Robotic Process Automation in Banking: What’s the Impact?
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Robotic Process Automation (RPA) is transforming the banking industry by automating repetitive back-end tasks, significantly increasing productivity and reducing operational costs while enhancing risk management and compliance. RPA has gained traction due to its ability to integrate easily with existing systems and provide crucial benefits like improved customer experience and streamlined workflows. The future of RPA in banking is promising, especially with the adoption of advanced technologies such as hyperautomation, which will further revolutionize banking operations.
Robotic Process Automation in Banking: What’s the Impact?
- 1. 1 © WNS-Vuram 2023. All rights reserved. © WNS-Vuram 2023. All rights reserved. Impact of RPA in Banking
- 2. 2 © WNS-Vuram 2023. All rights reserved. Introduction The banking industry, as always, is in a state of constant flux. You keep up. Adapt. Stay ahead. Banks are constantly on the lookout for: • Improving customer satisfaction • Staying ahead of the competition • Hassle-free and faster process To all these main concerns, what could be the best digital solution? The answer lies in Robotic Process Automation
- 3. 3 © WNS-Vuram 2023. All rights reserved. Compared to other sectors 81% of CEOs in the banking industry are focused on the pace of technological change ” - Financial Services Technology 2020 and Beyond A PwC report says,
- 4. 4 © WNS-Vuram 2023. All rights reserved. What is RPA? RPA is an enterprise automation technology in which attended and unattended bots are used to execute repetitive tasks by augmenting human behavior. RPA can perform simple to complex tasks across all departments within the organizations. RPA has been in existence for over four decades but has found its sweet spot in the 2000s, and it has become even more popular post the pandemic.
- 5. 5 © WNS-Vuram 2023. All rights reserved. Examples of RPA 1. Data entry/data processing 2. Payroll processing 3. Hiring and onboarding employees 4. Inventory management 5. Help desk 6. Customer operations And a lot more such repetitive operations.
- 6. 6 © WNS-Vuram 2023. All rights reserved. What is robotic process automation in banking? When it comes to back-end processes, banks are on the heavy side. As the processes are more to do with figures and crucial data, any slip-ups could prove highly risky. RPA in Banking : https://www.vuram.com/blog/whats-the-impact-of- robotic-process-automation-in-banking/ RPA helps banks automate all simple, rule-based or repetitive and back-end tasks RPA augments human behaviour and performs actions without human intervention Automating such manual tasks can significantly increase productivity and streamline operations
- 7. 7 © WNS-Vuram 2023. All rights reserved. Power of automation in banking RPA can save 25-50% Of overall in an organization In the next 15 years 45-75% Of offshore jobs in the financial services will likely be performed by the bots This means 75% Of cost-savings for firms RPA has been used by many financial institutions across the globe to improve efficiency and reduce costs. It has proven to be one of the most effective ways to enhance operational performance
- 8. 8 © WNS-Vuram 2023. All rights reserved. Power of automation in banking Here are some key benefits of using RPA in banking Risk management is one of the most important factors to consider, especially in banking. RPA can help reduce risks in operations. RPA can reduce errors, help organizations stay compliant with regulations, empower them to make better decisions; RPA can keep the systems and the customers’ data safe and secure. Better risk management RPA enables easy integration with legacy applications and existing architecture, which means one can start using it right away. Faster time to market As RPA automates end-to- end workflows, users don't have to spend time and efforts on basic tasks. Increased productivity & customer experience
- 9. 9 © WNS-Vuram 2023. All rights reserved. Comparing the global RPA market share by application, the BFSI sector contributed a 29% share of revenue ” - Report by Grand View Research Impact of RPA in banking
- 10. 10 © WNS-Vuram 2023. All rights reserved. 02 04 03 01 As a transformative technology, RPA can provide a streamlined and efficient approach to handling operations, allowing businesses to achieve higher cost-savings and productivity As opposed to attended bots, cognitive bots can give end-to-end complex processes a facelift. Banking industry is replete with repetitive tasks. However, RPA does come in many shapes and sizes Once the stakeholders get through the change and realize what can be achieved, advanced technologies like OCR, AI, Analytics can be integrated into core operations Impact of RPA in banking
- 11. 11 © WNS-Vuram 2023. All rights reserved. RPA use cases in banking RPA bots work 24x7 to automate repetitive tasks like data entry, document routing, task assignments, and sending emails. RPA can be integrated with BPM platforms like Appian to streamline workflows and provide visibility into the process Loan processing Bots can work alongside the service desk staff. While the staffs interact with the customers, bots can be triggered to get the customer details and perform basic actions that would otherwise be time- consuming Enhanced customer experience Software bots can replace the countless number of hours that go into compliance. The bots can reduce the errors and help enforce preventive measures like not missing a deadline Compliance RPA can automate tasks like KYC. Integrating technologies like DocAI, the document data is extracted automatically and the bot can feed the data into the CRM systems. Customer onboarding
- 12. 12 © WNS-Vuram 2023. All rights reserved. RPA use cases in banking RPA bots work 24x7 to automate repetitive tasks like data entry, document routing, task assignments, and sending emails. RPA can be integrated with BPM platforms like Appian to streamline workflows and provide visibility into the process Mortgage Manual data entry is prone to errors. RPA can automate data entry, validate the data, check for errors, optimize Data entry and back- office AI-powered RPA can extract relevant documents and data from bank's data files and perform quick analysis to identify discrepancies. Banks can streamline reconciliation, improve efficiency, and reduce errors Account reconciliation RPA can automate tasks like KYC. Integrating technologies like DocAI, the document data is extracted automatically and the bot can feed the data into the CRM systems. Report generation
- 13. 13 © WNS-Vuram 2023. All rights reserved. Conclusion The future of robotic process automation in banking looks bright. Thanks to the advent of technologies like hyperautomation that has made it easier to deploy and launch RPA at a rapid pace. As consumers get more inclined towards embracing the digital world's offerings, banks are in constant need to upgrade their technology and RPA is the right start! Ready to optimize your business processes with our RPA solution? Connect with our experts at ask-vuram@wns.com
- 14. 14 © WNS-Vuram 2023. All rights reserved. 14 © WNS-Vuram 2023. All rights reserved. Thank you