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RPA Use Cases in Banking Sector

Robotic Process Automation (RPA) is one of the promising technologies that assist banks to maximize efficiency and reduce various expenses.<br>

AdamMacdonald
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RPA Use Cases in Banking Sector

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  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 Automationcan 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 customer’s 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 customer’s 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 vendor’s 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@silvertouch.ca Website : www.silvertouch.ca Phone : +1 201 299 4899

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