Automation in Banking & Financial Services in India

Whether it is catching suspicious banking transactions or automating manual processes, RPA implementation proved helpful in saving both cost and time than labor-intensive traditional banking solutions. Despite some early setbacks in the application of robotics and artificial intelligence (AI) to bank processes, the future is bright. The technology is rapidly maturing, and domain expertise is developing among both banks and vendors—many of which are moving away from the one-solution-fits-all “hammer and nail” approach toward more specialized solutions. With the right use case chosen and a well-thought-out configuration, RPA in the banking industry can significantly quicken core processes, lower operational costs, and enhance productivity, driving more high-value work.

• With Artificial Intelligence at the core, Datamatics Intelligent Automation Platform helps banks to boost their productivity, end-customer experience, and competitive advantage.
• Banks must make it clear to their employees from the start that automation does not necessarily mean decreased hiring.
• This level of engagement enhances customer satisfaction and fosters loyalty.
• If it’s not secured, this data can be exposed and consequently cost your organization thousands or millions of dollars.

On the other hand, robotic process automation (RPA) refers to software that enables business process automation. Instead, financial services and banking companies that are more advanced in their digital transformation journey spread BPA across all the divisions with the common goal of improved efficiency and performance. According to The Mortgage Reports, closing a mortgage loan can take banks up to 60 days. Loan officers need to go through many steps, including employment verification, credit check, and other types of inspections. Furthermore, a small error made by the employee or the applicant can significantly slow down the case.

Customer service

The second-largest bank in the USA, Bank of America, has invested about $25 billion in new technology initiatives since 2010. Besides internal cloud and software architecture for enhancing efficiency and time to market, they integrate RPA across systems for agility, accuracy, and flexibility. In a survey, 91% of financial professionals confirmed the increase in fraud at their organizations year-over-year.

When deciding on your RPA adoption approach, you’ll face the choice between ready-made solutions and custom RPA software development. According to a report by Thomson Reuters, the cost of running KYC compliance and customer due diligence may range from $52 million to nearly $384 million a year. An AML Study by RiskScreen reveals that eight in ten compliance professionals consider their compliance activities too labor-intensive. RPA is good at collecting information from multiple sources, putting it in a coherent format, and generating reliable reports.

Transaction screening automation

At its most complex, banking automation can include a wide range of AI and cognitive computing technology to automate most tasks at a bank branch. Some Bank of America branches have become fully automated, with a single off-site banker available on FaceTime to respond to questions. These automation in banking examples demonstrate a few automation functions, but automation’s ability to change the way your bank does business is almost limitless.

Managers can now assign reps tasks specific to the geographies they want to cover, and geo-fencing helps them restrict task completion until they are present at the site. About 80% of finance leaders have adopted or plan to adopt the RPA into their operations. There are similar opportunities in process excellence and customer journeys.

Compliance

As a result, you might come to the conclusion that your business processes are too peculiar to use a ready-made solution. In this case, creating a custom solution will help you save money and implement RPA effectively. Without proper automation, it took a bank weeks to approve clients’ credit card applications. Now, thanks to RPA technology, the bank can approve and grant credit cards rapidly. To cut costs and automate the client onboarding process, you can create a software system powered with RPA, computer vision, and OCR technologies to retrieve important data and validate client identities.

Read more about https://www.metadialog.com/ here.