The banking and financial industry is always striving to reduce costs and increase productivity. This necessitates a rapid approach that allows for systematic compliance management and operations.
RPA solutions (Robotic Process Operations) and AI (Artificial Intelligence) plays a significant role in the banking and financial sector in order to provide competitive and dependable banking services.
Why is RPA indispensable?
Over the last decade, the banking and financial sector has spent a whopping $321 billion on compliance operations and penalties. Compliance costs account for nearly 10% of all banking operation costs.
Fortunately, there are few tech companies that enable this industry to maintain a high beam strategy via RPA to drive growth while reducing repetitive banking processes.
RPA and AI have taken banking and financial services to a whole new level by reducing manual labour, facilitating better compliance and risk mitigation.
Here are some examples of RPA applications in the banking and financial industries:
Automatic Report Generation - SARs (Suspicious Activity Reports) are a common requirement for banks and financial institutions. Normally, compliance officers must manually scan these details for long periods of time. RPA's language processing technology can extract precise information, reducing the time required to file the SAR.
Customer Onboarding - Customer onboarding is a labour-intensive practice that requires document verification. By moving customer data from KYC to RPA utilising the OCR (Optical Character Recognition) technology, RPA can assist speed up the process.
Account Opening - RPA streamlines the account opening process by eliminating data transcription errors that exist between the core banking system and new account opening requests.
Mortgage lending - One of the most critical processes of banking institutions is lending, which allows for the easy automation of various tasks such as mortgage lending, loan initiation, document processing, and financial comparisons.
Loan Processing - RPA has automated the entire loan processing activity and effected a 10-15% reduction in the overall processing time.
How can Neebal help?
We assisted a leading Indian MNC in developing an RPA-based solution that digitised the entire process through a mobile application that facilitates the daily automated download of reports to provide actionable insights. Start your RPA Journey now.