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Six Ways how RPA can Transform Banking Operations
By implementing a cloud-based RPA solution, banks can allow operations at any time, anywhere. At the click of a button, consumers have omnichannel access to all their banking needs, making life simpler for customers and bankers alike.
Fremont, CA: COVID-19 has dramatically affected financial institutions, with leading analysts predicting a $2.1 trillion credit loss for the banking sector. With the customers’ aversion to paper-based transactions and the rapid transition to the remote working environment, banks need to ramp up their digital initiatives to support their top line and generate uninterrupted services safely and securely. Robotic process automation (RPA) may allow banks to optimize data-intensive processes without affecting the quality of their services by automating repetitive, high-volume, and routine work.
Here are six ways RPA can transform banking operations:
The modern banker needs to move the entire loan lifecycle of a borrower online. RPA enables customers to upload documents for identity authentication, loan request initiation, and real-time status tracking using online and mobile-based portals.
By implementing a cloud-based RPA solution, banks can allow operations at any time, anywhere. At the click of a button, consumers have omnichannel access to all their banking needs, making life simpler for customers and bankers alike. In addition, cloud-based applications for RPA will reduce the cost of server maintenance and hardware.
Enhanced Fraud Detection
RPA, supported by artificial intelligence and machine learning, can more accurately identify fraud based on the past transactions of a customer. It can sense suspicious behavior, produce email alerts, and automatically push messages, thus protecting customers’ data and properties.
Efficient Compliance Management
By automating mundane, manual processes for enhanced accuracy and quicker processing time, banks may simplify their data-intensive processes, like KYC, risk evaluation, and anti-money laundering initiatives. RPA makes it simpler by digitizing processes for banks to be compliant and meet strict guidelines.
To simplify day-to-day banking operations, RPA supports smart and intuitive processes. To offer a touchless experience, banks can remove manual processes and automate their back-office operations with RPA. From the comfort of their homes, customers can access their bank accounts, and employees can conveniently answer customer requests when working remotely.
Faster Response to Customer Queries
Banks can quickly respond online to customer inquiries and manage social interactions using chatbots and social sensing tools. This can eliminate customers’ need to visit a physical branch, ensuring both customers’ and employees’ safety, especially during these periods of social distancing. By evaluating their customer database and dynamically routing calls based on their previous experiences, RPA can also optimize the contact center activities of a bank.