RPA Use Cases in Banking Sector - PowerPoint PPT Presentation

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RPA Use Cases in Banking Sector

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Robotic Process Automation (RPA) is one of the promising technologies that assist banks to maximize efficiency and reduce various expenses. – PowerPoint PPT presentation

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Title: RPA Use Cases in Banking Sector


1
RPA Use Cases in Banking Sector
2
  • The BFSI sector has witnessed tremendous growth
    in recent years. Despite the pandemic and
    shrinking economy, the banking sector remains
    strong because of its widespread adoption of
    virtual banking and emerging technologies like
    Robotic Process Automation (RPA). As per Gartner
    research report, the pandemic has acted as a
    catalyst for business initiatives and making
    digital options the future of the banking
    industry.
  • Automation is the key to success in this
    challenging and competitive scenario. Talking
    about the banking sector, Remote Process
    Automation can bring automation in all the major
    operations ranging from loan processing to fraud
    detection and KYC to Accounts payable.

3
Top 5 RPA Use Cases
  • Loan and Credit Card Processing
  • Both these processes are tediously slow and
    require a lot of attention to the details. RPA
    can bring down the loan and credit card
    processing duration of weeks and months to some
    minutes by bringing automation. Systems can
    combine RPA and ML to make proper decisions
    quickly.

4
  • Account Closure
  • Account closure requests can be a big headache
    for bankers. The customers non-compliance and
    other reasons can make this task difficult every
    month. RPA can handle this issue by tracking all
    accounts and sending the necessary notifications
    to customers regularly.

5
  • Know Your Customers (KYC)
  • It is one of the most critical and yet
    frustrating compliance processes for your bank.
    As per the Thomson Reuter report, few banks spend
    at least USD 500 million every year on KYC. RPA
    can collect the customers information and
    validate it perfectly to save time, effort, and
    money.

6
  • Accounts Payable (AP)
  • AP is a monotonous and daunting task that
    includes data extraction from all the necessary
    fields in the invoice and their quick validation.
    RPA can empower banking executives to credit all
    payments automatically to the vendors account
    after quick and accurate validation.

7
  • Fraud Detection
  • Expanding horizons of the banking sector increase
    the risks related to fraud and suspicious
    transactions. It is, therefore, necessary for
    banks to strengthen their fraud detection
    mechanism. RPA can take an if-then method to
    identify such frauds or transactions quickly.

8
  • Silver Touch Technologies Canada
  • Email info_at_silvertouch.ca
  • Website www.silvertouch.ca
  • Phone 1 201 299 4899
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