Discover how Robotic Process Automation (RPA) is transforming banking operations, improving efficiency, reducing costs, and enhancing customer satisfaction.

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Impact of RPA
in Banking

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Introduction
The banking industry, as always, is in a state of constant
flux. You keep up. Adapt. Stay ahead.
Banks are constantly on the lookout for:
• Improving customer satisfaction
• Staying ahead of the competition
• Hassle-free and faster process
To all these main concerns, what could be the best digital
solution?
The answer lies in Robotic Process Automation

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Compared to other sectors 81% of CEOs in the
banking industry are focused on the pace of
technological change
”
- Financial Services Technology 2020 and Beyond
A PwC report says,

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What is RPA?
RPA is an enterprise automation technology in which
attended and unattended bots are used to execute
repetitive tasks by augmenting human behavior.
RPA can perform simple to complex tasks across all
departments within the organizations.
RPA has been in existence for over four decades but
has found its sweet spot in the 2000s, and it has
become even more popular post the pandemic.

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Examples of RPA
1. Data entry/data processing
2. Payroll processing
3. Hiring and onboarding employees
4. Inventory management
5. Help desk
6. Customer operations
And a lot more such repetitive operations.

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What is robotic process automation in banking?
When it comes to back-end processes, banks are on the heavy side. As
the processes are more to do with figures and crucial data, any slip-ups
could prove highly risky.
RPA in Banking : https://www.vuram.com/blog/whats-the-impact-of-
robotic-process-automation-in-banking/
RPA helps banks automate all simple, rule-based
or repetitive and back-end tasks
RPA augments human behaviour and performs
actions without human intervention
Automating such manual tasks can significantly
increase productivity and streamline operations

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Power of automation in banking
RPA can save
25-50%
Of overall in an organization
In the next 15 years
45-75%
Of offshore jobs in the
financial services will likely be
performed by the bots
This means
75%
Of cost-savings for firms
RPA has been used by many financial institutions across the globe to improve efficiency and
reduce costs. It has proven to be one of the most effective ways to enhance operational
performance

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Power of automation in banking
Here are some key benefits of using RPA in banking
Risk management is one of the
most important factors to
consider, especially in banking.
RPA can help reduce risks in
operations. RPA can reduce
errors, help organizations stay
compliant with regulations,
empower them to make better
decisions; RPA can keep the
systems and the customers’
data safe and secure.
Better risk management
RPA enables easy
integration with legacy
applications and existing
architecture, which means
one can start using it right
away.
Faster time to market
As RPA automates end-to-
end workflows, users don't
have to spend time and
efforts on basic tasks.
Increased productivity
& customer experience

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Comparing the global RPA market share by application,
the BFSI sector contributed a 29% share of revenue
”
- Report by Grand View Research
Impact of RPA in banking

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02
04
03
01
As a transformative technology,
RPA can provide a streamlined
and efficient approach to
handling operations, allowing
businesses to achieve higher
cost-savings and productivity
As opposed to attended bots, cognitive bots
can give end-to-end complex processes a
facelift.
Banking industry is replete with
repetitive tasks. However, RPA
does come in many shapes and
sizes
Once the stakeholders get through the
change and realize what can be achieved,
advanced technologies like OCR, AI,
Analytics can be integrated into core
operations
Impact of RPA in banking

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RPA use cases in banking
RPA bots work 24x7 to
automate repetitive tasks
like data entry, document
routing, task assignments,
and sending emails. RPA
can be integrated with
BPM platforms like
Appian to streamline
workflows and provide
visibility into the process
Loan processing
Bots can work alongside
the service desk staff.
While the staffs interact
with the customers, bots
can be triggered to get
the customer details and
perform basic actions that
would otherwise be time-
consuming
Enhanced customer
experience
Software bots can replace
the countless number of
hours that go into
compliance. The bots can
reduce the errors and
help enforce preventive
measures like not missing
a deadline
Compliance
RPA can automate tasks
like KYC. Integrating
technologies like DocAI,
the document data is
extracted automatically
and the bot can feed the
data into the CRM
systems.
Customer onboarding

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RPA use cases in banking
RPA bots work 24x7 to
automate repetitive tasks
like data entry, document
routing, task assignments,
and sending emails. RPA
can be integrated with
BPM platforms like Appian
to streamline workflows
and provide visibility into
the process
Mortgage
Manual data entry is prone
to errors. RPA can
automate data entry,
validate the data, check for
errors, optimize
Data entry and back-
office
AI-powered RPA can
extract relevant documents
and data from bank's data
files and perform quick
analysis to identify
discrepancies.
Banks can streamline
reconciliation, improve
efficiency, and reduce
errors
Account reconciliation
RPA can automate tasks
like KYC. Integrating
technologies like DocAI,
the document data is
extracted automatically and
the bot can feed the data
into the CRM systems.
Report generation

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Conclusion
The future of robotic process automation in banking
looks bright. Thanks to the advent of technologies like
hyperautomation that has made it easier to deploy and
launch RPA at a rapid pace. As consumers get more
inclined towards embracing the digital world's
offerings, banks are in constant need to upgrade their
technology and RPA is the right start!
Ready to optimize your business processes with our
RPA solution?
Connect with our experts at ask-vuram@wns.com

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