelligence (AI), machine learning, process analytics (i.e. hyperautomation) makes a fully automated enterprise possible.
The benefits of robotic process automation in banking are manifold, and can include:
Powering customer onboarding, which is the first step to a strong relationship with customers. Any customer onboarding task can be automated with RPA, be it KYC or ID verification. Post onboarding, whenever a customer writes to the support team, the bots help speed through by checking the emails and assigning them to the concerned manager, depending on whether it’s a loan application, credit card request, or mortgage application.
Compliance, as worldwide regulators imposed over $25 billion of fines against charges and violations concerning KYC and anti-money laundering. Banks need to know every detail before approving a customer and software robots can replace the countless number of hours that go into compliance with error-free, and help to enforce preventive measures like not missing a deadline.
Enhanced Customer Services, as wait times on response can be drastically reduced with software bots in action. At service desks, bots can work alongside your front desk staff and perform tasks in the background, and help in realizing a touchless customer service necessitated by the pandemic.
Loan Processing involves several repetitive tasks such data entry, document routing, communications, that can all be automated with RPA. These tasks will not only be performed at great speed but the chances of error are next to none. RPA can be integrated into the workflow streamlining and providing visibility into the process.
Report Generator by integrating business analytics dashboards, RPA helps extracting and transforming the business data into powerful, actionable insights.