Robotic Process Automation in Banking Industry| RPA UAE | RPA Qatar| BTC

 

RPA is growing exponentially. Recent RPA trends and forecasts report shows that by 2021, RPA will be $2.9 billion industry. That’s huge increase from $250 million in 2016.

In order to remain competitive in an increasingly saturated market – especially with the more widespread adoption of virtual banking – banking firms have had to find a way to deliver the best possible user experience to their customers. Internally, the challenge to maximize efficiency and keep costs as low as possible while also maintaining maximum security levels has also increased.

To answer these demands, Robotic Process Automation (RPA) has become a powerful and effective tool.

Robotic process automation has also dramatically streamlined a wide variety of back office processes that once bogged down bank workers. By shifting much of these tedious, manual tasks from human to machine, banks have been able to significantly reduce the need for human involvement, which has had a direct impact on everything from performance and efficiency levels to staffing issues and expenses.

Bank employee deal with voluminous data from customer and manual processes are prone to have errors. Banks around the world are considering RPA to minimize the manual processing of this huge data to avoid errors. Processing data manually also time consuming task. Simple validation of customer information from 2 systems can take seconds instead of minutes with bots. Introducing bots for such manual processes can reduce processing cost by 30% to 70%. Several processes in the banks can be automated to free up the manpower to work on more critical tasks. Some of these processes include:

Customer Service	Compliance
Accounts Payable	Credit Card Processing
Mortgage Processing	Fraud detection
KYC	General Ledger
Report Automation	Account Closure Process
Account Origination & Receivable	Surrender
Collection	Underwriter Support
Deposits & many more…

 

 

• Customer Service

Banks deal with multiple queries every day ranging from account information to application status to balance information. It becomes difficult for banks to respond to queries with low turnaround time.

RPA can automate such rule based processes to respond to queries in real time and reduce turnaround time to seconds, freeing up human resource for more critical tasks

With the help of artificial intelligence, RPA can also resolve queries which needs decision making. With the help of NLP, Chabot can understand the natural language to chat with customer and respond like human.

 

• Compliance

Banking being the center of the economy is closely governed and needs to adhere to lot many compliance. RPA increases productivity with 24/7 availability and highest accuracy improving the quality of compliance process.

 

• Accounts Payable

Accounts payable is a simple but monotonous process in the banking system. It requires extracting vendor information, validating it and then processing the payment. This does not require any intelligence making it the perfect case for RPA.
Robotic Process Automation with the help of optical character recognition (OCR) solution can solve this problem. OCR can read the vendor information from the digital copy physical form and provide information to RPA system. RPA will validate the information with the information in the system and process the payment. If any error occurs, RPA can notify the executive for resolution.

 

• Credit Card Processing

Traditional credit card application processing used to take weeks to validate the customer information and approve credit card. The long waiting period was dissatisfaction to customers and cost to banks. However, with the help of RPA, banks now can process the application within hours. RPA can talk to multiple systems simultaneously to validate the information like required documents, background checks, credit checks and take the decision of the basis of rules to approve or disapprove the application.

 

• Fraud Detection

With the introduction of digital system, one of the major concerns of banks is fraud. It is really difficult for banks to track all the transactions to flag the possible fraud transaction. Whereas RPA can track the transactions and raise the flag for possible fraud transaction pattern in real-time reducing the delay in response. In certain cases RPA can prevent fraud by blocking accounts and stopping transaction.

 

• General Ledger

It is mandatory for the banks to keep the general ledger updated with information like financial statements, revenue, assets, liabilities, expenses and revenue which is used to prepare financial statements. Financial statements are the public documents which are then accessed by public, stakeholders and media. Considering the amount of detailed information in the statement, error in the report can very badly affect the bank’s image.

To create the statement, bank needs to update information from the multiple legacy systems as these systems cannot integrate, verify it and make sure that the general ledger is prepared with no errors. With this amount of the data from the multiple systems, it is bound to have errors. RPA is independent of the technology and can integrate data from multiple legacy systems to present in the required format even if the data in the systems is not in the same format. This reduces the huge amount of data handling and time.

 

Get in touch with our experts  for banking automation in UAE and Qatar