Continuous advancements in technology have enabled financial institutions and teams to digitally transform their businesses. Utilizing suitable technologies such as Robotic Process Automation (RPA), banks can now improve efficiency, minimize costs and provide enhanced customer services. As per Gartner, 80 percent of the finance leaders are already using or planning to implement RPA within their business processes.
Why should banking and finance entities invest in RPA solutions?
The industry of banking and finance is highly competitive and regulated. On the one hand, banks are looking for new and innovative techniques to stand out, and on the other, they also require safety, convenience and efficiency in their working processes. Processes like rapid credit approvals, instant transactions, compliance risks need extensive technological intervention these days owing to the challenges and complications involved. Here, RPA can offer significant values in this regard to ensure effectiveness and efficiency for the decision makers.
As banks have to rely on precision and accuracy, conventional methods have become inadequate to meet the business needs. Employees in spite of working with their best intentions are prone to make mistakes. This results in time loss, increasing costs and making human efforts undesirable. Using RPA enabled solutions, banks can maximize efficiency, improve reporting and auditing, devise strategic tasks and can transform the overall business functioning. Thus by virtue of robotics, banks can transform their planning and execution techniques to establish benchmarks and ensure customer satisfaction.
Key benefits of RPA in banking and finance
Enhanced customer service: Banks using RPA solutions have a competitive advantage as they can serve their customers better and faster than their competition. In the current data driven world, 24x7 customer services and interactive applications are in high demand. With RPA these services can be easily provided in real time to accelerate request solutions, identify additional service needs, provide personalized information etc. In addition to this, RPA bots can also process the basic transactions faster via streamlining online and mobile banking.
Increased efficiency and productivity: Appropriate use of RPA helps in executing tasks accurately and conveniently. It reduces costs and makes employees available for high value tasks across departments. Gartner opines that 1 RPA bot can outperform 30 times the work done by a human. This automation technology when combined with the existing frameworks can speed up daily tasks drastically with minimal disruption.
Financial service institutions use service bots for the following
- Audit validation
- Credit card processing
- Fraud detection
- Credit and identification checks
- IT issue resolution
Improved compliance and audit reporting: Using RPA, banks can control costs and minimize risks by automating and simplifying the reporting and compliance process. Additionally, it also helps in tracking regulatory changes and automating transaction monitoring. RPA solutions also have the ability to generate automatic reports from data resulting in time reduction for compliance related tasks.
Cost saving: As per Gartner, RPA technology usually costs one third (33%) less compared to an offshore employee and one fifth of an onshore employee. This makes ROI quite evident, resulting in cost efficiency.
How Neebal can help?
We at Neebal have over a decade’s experience implementing RPA solutions successfully. We know how technologies can bring in the much needed transformation for businesses across industries. Having worked closely extensively with the banking sector our teams have deep domain expertise that enables us to simplify complex processes and ensure efficiency. From automated data capturing to streamlining compliance processes and customer services, we have been successfully providing solutions to diverse needs with precision.
Identifying the right RPA tools for your business growth and development is crucial. We can customize your RPA solutions as per the nature and scope of your business brand. If you are really getting stagnant with repetitive roles and responsibilities, feel free to consult us and reinvent your growth prospects. Make your dreams a reality with our unique solutions and become an industry leader.