Top 10 Use Cases of RPA in Banking & Finance Industry

automation in banking industry

Banks have vast amounts of customer data that are highly sensitive and vulnerable to cyberattacks. There are many machine learning-based anomaly detection systems, and RPA-enabled fraud detection systems have proven to be effective. Intelligent automation in banking can be used to retrieve names and titles to feed into screening systems that can identify false positives. Also, automate repeatable processes in both the supply chain and around working capital.

What are the 9 pillars of automation?

  • Big Data And Analytics.
  • Autonomous Robots.
  • Simulation/ Digital Twin.
  • Industrial Internet Of Things (IIoT)
  • Augmented Reality.
  • Additive Manufacturing.
  • Cybersecurity.
  • Cloud Computing.

Save time and avoid human error by automatically generating regulatory compliance reports through the extraction and configuration of data across platforms. Improve the speed and accuracy of sanctions checks to improve compliance, reduce risk, and deliver faster cash cycles to customers. Enable new customers to open a bank account and apply for additional products in minutes with automated KYC checking and affordability calculators.

Banking roles that benefit from automation

Anti-Money Laundering (AML) regulations, Know Your Customer (KYC) guidelines, GDPR and other regulatory elements demand accurate data to prove compliance. Improve quality and manage risk by automating data collection and reporting. Automating account creation is an unparalleled opportunity to please the customer.

automation in banking industry

AutomationEdge can be a great help in this case, as they have simplified the Aadhar masking process for one of the top banking clients in India. Bank customer onboarding takes a very long time since various documents need to be manually verified. By employing optical character recognition to extract the data from the KYC documents, RPA can significantly simplify the procedure.

Reduce the Level of Risk

There are hundreds of RPA use cases specific to dozens of industries and departments, it’s difficult to implement them immediately. A big bonus here is that transformed customer experience translates to transformed employee experience. While this may sound counterintuitive, automation is a powerful way to build stronger human connections.

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Banking and Finance have been spreading worldwide with a great and non-uniform speed, just like technology. Banks and financial institutions around the world are striving to adopt digital technologies to provide a better customer experience while enhancing efficiency. With threats to financial institutions on the rise, traditional banks must continue to reinforce their cybersecurity and identity protection as a survival imperative. Risk detection and analysis require a high level of computing capacity — a level of capacity found only in cloud computing technology.

RPA use cases in banking and finance

You will find requirements for high levels of documentation with a wide variety of disparate systems that can be improved by removing the siloes through intelligent automation. Automation allows you to concentrate on essential company processes rather than adding administrative responsibilities to an already overburdened workforce. Consistence hazard can be supposed to be a potential for material misfortunes and openings that emerge from resistance.

  • They’re heavily monitored and therefore, banks need to ensure all their processes are error-free.
  • Itexus consults clients on process automation in the banking sector as well as develops banking software and helps expand their operational capacity at a reasonable cost without hiring additional staff.
  • Conversational AI and Robotic Process Automation (RPA) can determine customers’ intent through natural language interactions and direct their enquiry appropriately, reducing turnaround time to seconds.
  • This paper emphasizes the significance

    of RPA technologies and what factors banks should consider to facilitate the easy

    adoption of this interactive technology to enhance customer experience.

  • The reality that each KYC and AML are extraordinarily facts-in-depth procedures makes them maximum appropriate for RPA.
  • With RPA and automation, faster trade processing – paired with higher bookings accuracy – allows analysts to devote more attention to clients and markets.

Let’s see the breakdown of AI-powered RPA solution types applied in banking by the total funds raised. Elevate operational efficiency to all sections of your facility with easy-to-access data and AI-powered insights. Banks have to ensure that their general ledger is updated with all important information such as financial statements, assets, liabilities, revenue, and expenses.

CaaS Platform to Level Up Customer Experience

How exactly can RPA in financial services aid companies and address their challenges, and how can they implement those solutions for maximum prosperity? By leveraging cutting-edge technology, we can transform the way your business interacts with customers and deliver unparalleled satisfaction in banking. We know that bulletproof security across the entire financial application ecosystem is the principal requirement. Our engineers apply the zero trust and “never trust/always verify” approach and test every aspect related to data privacy and customer trust multiple times before handing the project over to the client.

  • Surprisingly, banks have been encouraged for years to go beyond their business in the ability to adjust to a digital environment where the majority of activities are conducted online or via smartphone.
  • Schedule a demo with our team to learn what processes in your company can be delegated to robots.
  • RPA is cost-effective; the automation software reduces the bank’s processing

    costs by 80 percent [4].

  • Many leading banks have already started to re-strategize their operational models to leverage automation-led disruption and RPA is one of the key technology enablers in the current situation.
  • Besides client service automation, RPA technology in banking can bring real value by automating numerous loan administration processes, including underwriting and confirmation.
  • Repetitive discrepancies can result in damage to reputation and lead to non-compliance and fraud if not addressed and corrected outright.

First, though 21st Century is a technology driven era

and banks are trying to innovate to survive in the cut-throat competition, the RPA

technology is one area that holds plenty of potential and still not tapped to the fullest. This paper emphasizes the significance

of RPA technologies and what factors banks should consider to facilitate the easy

adoption of this interactive technology to enhance customer experience. The study emphasises that security and privacy is the primary concern of the customers and is

positively related to automation and human-like interaction as well as reliability of

banking products and services. So, there is a need to increase the focus on security

and privacy while integrating RPA into the retail banking industry. The reliability of

customised products and services is a key factor influencing customer experience.


Along with the undoubtful benefits of introducing invention on a wide scale, enforcing RPA in the banking sector demands some legal conditions and constraints for process automation. Indeed though RPA was developed in the 2000s, it positively started entering the market only after 2015. That’s why the technology is fairly youthful in terms of legal regulations it requires to be enforced – the ones specifically issued by the central banks, the government, and other parties. This challenging and rapidly changing industry benefits from RPA’s lack of human error, improved efficiency, real time tracking, and automated scheduling.

What is automation in banking sector?

Banking automation is applied with the goals of increasing productivity, reducing costs and improving customer and employee experiences – all of which help banks stay ahead of the competition and win and retain customers. Automation allows banks to connect systems and reduce manual tasks.

An association’s inability to act as indicated by principles of industry, regulations or its own arrangements can prompt lawful punishments. Administrative consistency is the most convincing gamble in light of the fact that the resolutions authorizing the prerequisites by and large bring heavy fines or could prompt detainment for rebelliousness. The business principles are considered as the following level of consistency risk.

View All General Business

As it transitions to a digital economy, the banking industry, like many others, is poised for extraordinary transformation. While most bankers have begun to embrace the digital world, there is still much work to be done. With the use of financial automation, ensuring that expense records are compliant with company regulations and preparing expense reports becomes easier. By automating the reimbursement process, it is possible to manage payments on a timely basis. With the use of automatic warnings, policy infractions and data discrepancies can be communicated to the appropriate individuals/departments.

automation in banking industry

Robots are accessible around-the-clock, every day of the week, to carry out your tasks, whether you wish to reduce human error or achieve high accuracy at a reasonable price. With RPA in banking, automated processes may be used to interact with any application or system in the same way people do, with the added benefit that they can work continuously, reliably, and accurately around the clock. To survive today’s highly competitive market scenario, banking firms need to stay on top of the rapidly evolving customer expectation by offering advanced, digitally-supported client experience. Thus, as per Institute for Development and Communication (IDC), nearly 44 trillion gigabytes of data were generated in 2020.


Companies collect a wide range of information from their customers, encompassing personal data, engagement data, behavioral data, and financial information. Personal data includes contact details, residential information, and government-issued identification…. While RPA is a much lower resource-demanding than other automation results, the IT department’s purchase remains critical. That’s why banks need directors to get support from the IT department force as early as possible.

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How is automation used in banking?

With Robotic Process Automation, it is easy to track such accounts, send automated notifications, and schedule calls for the required document submissions. RPA can also help banks to close accounts in exceptional scenarios like customers failing to provide KYC documents.

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