Top 3 successful examples of RPA in Banking.

Top 3 successful examples of RPA in Banking.

Robotic Process Automation (RPA) is being used in a variety of industries to save costs while easing employee workloads. Banking is no exception. RPA has been able to save financial personnel time on repetitive, labour-intensive operations by doing everything from data input to answering simple customer care questions. RPA in Banking has been shown to reduce staff workload, reduce the time it takes to execute manual activities, and lower costs. RPA has become a worthwhile investment for banks and financial organisations as artificial intelligence technology gains traction in the market.

What exactly is RPA in the banking industry?

RPA blends robotic automation with Artificial Intelligence (AI) to automate human functions in banking, such as data entry and basic customer care interactions. RPA has transformed the banking business by allowing banks to accomplish back-end jobs more correctly and effectively without having to redesign their entire operating systems.

RPA-enabled banks have freed up time for workers to focus on more sophisticated duties while artificial intelligence technology handles back-end operations.

Successful examples of RPA in Banking

ICICI Bank: The Operations Department of ICICI Bank implemented RPA for 10 processes, which grew to 200 processes in the first year to support multiple businesses, including retail, corporate, treasury, agri-business, trade, and forex. The processes executed more than 1 million money transfers each day and minimised reaction time by up to 60% while improving performance by 100%. ICICI Bank has automated 1,350 operations to enlist customers, process loans, and do reconciliation, with 750 robots executing more than 2 million transactions per day.

HDFC: HDFC Bank, a close competitor of ICICI Bank, has used RPA in banking to cut loan processing time in half, allowing them to process 50% more loans. Loan processing is now done in a central place that is viewable in real time to all credit administrators, resulting in a 12% increase in productivity. HDFC's Electronic Virtual Assistant (EVA), an AI-based intelligent chatbot that can integrate data from many sources and deliver solutions in 0.4 seconds, is another noteworthy customer interaction deployment.

DBS: DBS teamed with IBM to scale an enterprise-wide RPA Centre of Excellence (COE), highlighting financial institutions' increased willingness to push RPA beyond back-end processes. DBS had already streamlined more than 50 challenging business procedures just five months after the COE was established in June 2017.

How can Neebal help?

We helped a leading Indian bank develop a hyperautomation based solution that digitized the entire process via a mobile application that helps in downloading reports to provide actionable insights. Start your RPA automation journey today.

 

Topics: Hyperautomation