RPA – robotic process automation for Banking industry
In the HUGE mainstream of BUSINESSES, Banking Organizations and Other Financial Institutions are early adopters of Robotic Process Automation (RPA). The transactions in banking are offering financial services, repetitive & manual operations and mixed systems environment.
Robotic Process Automation (RPA) provides process efficiency and lowers costs while ensuring regulatory compliance and deeper analytical insight of financial services. RPA enhances banking activities that engages customers in real-time, increases efficiency and productivity.
Once the Robotic Process Automation(RPA) is set-up and implemented, banking robots take control of mouse and keyboard actions such as opening application accounts, copying and pasting information from one banking system to another, sending emails, account details and other labor-intensive or “low-value add” tasks. These robots work at the individual data field level and act as similar to an Excel macro across banking software systems.
Many banks are looking for quick and cheap solutions that can achieve short-term goals while major initiatives are underway. Robotic Process Automation can help bridge this gap as a relatively inexpensive and even temporary alternative, both for customer-facing and middle- and back-office functions.
At the same time, Digital Transformation, Process Optimization and Cost Savings are considered significances objectives of Banking. And RPA offers the possibility of combining these all objectives.
Use of robotics
AmazingRPA has developed a solution using robotic process automation (RPA). Now-days Robots are taking over all the hard work and work that can have many errors by humans.
A robot regularly explores the accounts of the customers concerned, including outside office hours, and thus allows efficient handling of cashing cases.
It recognizes data such as ‘IBAN number’ or credit card type and starts different back-office applications to analyze available credit and check when previous credit card bills have been paid.
The robot then communicates to employee’s accounts that show amounts that may be billed. It assists the process in compliance with all commercial rules, almost in real time.
Robots doesn’t even need break. Banking robots can do work 24/7-365 days per year. Banks don’t have to give the robots overtime pay or health insurance, or worry about them quitting.
As being in place of human, robots have least possibility of getting error in the banking activities, Robots don’t ask for any promotions like human.
Highest level of quality and compliance
"RPA is an essential technology that enables companies in the midst of digital transformation to improve processing quality and reduce manual processing time".
Another advantage is that legacy systems should not be reconfigured because the robot is working on existing systems. Likewise, we are assured that each step is fully verifiable and documented and that the relevant data remains within the company.
Robotic Process Automation evenly increases productivity with 24/7 availability and highest accuracy improving the quality of compliance process. As Robots are working the quality and quantity of work will also increase, as well as the time duration will reduce, for the customers convenience. In Banking business there are many departments that can be easily handled by a Robotic Process Automation (RPA).