As companies and organisations grow, their processes are becoming more complex. This is when RPA can help – using software automation techniques, RPA can cut organisational costs and streamline resource-heavy operations. Consistency, speed, cost, and scalability are all benefits of Robotic Process Automation. While this progressive technology is applicable across many industries in various ways, retail banking (and the financial services sector in general) can benefit greatly from its application given the heavy regulatory requirements of the industry and its emphasis on process-based transactions.

1. Abhinav Sabharwal
Principal Consultant & Trainer
@ School of RPA
ROBOTS IN
RETAIL BANKING

2. Robots In Retail Banking
• As companies and organizations
grow, their processes are
becoming more complex. This is
when RPA can help
• Consistency, speed, cost, and
scalability are all benefits of
Robotic Process Automation.
this progressive technology is
applicable across many
industries in various ways

3. RPA’s impact so far
• RPA has had a significant impact on
retail banking in recent years. One
example of this is customer
onboarding. This can be
demonstrated by the initial contact
form generated for each product
• RPA has also proven useful in
fighting fraud and malicious attacks.
In 2018, RPA can help fight against
fraudulent scams by sifting through
large volumes of data such as
transactions, customer profiles, and
public databases of stolen
information, making fraud
identification easier and faster.

4. The limitations of RPA
• While RPA offers several benefits to
retail banks, it is not without its
limitations.
• Importantly, banks must keep in
mind that RPA software is incapable
of dealing with tasks requiring
comprehension or judgment.
• For an RPA bot to work effectively, it
should be applied to processes that
are well-understood and
documented but most importantly
are rules-based.

5. What next for RPA and retail banking
• Robotic Process Automation is
becoming a hot topic in the world of
finance. many banks are becoming
more serious about their RPA
rollouts and as a result, interest is
spiking across the financial world.
• While RPA has clear value for those
working in retail banking, we must
be mindful of its rigidity. Unlike
dynamic organizations, RPA is bound
to specific rules and requirements.
This lack of flexibility makes it
incapable of keeping up with the
ever-changing retail banking
landscape.”

6. key technologies
• Two key technologies will play a
significant role in the
development of RPA over the
coming years – artificial
intelligence (AI) and machine
learning (ML).
• While these innovative
technologies have historically
benefitted businesses through
their back-end application to
issues such as those mentioned
above, it’s interesting to note
that customers also have
something to gain.

7. role of voice assistant
• It is already apparent how voice
assistants are becoming
increasingly common in the
banking industry.
• Used as a means of meeting
customer needs, voice assistants
can give basic guidance and
improve satisfaction levels
within a customer base through
the elimination of frustrating
call center experiences, long
wait times, and high phone fees.

8. To Wrap it all up
• As these customer-facing
developments are likely to
continue, from a business and
consumer standpoint there could
be an interesting shift in the world
of retail banking over the next few
years.

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