Banks and financial service providers are looking at changes, especially in their operations, that are expected to undeniable value in terms of performance, productivity, and cost reduction. Every bank and financial institution is starting to understand that automating their processes not only puts them ahead in the customer service race but also allows them to enhance the accuracy with which every automated process can be performed. Integrating automation into their operations does not only make their processes independent of manual labor, but it also makes the institution self-directed.
What Services in a Bank or Financial Institution can be revolutionized by RPA?
The statement that setting up RPA and training employees is an uphill task, but once it is established and started running, the results will be more than worth the investment. Every monotonous task can be automated successfully and can be performed with efficiency and accuracy. Services like fund transfers, loan processing, and issuance, and the most revolutionized job in the whole of BSFI, underwriting, can be performed with precision. It is estimated that integrating RPA to automate processes can reduce the time needed to perform them by 90% while increasing cost savings by over 80%.
One interesting aspect of automated banking services is hyper-personalization of the same. Based on the transactions of a customer, their digital footprint can be used to offer them personalized services that will fit their day-to-day responsibilities, the type of errands they run, the frequency with which they might need certain services, and even the kind of loans they might be looking for.
What Processes Have and Will See Automation in Banks and Financial Service Providers?
The whole of digital banking has taken a new meaning with the advent of automation. The most strenuous processes are often those that are associated with customer service. Solving customer queries have been time-consuming, especially given the number of calls they take each day, the time it takes to solve each query, and the delay in customers receiving the solution to their problem.
Chatbots have existed since the beginning, and it is no surprise that they are associated with automation, despite the industry they are employed in. But banks have taken a step further in making them more accessible through their voice-activated assistants in their apps. This has an estimated reduced time to solve customer queries by at least 40 seconds.
In addition to these, banks have successfully implemented the automated processing of account opening and KYC. They have also employed intelligent tracking of transactions to detect fraud and money laundering and have also included algorithms that ensure that they are up to date with regulations.