RPA Use Cases in Banking Sector

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RPA Use Cases in Banking Sector
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• The BFSI sector has witnessed tremendous growth
  in recent years. Despite the pandemic and
  shrinking economy, the banking sector remains
  strong because of its widespread adoption of
  virtual banking and emerging technologies like
  Robotic Process Automation (RPA). As per Gartner
  research report, the pandemic has acted as a
  catalyst for business initiatives and making
  digital options the future of the banking
  industry.
• Automation is the key to success in this
  challenging and competitive scenario. Talking
  about the banking sector, Remote Process
  Automation can bring automation in all the major
  operations ranging from loan processing to fraud
  detection and KYC to Accounts payable.

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Top 5 RPA Use Cases

• Loan and Credit Card Processing

• Both these processes are tediously slow and
  require a lot of attention to the details. RPA
  can bring down the loan and credit card
  processing duration of weeks and months to some
  minutes by bringing automation. Systems can
  combine RPA and ML to make proper decisions
  quickly.

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• Account Closure

• Account closure requests can be a big headache
  for bankers. The customers non-compliance and
  other reasons can make this task difficult every
  month. RPA can handle this issue by tracking all
  accounts and sending the necessary notifications
  to customers regularly.

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• Know Your Customers (KYC)

• It is one of the most critical and yet
  frustrating compliance processes for your bank.
  As per the Thomson Reuter report, few banks spend
  at least USD 500 million every year on KYC. RPA
  can collect the customers information and
  validate it perfectly to save time, effort, and
  money.

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• Accounts Payable (AP)

• AP is a monotonous and daunting task that
  includes data extraction from all the necessary
  fields in the invoice and their quick validation.
  RPA can empower banking executives to credit all
  payments automatically to the vendors account
  after quick and accurate validation.

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• Fraud Detection

• Expanding horizons of the banking sector increase
  the risks related to fraud and suspicious
  transactions. It is, therefore, necessary for
  banks to strengthen their fraud detection
  mechanism. RPA can take an if-then method to
  identify such frauds or transactions quickly.

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• Website www.silvertouch.ca
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