How Robotic Process Automation Can Help Banks and Credit Unions Solve Problems - PowerPoint PPT Presentation

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How Robotic Process Automation Can Help Banks and Credit Unions Solve Problems

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Banks and credit unions are facing many challenges. RPA can help them improve the efficiency of their core business while dealing with the effects of new regulations. – PowerPoint PPT presentation

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Title: How Robotic Process Automation Can Help Banks and Credit Unions Solve Problems


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How Robotic Process Automation Can Help Banks and
Credit Unions Solve Problems
  • Copyright by Jmrinfotech.com

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  • Robotic process automation (RPA) has emerged as a
    powerful technology that you can use in various
    sectors, such as financial and banking. 
  • In this blog post, we will explore the various
    use cases of RPA in the financial and banking
    sectors digital banking solutions, and its
    benefits. 

Copyright by Jmrinfotech.com
3
What is Robotic Process Automation (RPA)?
  • Robotic process automation (RPA) is a
    computer-based technology that enables
    organizations to execute specific business
    processes via software programs instead of human
    operators. 
  • The technology has many benefits, including
    reducing costs, improving efficiency, and
    increasing accuracy. As businesses become more
    process-centric, robotic process automation is
    becoming a key technology to help them achieve
    their objectives.

Copyright by Jmrinfotech.com
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The Benefits of RPA in Banking
  • Banking is a service that millions of people rely
    on every day. 
  • But what happens when there's too much to do or a
    human error? RPA can help in these situations by
    automating specific tasks. Here are some benefits
    of using RPA in banking.

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1. Processing daily wire credits and adjustments
  • Banks face increasing automation pressures, which
    is why RPA is gaining popularity in the banking
    industry. 
  • By using RPA and Oracle digital banking
    experience, banks can perform human tasks in 30
    minutes. This results in a faster turnaround
    time, which leads to improved customer service
    ratings and a happier workforce. Besides reducing
    processing time, automating tasks such as credit
    approvals, wire credits, and adjustments can free
    up staff for more important work. 
  • Faster credit approvals mean banks can process
    more credit applications in a day. This allows
    them to provide better customer service and
    quickly meet customers' financial needs.

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6
2. Managing recurring wire payments
  • RPA automates complex tasks that would otherwise
    be carried out manually. This improves accuracy
    and reduces costs. It helps keep the credit
    union's systems running smoothly by managing
    recurring wire payments. 

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3. Compromised account management systems alert
  • Banks are constantly facing automation
    challenges. 
  • One such challenge is faulty account management
    systems (ACMS). ACMSs are systems that automate
    detecting and resolving fraud. Using RPA
    technology can significantly improve this
    process. 

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  • In addition, RPA can help improve the accuracy
    and timeliness of account transactions.
  • This leads to reduced costs and improved customer
    service. Improved account reconciliation and
    reporting also make it easier to manage lending
    risks. 

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4. Enrolling members in credit-union services
  • By automating specific processes, RPA helps speed
    up the enrollment of members in credit-union
    services so that credit unions can focus on more
    important tasks. 
  • This helps improve the quality of member services
    and increases profits. By automating specific
    processes and freeing up valuable time and
    resources for credit unions, RPA is a
    cost-effective way to improve the quality of
    member services and the efficiency of banks
    overall.

Copyright by Jmrinfotech.com
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5. Loans origination automation
  • Banking is a process that involves a lot of human
    interaction, and it can be time-consuming and
    error-prone. 
  • With RPA automation, you can reduce processing
    time and improve accuracy, increasing loan
    approvals. In addition, automation helps to
    improve workflow efficiency and customer service.
    Ultimately, RPA leads to a more streamlined
    process that improves financial outcomes for
    everyone involved.

Copyright by Jmrinfotech.com
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Conclusion
  • RPA has several benefits for businesses,
    including increased efficiency, cost savings,
    increased automation, and improved customer
    service. In this blog post, we have outlined the
    benefits of RPA and OBDX in the banking sector so
    they can improve their processes.

Copyright by Jmrinfotech.com
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