RPA in Banking & the Financial Markets
Science fiction has long envisioned a future where machines perform many of the tasks currently carried out by humans. This is no longer the realm of fiction, but reality, as more and more businesses are turning to Robotics Process Automation (RPA) to transform their operations.
Banks are no different, with RPA playing an increasingly important role in automating repetitive and time-consuming tasks.
Use Cases of RPA in Banking & the Financial Markets
While there is a wide range of use cases for RPA in banking (all of which CPQi can facilitate), it’s helpful to consider a few specific cases. Here are three examples:
- Loan Application Processing
- Client Onboarding
- Fraud Detection
We’ll explore each of these in more detail below.
Loan Application Processing
When a customer submits a loan application online, it needs to be reviewed by multiple people within the bank, including credit analysts and loan officers. Historically, this process has been largely manual, with each application passed from one person to the next.
With RPA in place, you can automate the entire process. The loan application can automatically be routed to the bank’s relevant people for review and approval. This not only saves time but also reduces the likelihood of human error.
New client onboarding typically involves the completion of multiple forms and the gathering of various documents.
RPA can be used to automate this process by collecting the required information from the client and populating the relevant forms.
This saves time and helps ensure that all the necessary information is gathered from the client.
Banks are constantly on the lookout for fraudsters who try to take advantage of customers. RPA can help detect fraud by monitoring customer activity and flagging any suspicious behavior.
Using pattern recognition, RPA can quickly identify fraudulent activity and help to protect both banks and their customers from financial loss.
Benefits of RPA in Banking and the Financial Markets
Companies can achieve many benefits by implementing RPA in banking. These include:
Improved Customer Service
By automating repetitive and time-consuming tasks, RPA frees up staff to provide a better level of customer service. This can happen in several ways, such as having more staff available to deal with customer queries or providing customers with access to self-service portals where they can quickly and easily get the information they need.
RPA can help to increase the efficiency of banks and other financial businesses by automating tasks that are currently carried out manually. RPA can complete these tasks at increased speeds and with a reduced likelihood of human error.
Automating tasks can help improve compliance, as it ensures that all processes are carried out the same way, every time. Compliance is critical in banking and the financial markets, where any lapse could have serious consequences.
Lastly, implementing RPA can help reduce the costs associated with carrying out tasks manually. Both the direct costs, such as staff wages, and indirect costs, such as opportunity costs, can be reduced.
The Impacts of RPA
RPA is having a profound impact on the private banking industry. It is helping banks and other financial businesses reduce costs, improve customer service, and meet compliance requirements. In addition, RPA is providing a way for banks to get a better understanding of their clients through data analytics.
As artificial intelligence (AI) continues to evolve, RPA will likely become even more powerful and autonomous. This means that the impact of RPA on banking and the financial markets will only increase in the years to come.
CPQi is the leading source for digital transformation in America.
Our focus is Fintech across various industries, including banking, financial services, insurance, and more. We work with companies of all sizes, from small businesses to large enterprises.
We can help you set up RPA for the first time or expand your existing RPA capabilities.
Get Started Today
If you’re interested in implementing RPA in your bank, get in touch with us today. We’ll be happy to discuss your specific requirements and advise on the best way to achieve your goals.