Your Guide to Banking Automation

The power of intelligent automation in banking

automation in banking

Intelligent automation can help banks comply with anti-money laundering regulations by automating, detecting, preventing, and reporting suspicious transactions. Intelligent automation can streamline the KYC verification process by automating data collection, document verification, and risk assessments. See how you can automate manual document reviews, improve fraud detection, and start approving more customers with confidence. Many financial institutions rely on legacy systems and tools, which may not be compatible with the RPA solution. Depending on the organization, the business may need to conduct significant modernization efforts to enable RPA in various downstream functions.

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Selecting the right processes for RPA is one of the major prerequisites for success. Banks have thousands of repetitive processes for potential RPA automation, and relying on intuition rather than objective analysis to select use cases can be detrimental. Selecting use cases comes down to a company-wide assessment of all the banking processes based on a clearly defined set of criteria. Choose an automation software that easily integrates with all of the third-party applications, systems, and data. In the industry, the banking systems are built from multiple back-end systems that work together to bring out desired results.

Cost Reduction

In the face of increased AML and KYC regulatory scrutiny, organizations can apply automation and AI to combat fraud and improve transaction monitoring and investigation. Productive Edge is a leading organization specializing in RPA implementation for banks. We partner with our clients to enable consumer-focused, technology-powered RPA experiences that reimagine and transform the way people live and work. To learn more about how to automate your regulatory reporting processes, download the full report.

automation in banking

In many cases, assembling a team of existing IT employees that will be dedicated solely to the RPA implementation is crucial. As mentioned earlier, customers and employees are the cornerstones of the banking sector. You have to constantly be on par with your customers and a few miles ahead of your competitors for the best outcomes. For this, aligning with technology has come to be an important parameter. It enables you to open details of all the automated fund transfers instantly.

Robotic Process Automation (RPA) in Banking

In contrast, cognitive intelligence solutions generally focus on higher skill tasks that require significant knowledge, judgement, insight, and expertise. However, with automation, the account registration, verification and approval process can be simplified, providing a seamless and efficient experience for new customers. When implementing process automation, it is critical to address employee concerns and provide robust training so they understand the benefits and can effectively use the new tools. On the contrary, RPA can help your bank resolve customer support challenges as the bots can work round the clock. Besides automating routine queries and responses, RPA can ensure accuracy and consistency, maintaining historical context to solve complex queries.

Even if the business decided to outsource, it would still be more expensive than using robotic process automation. By implementing intelligent automation into the bank, they are able to cut down the time spent on repetitive tasks. These tasks are easily prone to human error and you can easily make a mistake which would cost the bank money. Ultimately, automation should be one piece of your overall toolkit to serve customers. Automation applied in banking through the core banking platform and beyond should primarily augment and support existing employees and workflows.

Case Studies of Successful Robotic Process Automation in Banking

It is no great surprise to learn that finance and banking industry is one of the most heavily digitized industries in the world. In fact, it is estimated that around 85% of financial transactions are conducted via computer, tablet, or smartphone. Increasing branch automation also reduces the need for human tellers to staff bank branches.

automation in banking

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Intelligent Automation: Three Questions to Achieve Immediate Impact and Prepare for The Future

So, institutions should work closely with their technology vendor and provide feedback on product roadmaps and automation opportunities they would most benefit from. Since little to no manual effort is involved in an automated system, your operations will almost always run error-free. For example, a sales rep might want to grow by exploring new sales techniques and planning campaigns. They can focus on these tasks once you automate processes like preparing quotes and sales reports. The cost of paper used for these statements can translate to a significant amount. Automation and digitization can eliminate the need to spend paper and store physical documents.

This is due to the fact that automation can respond to a large number of clients with varying needs both inside and outside the country. As it transitions to a digital economy, the banking industry, like many others, is poised for extraordinary transformation. While most bankers have begun to embrace the digital world, there is still much work to be done. Banking automation can automate the process by reviewing and reconciling data at each step and procedure, requiring minimal human participation to incorporate the essential parts of these activities.

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