How does RPA affect the BFSI industry?

Automation and cost savings are the obvious advantages of Robotic Process automation.

BFSI industry has already started realizing the benefits of RPA and adopting this technology at a rapid pace. We will discuss how RPA transforms the BFSI industry in this post. Companies in the financial services sector has started taking the advantage of this new technology to beat the competition and stay ahead in the race. Intense competition is something that compels the BFSI companies look for revolutionary technologies and innovative ways to deliver the best experience to the users while keeping the costs low.
BFSI industry generates huge volumes of data and sensitive information. Banks and financial institutions use RPA to minimize errors and human efforts in their processes. One of the major benefits of robotic process automation is that it reduces the turnaround time, and processing cost. Baking automation focuses on engaging the customers and grows the business.
Banking and financial services demand greater security than other sectors. Adoption of RPA can be the right choice to automate the mundane tasks within the team, enhancing the customer experience, mitigating the risks, and providing better compliance to the users. As Robotic process management focuses on a low code approach, it can be used by any organization irrespective of the existing infrastructure and systems.

Use case of RPA in Consumer Loan Processing

• Susan is a consumer loan processer who handles loan applications from the prospective borrowers. Susan receives a lot of loan application forms, and she takes 20 minutes or more to check the applications. Most of the tasks are performed manually. She has to copy and paste a lot of information between email and other CRM systems and other websites. The loan processing system followed by the bank where she works is difficult and time consuming. The stakeholders of the bank considered RPA that worked in the following manner:
• Customer requests a new loan, the bank reps or employees capture the data into the loan processing system 1.
• Susan receives the information and she enters the same into the RPA system for a credit check. The data is transcribed from the loan processing system into an external system and access to credit report is gained.
• Susan saves the credit report and attaches it to the loan processing system 1 and other banking systems.
• Rather than spending those 20 minutes on manual tasks, Susan can now spend those 20 minutes on other important tasks. Without wasting time and efforts on tedious tasks, she can improve the productivity of the system.
• Robotic process automation transforms the way BFSI industry works. RPA bots can login into the website and pull the necessary information entered by Susan. Previously, Susan had to carry out 60-70 steps, but now just with 10-20 steps, she can process the loans and offer exceptional customer experience to the borrowers. Banks and financial organizations can surely consider robotics in banking to boost the productivity and deliver an amazing customer experience.

How RPA helps BFSI industry streamline the processes?

Customer service

Banks and insurance companies have to deal with a lot of multiple customer queries that needs to be addressed at the earlies. Bank frauds and other account related queries need immediate attention by the customer service team. If the clients need help with loans or banking processes, RPA can help to resolve them. Using RPA technology, you can free up the customer service team, and they can focus on other important tasks that require human intelligence. As there would be lesser waiting period for the customers, they would be satisfied and happy. Banks and financial institutions would be able to build better relationships with the customers when they incorporate Robotic process automation into their systems.

Credit card processing

Gone are the days when it took weeks for the banks to validate and approve credit card applications of the users. This resulted in greater customer dissatisfaction, and customers often cancelled the requests. Nowadays, banks can speed up credit cards processing and dispatching. Using the right RPA software, banks can gather the documents and make the background checks to figure out whether the customer is eligible for the credit card. RPA technology can help to streamline the process of credit card processing and make it easier for the banks to process the credit cards easily.

Invoice processing

Invoice processing is a monotonous process that requires a lot of manual tasks by the staff members. The humans may have to extract a lot of information from different fields and process the invoices from vendors. RPA can help to automate the accounts payable by digitizing the invoices and reduce the errors caused by human intervention. By automating the invoices and process of payments, paperwork can be reduced and it helps in better decision making for BFSI industry.

Fraud detection

Digital systems are required to detect the fraud cases in banks and financial organizations. Some banks find it difficult to track all the transactions taking place and that’s where RPA comes into the picture. It can act as a fraud detection and prevention platform that can block the accounts that try to indulge into any such activities. Such transactions can be identified and stopped instantly.

Final Thoughts

RPA can be implemented into BFSI industry in several interesting ways. It may require some thought process, and strategy building before implementing such RPA systems in the bank and financial organizations. You can start small and then grow the system gradually as the need arises. Automate each process at a time, and enjoy the endless benefits of this new revolutionary technology.