Applications of robotic process automation in banking sectors

Robotic process automation is a process of application of robots in enterprise software that can reduce manual efforts in repetitive task and is more efficient, accurate in performance. The word robotic process automation is expressed as acronym RPA. RPA can be done in almost all sectors including education, banking financial and industrial sectors. There are lots of scope for RPA or robotic process automation in future. Let us see check some of the major applications of robotic process automation in banking sector.

Contact center optimization

 Banks have several internal departments and for a customer to reach the correct departments becomes cumbersome using IVR options or phone banking. It is seen that customers have to spend huge amount of time in waiting for the correct person to speak as he is being transferred from one department to another. Due to this customers feel agitated at times. By using Robotic process automation we can direct the calls of the customers to the correct department. It can listen to the query and understand which department that will be helpful in solving the bank customer’s problem. Sometimes customers want to share the feedback and are connected to sales department. This waste the time of the sales person.

Fraud detection

Banks has money in cash and digital currency both. Cyber criminals or hackers are looking for the weak links or loopholes in the system, network or website. Using their advanced hacking skills they try to do forgery, steal money. To avoid this ban often use cyber security services, and automate their softwares with RPA. This helps them for identification of customers and stops the illegal access to the bank account.

Remote workspace set up

RPA implementation in banking sectors allows us to configure remote workspace set up. This enables us to work remotely with secure and safe connection.

Freeing up workforce

Lots of staffs of banks are busy in entertaining their bank customers who visit bank office. Hence in order to free the workforce we can seek help of Kiosk desk that can do the same tasks quickly. Tasks like updating the bank passbook, applying for loan, opening an account, account set up, mobile number updating, ATM pin change etc. can be done without much complexity using RPA.

Grievance management

Complaints in the banking sector are common and the most crucial thing to be managed. A bank loses the trust if it is incapable of solving complaints of its customers. Hence using grievance management system powered by Robotic process automation services help us to solve bank complaints quickly and regain the trust of the customers.

Automating loan process

Loan process is the main function of the bank. A bank cannot sustain if the loan process is slow. We can make the loan processing fast, simple and easy going by implementing robotic process automation in banking sectors.

Validating customers quickly

KYC has become the most important and essential for every bank. That is why validating the customers using KYC documents can be cumbersome job for bank employees. Automating bank validation process by implementation of RPA we can validate customers quickly with ease.

About author

Rosalind Desai is a passionate content curator and tech blogger. She loves to write on cutting edge technology, artificial intelligence, and robotic process automation solutions.