The banking sector has embraced robotic process automation (RPA) to enhance efficiency, especially post-pandemic, focusing on automation across various operations like loan processing, KYC, and fraud detection. Key RPA use cases include streamlining loan processing, automating account closures, optimizing KYC compliance, improving accounts payable tasks, and enhancing fraud detection mechanisms. This adoption facilitates faster decision-making, reduces manual workload, and helps banks remain competitive.

1. RPA USE CASES IN BANKING
SECTOR

2. • THE BFSI SECTOR HAS WITNESSED TREMENDOUS GROWTH IN RECENT YEARS. DESPITE THE PANDEMIC AND
SHRINKING ECONOMY, THE BANKING SECTOR REMAINS STRONG BECAUSE OF ITS WIDESPREAD ADOPTION OF
VIRTUAL BANKING AND EMERGING TECHNOLOGIES LIKE ROBOTIC PROCESS AUTOMATION (RPA). AS PER
GARTNER RESEARCH REPORT, THE PANDEMIC HAS ACTED AS A CATALYST FOR BUSINESS INITIATIVES AND
MAKING DIGITAL OPTIONS THE FUTURE OF THE BANKING INDUSTRY.
• AUTOMATION IS THE KEY TO SUCCESS IN THIS CHALLENGING AND COMPETITIVE SCENARIO. TALKING ABOUT
THE BANKING SECTOR, REMOTE PROCESS AUTOMATION CAN BRING AUTOMATION IN ALL THE MAJOR
OPERATIONS RANGING FROM LOAN PROCESSING TO FRAUD DETECTION AND KYC TO ACCOUNTS PAYABLE.

3. TOP 5 RPA USE CASES
• LOAN AND CREDIT CARD
PROCESSING
BOTH THESE PROCESSES ARE TEDIOUSLY SLOW AND
REQUIRE A LOT OF ATTENTION TO THE DETAILS. RPA
CAN BRING DOWN THE LOAN AND CREDIT CARD
PROCESSING DURATION OF WEEKS AND MONTHS TO
SOME MINUTES BY BRINGING AUTOMATION. SYSTEMS
CAN COMBINE RPA AND ML TO MAKE PROPER
DECISIONS QUICKLY.

4. • ACCOUNT CLOSURE
ACCOUNT CLOSURE REQUESTS CAN BE A BIG
HEADACHE FOR BANKERS. THE CUSTOMER’S NON-
COMPLIANCE AND OTHER REASONS CAN MAKE THIS
TASK DIFFICULT EVERY MONTH. RPA CAN HANDLE
THIS ISSUE BY TRACKING ALL ACCOUNTS AND
SENDING THE NECESSARY NOTIFICATIONS TO
CUSTOMERS REGULARLY.

5. • KNOW YOUR CUSTOMERS (KYC)
IT IS ONE OF THE MOST CRITICAL AND YET
FRUSTRATING COMPLIANCE PROCESSES FOR YOUR
BANK. AS PER THE THOMSON REUTER REPORT, FEW
BANKS SPEND AT LEAST USD 500 MILLION EVERY YEAR
ON KYC. RPA CAN COLLECT THE CUSTOMER’S
INFORMATION AND VALIDATE IT PERFECTLY TO SAVE
TIME, EFFORT, AND MONEY.

6. • ACCOUNTS PAYABLE (AP)
AP IS A MONOTONOUS AND DAUNTING TASK
THAT INCLUDES DATA EXTRACTION FROM ALL
THE NECESSARY FIELDS IN THE INVOICE AND
THEIR QUICK VALIDATION. RPA CAN EMPOWER
BANKING EXECUTIVES TO CREDIT ALL PAYMENTS
AUTOMATICALLY TO THE VENDOR’S ACCOUNT
AFTER QUICK AND ACCURATE VALIDATION.

7. • FRAUD DETECTION
EXPANDING HORIZONS OF THE BANKING
SECTOR INCREASE THE RISKS RELATED TO
FRAUD AND SUSPICIOUS TRANSACTIONS. IT
IS, THEREFORE, NECESSARY FOR BANKS TO
STRENGTHEN THEIR FRAUD DETECTION
MECHANISM. RPA CAN TAKE AN ‘IF-THEN’
METHOD TO IDENTIFY SUCH FRAUDS OR
TRANSACTIONS QUICKLY.

8. SILVER TOUCH TECHNOLOGIES CANADA
EMAIL : INFO@SILVERTOUCH.CA
WEBSITE : WWW.SILVERTOUCH.CA
PHONE : +1 201 299 4899