Financial and Banking systems run largely on manual processes. As the financial workflows are very complicated; transferring data, checking for approval, error handling, and other manual-driven processes take a lot of time in completion. Also, such processes are prone to human errors which can impact the overall business process.
In most of the banks, customers are still asked to fill forms manually. Each application is then handed over to a person who manually enters the data. It definitely is a very time-consuming process but apart from that, it requires a lot of accuracy in entering the data. If the customers identify a mistake, they may immediately shift their banking services to some other company.
Banking and Financial Services comes to a large burden of compliance and security. Compliance rules change regularly and need to be incorporated immediately. But, such updates require the utilization of more man-power which is a cost to the company.
Hence, Financial and Banking systems require a lot of human manpower to run their company and they still cannot climb up the ladder of efficiency.
Banking and Finance Industry involves very critical, money transaction activities. Also, customer data is very important, and hence extreme measures should be taken for error-free and fast transactions while performing such activities. Since most of the processes are repetitive and rule-based, Automation is gaining a lot of popularity in such industries in the last couple of years.
RPA for Finance and Banking plays a very crucial role in processes like Account opening, Customer Service, KYC Process, Report Automation, Account Closure, MF Reconciliation Process, Account Payable, Credit Card Processing, and other rule-based products. AN Integrated RPA approach is best suited to increase the overall business efficiency as well as reduce the cost of the business. Also, RPA enables better customer interaction and engagement in real-time.
Below are some of the RPA Finance and Banking solutions that can be easily implemented in your business.