How banks can 10x their customer experience with RPA within a few months

We recently completed a large-scale RPA implementation for a major bank, and here's what we learned from it.

A few weeks ago, we successfully completed one of the biggest robotic process automation implementation we’ve ever done for a major bank in the US, and here’s what we learned from the implementation on using RPA for Banks.

Today, Robotic Process Automation has the ability to automate almost any rule-based tasks and some cognitive tasks that could help us perform well at our job. While many think that RPA is taking over their jobs, we believe that RPA is making their jobs easier, better and more interesting.

For the banking industry, RPA has the ability to transform many rule-based processes to simplify them and to perform them with near-zero error rates. Processes in banking like, automated loan approvals, account closure, debit/credit verification, loan processing and much more can be automated with RPA.

RPA in Banking use-cases

While every bank is unique in its own way, there are some processes that stays common among all the banks. These processes have high-impact on the efficiency and low risk rates for the banks to deploy automation.

Using RPA to automate loan approval process

Currently, the client walks into the bank, talks to a customer service representative, waits to check the credit score, hands over all the required documents, and walks back to where they came from. The loan approval process, depending on the credit score and various other factors, could take hours or even weeks to process and update the client about their loan status.

This can be completely automated, with RPA tools like UiPath or Automation Anywhere to improve the speed, and ultimately customer satisfaction. Though a human is currently processing this information, they are ultimately processing this with the help of a software that are pre-built and are performing some actions already for the humans.

Now, instead of the client walking in into the bank, they can just upload the required document into an automated system right from their phone or computer, where an RPA based system will verify and confirm the eligibility right away for the client. In instances where the client might require some more details, they can always be routed to a representative at the bank.

Using RPA to Analyze transactions on hold

Currently, humans are performing majority of the transaction approval process that are rule-based in many banks. For example, when there is a suspicious activity on a client’s card, the transactions are flagged based on various factors, which are then analyzed by the people at the back office to authorize the payment.

This process in most banks are rule-based and are pretty hard to stay 100% compliant. This is where RPA comes into the picture. Robots allows us to verify thousands transactions within minutes, which might otherwise take hours to complete. Also, the accuracy in which these processes are analyzed is much higher when compared to that of humans.

Automating error-prone processes

RPA is especially helpful in automating processes that are error-prone. Since robots follow specific ways to perform some tasks, the rate at which the error happen are extremely low. This makes it easy for the banks to comply with the national and international compliance.

What to do next

Ultimately, RPA can rapidly move the digital transformation move forward in a rapid pace. RPA has the shortest period to get a return on the investment for banks, and some of our customers have realized it within months after going live with a RPA solution.

With the right partner, and the right process analyst, RPA can transform the banks to stay compliant, compete well in the industry and much more. Talk to us to know more more.