RPA uses bots to perform repetitive tasks without human intelligence, while AI enables continuous learning to simulate human intelligence. Banks are implementing RPA and AI to automate tasks like loan verification, customer onboarding, and fraud detection. This helps reduce costs, improve efficiency, and ensure compliance. When one major American bank used RPA for credit underwriting, it helped assess retail credit by checking client financial data and detecting fraud faster.

1. RPA & AI
And Their Combined
Application in Banking
Robotic Process Automation (RPA) is a technology that uses bots to
perform repetitive rule-based tasks where is there is no intelligence
involved (or continuous learning). Artificial Intelligence (AI), on the other
hand, can be treated as the next step that involves continuous learning
and simulation of human intelligence. While RPA serves the most common
automation needs, for systems to become self-sustaining, you need AI-
enabled capabilities where the system learns and improves through each
interaction.
For the busiest institutions like banks, the need of the hour is smart
work rather than hard work. Automation assists these institutions to stay
ahead of their competitors in the market. Another benefit of automation is
compliance regulations as it’s a very difficult area for human workforce to
handle. This has convinced banks to implement AI/RPA into their systems
and the ones who have adopted the change are reaping the benefits.

2. ATM Reconciliation Process
Verifying Loan Application
Documents
Customer Onboarding
Chatbots for Retail Banking
RPA & AI in Retail Banking
RPA for Credit Card
Processes
Credit Card Processes
Automated by RPA Bots
Credit Underwriting
Retail Credit Assessment
Retail Fraud Detection
Digital Revolution
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Contents

3. Credit
Underwriting
Retail Credit
Assessment
When one of the major American banks deployed RPA for assistance
in credit underwriting, apart from the various benefits listed in the
above table, it also helped in credit assessment and fraud prevention.
For assessing retail credit, the bots check vital information of the
client like income, expenses, and exposures, in various pre-defined
databases and depict the data in a report for the credit analyst.
The virtual workforce has helped banks reduce human
intervention, both in task execution and decision making,
dramatically improving efficiency.
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Retail Fraud
Detection
Digital
Revolution
Robots help fraud prevention analysts by checking various databases
for anomalies and suspicious activities and tracking bank accounts
and card transactions. This American bank successfully cut down
the time spent on fraud verification from 45 minutes to 20 minutes by
eliminating human involvement. RPA can predict fraudulent activities
by identifying data and usage patterns.
The banking sector is a dynamic one where needs and regulations
constantly change and evolve. Also, there exists immense pressure to
keep an eye on the competition. Enter Robotic Process Automation
(RPA), which, in combination with Artificial Intelligence (AI), offers
solutions to all these problems.. Its highlight is that it’s accurate,
efficient, and cost-effective and can handle repetitive tasks with ease.

4. Think Simple, Build Powerful.
This is not just our philosophy, it’s our way of life. Simplicity and clarity
of thought can go a long way today as technological advancements
are rolling out at a fast pace. We are determined to deliver simple
solutions that meet your expectations and help you derive
meaningful insights and outcomes for your business.
RPA can be transformative when applied
intelligently. For a comprehensive assessment
of your needs and tailor-made solutions...
Contact Us
510 Thornall Street, Suite 210, Edison, NJ-08837, USA
732-602-2560 X 200 www.nalashaa.com
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