RPA Transforming the Banking and Finance Industry
“The growing prominence of Robotic Process Automation (RPA) in the banking space has made RPA an even more meaningful investment for financial institutions.”
Robotic Process Automation (RPA) embodies the next wave of automation that will help address a multitude of challenges in the banking and finance industry. It has proven to reduce workload, considerably lowering the time it takes to meet deadlines or complete manual tasks and cut costs. This emerging technology has already garnered significant traction from the banking and finance industry and is vividly streamlining a slew of back-office tasks and mundane workflows that once bogged down banking professionals.
With banks shifting the allocation of a large part of tedious, manual tasks from humans to machines they can reduce the need for human involvement considerably. This plunge in human involvement has had a direct impact on everything that ranges from performance and efficiency levels to staffing expenses and issues. Banks are increasingly turning toward RPA to enhance their operational and financial sectors of banking. PureSoftware’s end-to-end RPA services and solutions for banking and financial services enable banks to boost their productivity by engaging customers in real-time.
Top Benefits of RPA in Banking and Financial Services
To compete in today’s increasingly competitive world of banking, the financial institutions are required to automate, accelerate and simplify customer transactions, such as new account openings, consumer and mortgage loan applications, and investments.
Automatic Report Generation
Banks regularly generate compliance reports for deceitful transactions through suspicious activity reports (SARs). Earlier compliance officers used to read reports and fill the SAR form. Equipped with natural language generation capabilities, now RPA can assist them in reading lengthy compliance documents before they extract critical information and file SAR. The RPA team at PureSoftware helps banks to seamlessly automate their report generation process.
This time-consuming and drawn-out process demands manual verification. RPA technology can streamline the entire process by extracting data from KYC documents through an Optical Character Recognition technique (OCR). This data can then be compared with the information mentioned by the customer in the form. With PureSoftware’s RPA solutions, banks can streamline customer onboarding process, and build stronger banking relationships.
KYC and AML
Since both KYC (Know Your Customer) and AML (Anti-money laundry) are data-intensive tasks, they are highly suitable for RPA application. With RPA in place, banks can easily automate the manual processes, or catch suspicious banking transactions. RPA has turned out to be a key solution that proves to save time and cost than conventional banking solutions. PureSoftware’s RPA services enable banks and financial service providers to automate critical data-intensive tasks.
Loan processing is one of the most tedious and time-consuming processes. Although many banks have already automated this lengthy process to some extent, RPA technology further accelerates it and brings it down to an exceptional timing of 10-20 minutes for processing. PureSoftware’s RPA services for banks are designed to enable banks and financial services providers to accelerate their loan processing process significantly.
How PureSoftware RPA Delivers Value to the Banking and Finance Industry?
Banks and financial institutions have been under the spotlight for their long, manual processes that hamper the overall productivity and customer satisfaction levels. PureSoftware’s RPA banking solutions give banks an amazing opportunity to automate critical banking tasks, such as Credit Card Processing, Customer Service, and Account Closure Process.
PureSoftware’s RPA services enable banks to:
- Put more focus on ground-breaking strategies to expand their business by freeing employees from performing time-consuming mundane tasks.
- Make their processes more productive, faster, and efficient.
- Generate full audit trails for every process to reduce the business risk and maintain high process compliance.
- Reduce manual errors and achieve high accuracy at low cost