RPA and AI are transforming the banking sector rapidly and we at Code Stew are striving to make a change in the banking sector through our AI powered innovative Robotic Process Automation services.
Robotic Process Automation (RPA) is poised to transform the banking process as it relates to rule- and repeat any procedures the tasks are more enhanced efficiency and reduced costs while optimally serving the customer. In two years from now, 2025, there is a forecast that RPA will be present in the banking sector for many purposes owing to improvement of technology such as artificial intelligence, machine learning and digital platform integration. Here are some RPA use cases that are bound to shape the banking landscape in the years to come:
Automation of KYC (Know Your Customer) processes: RPA can carry out document review, access to identity, as well as information collating which reduces customer inefficiency and enhances compliance.
Self-service onboarding: Customers are able to fill in forms using RPA automatically without the need for human interaction which speeds the process of onboarding.
Automated Regulatory Filings: Banks operate under various laws and therefore submit numerous reports in their operations. RPA can facilitate the gathering and working on corrective actions and submission to the relevant authorities thereby ensuring compliance is met while also minimizing risk of such errors occurring.
Audit Trail Automation: RPA can provide the functionality of keeping an up to date and forensic-friendly transaction history of all the activities carried out and transactions made by any bank thus aiding in enforcing compliance with restrictions on making any activities opaque due.
Document Handling and Verification: Simply put, RPA will gather information from all external parties (for example, filled in loan applications and credit reports) and check this information with internal databases, therefore quickening the whole lending process.
Automated Risk Assessment: Human-in-the-loop, RPA units may be able to analyze and assess customer demographics in relation to credit reports, employment details and other parameters towards gauging whether a loan will be extended.
Chatbots and Virtual Assistants: Intelligent chatbots and virtual assistants manned by RPA combined with artificial intelligence can be 24/7 accessible to the customers of banks to answer basic questions; fund transfer, loan status and balance related inquiries.
Automated Email Responses: Ability of RPA in creating solutions can be deployed to assist in automating customer emails, such as those aimed at responding to frequently asked questions, and providing the customers with other support by raising tickets to people.
Real-Time Transaction Monitoring: Using RPA, it is possible to monitor financial transactions in order to detect suspicious behavior and alert fraud management departments.
Cross-System Data Validation: RPA has the capability of analyzing different data sets in real time including transaction data, account details and customer information and flagging inconsistencies for fraud detection purposes.
Automated Matching of Transactions: Transactions can be matched RPA across all accounts and systems supporting e.g. credit card, sagging loans accounts, , saving accounts in order to maintain up to date and consistent record hence reducing the need for manual reconciliation.
Error Detection and Resolution: Any RPA records inaccuracies will be detected and appropriate measures taken, such detection of errors in records will lead to teams being informed or minor mistakes being rectified automatically.
Cash Flow Monitoring: RPA can also facilitate the management of liquidity through the monitoring and forecasting of cash flows by automating the gathering and analysis of transactional information across various sources.
Automated Fund Transfers: Generally, task such as the transferring of funds, handling of accounts and keeping the ledgers even due to a lot of movement are tasks which do not have to be done manually.
Cross-Border Payments: RPA may be used to help in processing cross border payments by handling tasks such as verification of transaction data, local legal checks prior to making payment as well as remitting the payment to ensure that settlement is achieved without any delays.
Automated Reconciliation of Payments: RPA allows for the services of matching payment that is done to a client with the invoice sent or the payment schedule for a loan availed to ensure that no payment is left unaccounted for and that they are all made within the appropriate time.
Automated Risk Reporting: The process of risk reporting involves the retrieval and production of ongoing market risk and credit risk information allowing for timely proactive management of risks.
Scenario Analysis: Automation even extends to RPA when it is enhanced with AI/ ML based tools which can create various risk scenarios like -turn downs in the markets or defaults in credits and give insights which can be used by risk managers.
Portfolio Management Automation: Business operations such as transaction management, client reports generation, and portfolio rebalancing can easily be automated with the help of RPA for private wealth managers.
Client Communication: Utilization of RPA can aid in streamlining communication with clients in a personalized way such as letting them know about portfolio performance or sending out tax documents and market reports.
Automated Account Updates: Robotic Process Automation (RPA) has the capability of carrying out changes such as the change of a client’s address, the update of their contact details, and account status changes in a customer account without any manual efforts.
Account Inactivity Handling: RPA can also enhance customer experience management through automatic detection of inactivity of an account by a user, and sending out alerts to the user in question, as well as performing some set processes as dictated by the bank policy e.g. account suspension or reminders.
Legacy System Integration: Most financial institutions are still operating old systems, so there route RPA in the automation of data retrieval and assimilation for incorporation of different systems within the contemporary infrastructures.
Data Cleansing: Standardizing large cross-institutional datasets is possible through RPA, and this applies to the cleansing process as well. This guarantees that the data concerning decision-making and reporting purposes remains clean and coherent.
Automated Customer Segmentation: RPA can help in segmentation of customers by analysing their transaction and behavior patterns for conducting future marketing campaigns efficiently.
Personalized Campaign Automation: RPA facilitates the receiving, and personalization of marketing communication, offer, and promotion according to the customer’s interactions and preferences thus increasing the chances of engagement.
Employee Onboarding: RPA is useful in automating the new employee hiring processes where several tasks such as training, document capturing, and account setting up are incorporated.
Payroll Automation: RPA assures advance processing of payroll and related tax payments, returns, and other deductions to avoid delays in staff reimbursements.
Data Integration: At times of mergers or acquisitions, RPA can assist in the integration of financial information and customer data for the banks involved in the transaction, thereby ensuring that the processes are carried out in a seamless manner.
Due Diligence Automation: When it comes to M&A that is still under consideration, RPA helps perform the collection of information, report-writing, and research of several other sources.
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