Robotic Process Automation for Banking helps provide faster and easier service to customers
A study by Juniper Research reveals Robotic Process Automation (RPA) revenues in the banking industry will reach $1.2 billion by 2023. Intelligent automation tools can help banks and financial services companies to transform manual, data-intensive, operations while meeting stringent and ever-changing regulatory requirements. RPA deployment enables rapid automation of front- and back-office processes, hence faster and easier service to customers.
How do banks improve their operational efficiency and improve customer satisfaction?
Functions like order-to-cash, procure-to-pay, record-to-report, financial planning, and accounting (FP&A), and finance operations hold a very critical position for any BFSI. RPA has been facilitating banks to increase operational efficiency, enhance customer experience, strengthen governance, foster innovation, and empower human capital. Banking Automation software reduces the number of manual controls, reporting errors, and operational costs of the finance and accounting function.
Some of the major challenges faced by following functions in the Banking industry:
- Customer Service- new account opening and closure, call center support
- KYC/AML Compliances- due diligence, regulatory reporting
- Wealth & asset management – client onboarding, settlements,
- Loan fulfilment- loan processing, underwriting, data acquisition
- Data Management- data mining, internal audit
- Finance- reconciliations, accounts payable/receivables, manual data entry