RPA helps bankers deal with multiple queries from customers ranging from account enquiry, to loan enquiry to bank frauds. It also helps in reducing the time taken to verify customer details from disparate systems.
RPA has helped banks in reducing the turnaround time required to onboard a new client by automating the KYC checks, credit scoring, workflow management, etc.
RPA has helped in communicating with the customers in a better manner through the automation of both events based and periodic communication and transaction alerts.
RPA enables banks to handle excepts and operational errors by reviewing, reprocessing and updating failed transactions across multiple functions.
RPA allows banks to manage high-volume processes across complex infrastructures. It simplifies compliance by keeping detailed logs of automated processes, automatically generating the reports an auditor needs to see, and eliminating human error.
RPA and AI are used by banks to not only gather credit card documents of the customer, make credit and background checks, but also to take a decision based on set parameters on whether the customer is eligible for a credit card. RPA is also used to dispatch the credit cards.
Against the backdrop of increasing competition, regulatory reforms, and changing customer expectations, the banking industry is finding it difficult to improve their efficiency and customer services. With the voluminous data dealt with every day, banks and credit unions are under pressure to optimize costs. These challenges have set the stage for the adoption of RPA by Banks and Credit unions. They are leveraging RPA to automate routine tasks, like extracting and imputing necessary information between multiple banking systems and portals, resulting in increased process efficiency and improved customer experience. RPA has enabled banks to automate entire workflows and streamline a number of their operational activities.
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