Having employees perform repetitive and time-consuming tasks is a perfect recipe for dissatisfaction. Data entry tasks are aplenty in the banking industry. These manual interventions are costly, inefficient, and prone to errors.
A solution for organizations is to leverage Robotic Process Automation (RPA) to execute these tasks efficiently. RPA is a software bot that mimics a human operator by virtually logging onto applications and completing pre-programmed tasks autonomously. It allows for smarter work with better virtual tools that enable business process automation. In turn, an organization can harvest rich data and derive meaningful business insights and action items that generate better value and outcomes.
RPA platforms automate processes for a variety of repetitive tasks. They help trigger responses and communicate with other systems as well. It is not the same as traditional automation as it focuses on taking a part of the existing workflow and developing it as an automated platform or tool. In the case of RPA, the software is deployed with an ability to launch and operate other software.
These solutions are beneficial for businesses with multiple, complex systems and processes that need to interact seamlessly with each other. RPA is finding increased adoption among enterprises despite being a relatively recent innovation.
Some of the key benefits include:
- Optimizing processes for better TAT
- A transparent workflow for employees and their managers
- Regulatory compliance and adherence to standards for business operations and processes
- Cost savings by automation of manual and repetitive tasks
- Efficient customer service
RPA In BFSI
With an increased focus on compliance and regulatory filing requirements, the BFSI industry has been an early adopter of RPA. Fundamental processes such as customer onboarding, KYC processing, credit eligibility checks, claim, and loan processing can all be tackled by deploying RPA. This ensures that employees can better manage their time and invest in high-value tasks that contribute more value to enterprises.
Leveraging RPA To Automate Critical Processes in Banks
Automatic Report Generation
RPA technology, integrated with NLP, can sift through compliance documents and extract all relevant information and file reports. Additionally, the software can be trained to decide input allocation on documents. It helps reduce operational costs and the time taken to complete the task.
With new and firmer norms, customer onboarding can be a lengthy process that involves manual verification of customer documents. RPA makes the process swifter by capturing the data from KYC documents and matching them against the information provided by customers.
Banks can use RPA to simplify the process of opening accounts. Automation eliminates the data entry errors that may crop up and enhances the quality of data available in the system.
Lending remains the heart and soul of banking. The process of obtaining a loan is infamous for being tedious and slow. RPA accelerates this and reduces the TAT for approving loans drastically. More time can be invested in assessing a potential loan’s risk by automating manual, repetitive data collection tasks.
The sheer volume of customer queries can be overwhelming even for banks with adequately staffed customer service departments. RPA tools enable automation of rule-based processes that help respond to customer queries in real-time, thereby reducing the TAT substantially.
Complex and manual processes at a bank can bring severe disrepute to a bank and negatively impact staff productivity. By adopting robotic process automation, banks can address these issues by automating and optimizing internal processes for better TAT. Tejora’s RPA solutions offer an excellent blend of cutting-edge technology and deep domain expertise. Contact us to know how our RPA offerings help enhance productivity while reducing error rates and improving turnaround times for organizations.