Time is Money: 3 Essentials of Banking Automation and Efficiency

How Banking Automation is Transforming Financial Services Hitachi Solutions

automation in banking operations

Postbank, one of the leading banks in Bulgaria, has adopted RPA to streamline 20 loan administration processes. One seemingly simple task involved human employees distributing received payments for credit card debts to correct customers. Even such a simple task required a number of different checks in multiple systems. Before RPA implementation, seven employees had to spend four hours a day completing this task.

Robotic process automation, or RPA, is a technology that performs actions generally performed by humans manually or with digital tools. For example, banks have conventionally required staff to check KYC documents manually. However, banking automation helps automatically scan and store KYC documents without manual intervention. Adding to the processes described above, there are many more use cases for automation. Listed below are some excellent targets for automation in banking processes. The future of banking is automated, and those institutions that embrace this transformation are poised to thrive in the digital age.

Top 10 RPA Use Cases in the Banking Industry

Banking automation is the product of technology improvements resulting in a continually developing banking sector. The result is a significantly more efficient, dependable, and secure banking service. Artificial intelligence (AI) automation is the most advanced degree of automation. With AI, robots can “learn” and make decisions based on scenarios they’ve encountered and evaluated in the past. In customer service, for example, virtual assistants can lower expenses while empowering both customers and human agents, resulting in a better customer experience. Our software platform streamlines the process of data integration, analytics and reporting by cleaning and joining the sourced data through semantics and machine learning algorithms.

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Using IA allows your employees to work in collaboration with their digital coworkers for better overall digital experiences and improved employee satisfaction. They have fewer mundane tasks, allowing them to refocus their efforts on more interesting, value-adding work at every level and department. Transacting financial matters via mobile device is known as “mobile banking”. Nowadays, many banks have developed sophisticated mobile apps, making it easy to do banking anywhere with an internet connection. People prefer mobile banking because it allows them to rapidly deposit a check, make a purchase, send money to a buddy, or locate an ATM. Without addressing the human side of change and preparing users with adequate organizational change management, meaningful transformation is not feasible, regardless of how brilliant the technology and its benefits may be.

Customer experience

To retain consumers, banks have traditionally concentrated on providing a positive customer experience. In recent years, however, many customers have reported dissatisfaction with encounters that did not meet their expectations. Banking automation includes artificial intelligence skills that can predict what will happen next based on previous actions and respond accordingly. RPA (Robotic Process Automation) is used in fintech for automating repetitive tasks like data entry, transaction processing, customer onboarding, and compliance checks. It improves efficiency, accuracy, and customer experience, while also aiding in fraud detection, reporting, and internal processes.

It goes beyond a traditional data management system to highly sophisticated software systems. Today, BPA is being implemented in all sorts of industries such as healthcare, automobile, gaming, education, aviation, and retail. Meanwhile, the finance and banking industry is experiencing quite an impact. With the help of these strategies, BPA can manage various aspects of banking sectors such as customer relationships, sales, workflow, compliance, planning, and more. Today, it has emerged to become one of the most important strategies used by modern businesses.

Banking RPA Case Studies

Carrying out collecting, formatting, and verifying the documents, background verification, and manually performing KYC checks require significant time. Many financial institutions have existing systems and applications already in place. Integrating process automation with these infrastructures can be a technical challenge, but a smooth transition is possible with proper planning and collaboration between teams. With the emergence of Fintech companies, digital transformation unfolding, and customer experiences taking center stage, the global banking industry today is bigger than ever. Creating an excellent digital customer experience can set your bank apart from the competition.

  • While some RPA projects lead to reduced headcount, many leading banks see an opportunity to use RPA to help their existing employees become more effective.
  • Automation streamlines compliance by automating data collection, verification, and reporting.
  • The benefits aren’t the only thing that will eventually push the financial services industry to adopt new automation technology, but also increasingly more unstable marketplaces that have emerged since the pandemic.
  • For Large Sri Lankan bank by automating manual processes leading to 30% resource saving & 40% reduction in average call hold time.

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