IA & RPA Use Cases in Banking and Financial Services

What surprised me was that the loan officer was aware of the details I shared. The entire experience was so smooth that there was no chance I would not have taken a loan from that bank. RPA bots are capable of being deployed at scale, meaning that they can meet the organization’s growing needs or respond to surges in demand without creating a backlog. Our successful robotics tools include loan certificates, overdraft notifications, rescheduling of loan payments, and month-end closing procedures. There are several important steps to consider before starting RPA implementation in your organization. In this, IA can quickly address customers’ concerns and resolve their queries or allow them to seamlessly continue their customer journey without having to leave your website.

The ability to set task types, priorities, and deadlines ensures smooth task execution and adherence to timelines. Embracing these technologies will be crucial for organizations aiming to thrive in the ever-changing landscape of banking and financial services. AI-powered Document Understanding machine learning (ML) models in the banking and financial services sector are being deployed to extract data from documents such as passports, identity proof documents, and mortgages. Organizations can train their own models to cater to the specific document types they handle.

Simplified user management

As a result, RPA is one of the most valuable tools for companies in the finance industry, where time and accuracy are critical. Robotic process automation (RPA), cognitive automation, and artificial intelligence (AI) are transforming how financial services organizations operate. Today, many organizations are still in the early stages of incorporating robotics and cognitive automation (R&CA) into their businesses. Organizations are investing in automation solutions that improve all the business processes involved in risk and compliance.

• Unlock the advantages of the digital era to harness innovation, drive operational efficiencies and grow your business.
• An RPA solution can also automate other rule-based tasks, such as processing financial statements, making financial comparisons and completing document checks.
• With RPA tools providing a drag and drop technology to automate banking processes, it is very easy to implement & maintain automation workflows without any (or minimal) coding requirements.
• It also enables new customers to open a bank account and apply for additional products in minutes with automated Know Your Customer (KYC) checking and affordability calculators.
• GRC and regulatory requirements, marketing, human resources, and many other administrative processes are often overlooked when it comes to increasing work productivity.

In fact, a recent report [from KPMG] has revealed that RPA can reduce costs for financial services organizations by up to 75%. Another key factor driving the adoption of intelligent automation in banking and financial services is the improved customer experiences it provides. Automated systems can be used to provide customers with tailored solutions based on their individual needs and preferences. For instance, they can be used to offer personalized advice or recommendations based on a customer’s past spending habits or financial goals.

IA & RPA for Banking and Financial Services

Banks, lenders, and other financial institutions may collaborate with different industries to expand the scope of their products and services. Maintaining high quality customer service is one of the biggest contributors to a bank’s reputation. Therefore, it is hugely beneficial for banks to integrate RPA into their service channels to better meet customers’ needs and drive satisfaction.

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