With the advent of technology, banks and other financial sectors have evolved tremendously. From offering virtual banking solutions to business automation, the way these institutions work has changed. Using technologies like Artificial Intelligence (AI) and Robotic Process Automation (RPA), Banks and financial institutions strive to deliver more efficient and secure services to their users.
What makes RPA the game changer in Industrial revolution? How do these technologies, especially RPA, transforms the whole dynamics of banking and financial services? Read further to know the answers If you are also looking for answers to these questions, stick with us.
Robotic Process Automation is a process where a business process can be automated using software tools.
The market revenue of the global cognitive robotic process automation in the banking and finance sector is expected to amount to 1202.1 million U.S. dollars, in revenue, in 2026, which is approx. 33.2 percent of the overall market share. – Statista
Automation in the banking sector is not new. This industry is continuously working on adopting new technology to improve its users’ experience. Banks and other financial institutions are exploring various ways of implementing RPA into their business to reduce human labor, increase efficiency and productivity.
Some verticals where using RPA-based software can help banks:
Banks deal with thousands of customers’ queries each day, and most of them are similar. It becomes quite impossible for a human to respond to all those queries in a given time. This arises an opportunity to implement RPA-based software developed using technologies like AI and ML. These solutions are capable of answering each query using the data stored in them. Also, if these smart solutions are used, customers can get their queries resolved even after the bank working hours.
Account opening and closure is quite a mundane process and follows the same steps for every customer. Now banks, globally, have automated their account opening and closing process. Special software tools are being used to send emails, verify documents, process the application, and a lot more.
Banks, these days, also have eliminated the process of physical KYC (Know Your Customer). Now RPA-based software is used to verify the customer details. RPA fast-tracks the whole process of customer onboarding, which helps in improving customer relations.
Loan/Credit Card Processing
Just like customer onboarding, many documents are required in the process of loan and credit card processing. Verifying applicants all the documents manually may not be that effective and have high chances of making an error. RPA automates all these mundane tasks for better productivity and accelerates the whole process of loan and credit card processing.
Many banks have already started automizing their business operations. These days, many global banks are offering digital account opening services with video KYC facilities. Things are changing, and especially amid COVID-19, each business sector is forced to transform and find new ways to keep up. RPA is a revolutionary technology, and many banks and financial institutions have been benefitted from it. From reduced time to reduced frauds, a lot has been achieved since everything went automated and digital.
RPA is not just the future but today of the banking industry and PureSoftware helps these financial institutions to implement such advanced technologies and ease up the complications involved. To know more about our Robotic Process Automation Services, reach to us today!!