RPA in Banking – The next big thing

If this pandemic has taught us all one thing, it is that the future is uncertain. And though there may be business disruptions, life and business must continue. This pandemic has also laid bare the unpreparedness of large industries and companies who have invested heavily in Information Technology, but the processes are still
largely manual.

And this has definitely affected customer experience and satisfaction . If we were to conduct a survey today, we would realize that customer experience is negatively affected. The reasons for customer dissatisfaction are mainly delay in response time, inadequate information and non-transparency. If RPA was deeply entrenched in the system, it would have enabled Banks and other financial service institutions to respond quickly and more efficiently to this new normal.

Automation of Banking Processes

There are a few use cases for RPA in Banks. But these have so far been restricted to fraud detection and customer service to name a few. Some of the areas where RPA can provide immediate benefit can be as follows:

These are only a few areas where RPA can be integrated into the Bank’s processes.

Advantages to the Bank

a) The biggest benefit is that the employees can focus on their core competencies and leave mundane, repetitive tasks to the BOTs

b) RPA with a mix of Machine Learning can increase efficiency and accuracy in transactions and data entry

c) Implementation is quick due to availability of storefront like BOTs

d) RPA integrates with existing frameworks and systems and does not require a change in infrastructure

e) Change Management is easy and there are use cases where changes have been done in a matter of days

Mind Block to RPA

Banks are often looked at by governments as vehicles to add stability to the economy. This is also reflected in the large workforce most Banks carry. One of the biggest fears people have is that building a digital workforce will eliminate the need for a physical workforce.

That is not entirely true. The employees will instead be used for their core competencies. Employees will provide oversight, handle exceptions and take judgement calls based on experience. The goal of RPA is to improve operational
efficiency and not eliminate workforce.

So while a few Bank may have deployed chat-bots, the uptake has so far been slow. But now is the time when the banking industry must invest and build a digital workforce. It will not only improve efficiency and accuracy but also strengthen our defenses and readiness for the next disruption.

Watch our on-demand webinar to learn how financial institutions can quickly and easily implement RPA today with Tangentia and Automation Anywhere.