Banking Industry

Intelligent Automation for Banking Industry with RPA

What is Robotic Process Automation (RPA) in Banking?

As banking and financial transactions become more digitized, Robotic Process Automation (RPA) has emerged as a vital tool to streamline banking operations and eliminate repetitive processes. For example, RPA tools and software allow banks and financial institutions to automate voluminous data collection, account closure requests, and regulatory compliance. By reducing the risk of human error and manual processes, RPA can help banks improve customer satisfaction, reduce operational costs, and improve overall performance.

Key Challenges in the Banking Industry

Why RPA in Banking is Needed
Customer Onboarding
Mortgage Processing
Customer Documents (KYC process)
Customer Experience
Multiple Legacy Systems
Compliance Process
Credit Card Processing
Fraud Detection

Top 9 Benefits of RPA in the Banking Sector

Augmenting the Workforce with RPA Software and Tools
  • Increase Operational Efficiency
  • Risk and Compliance Reporting
  • Report Automation for Financial Statements
  • Operational Cost-Effectiveness
  • Zero Infrastructure Cost
  • Faster Implementing RPA
  • Increases Bank Employees’ Efficiency
  • Enhances Customer Satisfaction
  • Scales Up Banking Processes

What Royal Cyber Offers for RPA Implementation in Banking & Financial Institutions

Integration with Legacy Systems

RPA software easily integrates with legacy applications and multiple systems, allowing more streamlined processes without disrupting banking services.

Data Collection & Data Extraction

RPA bots integrated into the banking system allow data to be gathered across multiple systems, which speeds up processing. As a result, employees can now conduct more critical tasks by processing customer data faster than before.

Fraud Detection

With intelligent automation, compliance officers can reduce data gathering time and identify patterns faster to detect potential fraud and avoid anti-money laundering compliance costs.

Automate Customer Service Team Processes

Besides financial process automation, customer service teams can now sidestep repetitive and mundane tasks to focus on delivering an optimal customer experience.

Accounts Payable Reconciliation

With optical character recognition (OCR), RPA bots can conduct extraction from all fields within the invoice and validate and process it. This enables automatic crediting after reconciling errors and validations.

Automated Report Generation

With optimized data extraction from various systems, generating annual reports and other financial documentation for various stakeholders has become less time-intensive and error-prone.

Mortgage Loan Approval

Avoid the unnecessary complications and delays of approving or closing mortgage loans. Complete credit checks, review repayment history, and conduct employment verification faster than before.

Processing of Credit Card Orders

By automating the KYC process along with compliance checks, many steps to assessing risk before providing a customer with a credit card are made by robotic process automation.

Robotic Process Automation

Tools Supported

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