5 RPA Use Cases in Banking Challenges and Uses of RPA in Banking

automation in banking examples

With our experience and expertise, we can provide guidance and support for every step of the process, including several RPA in finance examples and success stories to showcase our achievements. Contact our team today for a consultation and see how we can help you get the most out of your RPA solution. Take a look at how intelligent automation is impacting banking and financial services institutions across the globe. Helping deliver enhanced digital customer experiences, zero-touch self-service, and streamlined processes across the regular, everyday back and front office transactions. Robotic process automation enhances productivity, drives the efficiency of employees, and elevates customer satisfaction while keeping costs low. Financial operations embrace a huge array of repetitive, tedious, and rule-based jobs, which are excellent candidates for RPA.

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It’s one of the best RPA tools since it mixes intelligent components with conventional automation to enable natural language processing and work with unstructured data. Its product line consists of Bot Store, IQ Bot, Bot Insight, and Automation Anywhere Enterprise platform. Additionally, the company has an online training center to facilitate your RPA onboarding. It’s a functional and highly-reputed competitor that offers cloud and on-premise services, advanced security measures, real-time analytics, and platform independence.

Know Your Customer (KYC) Process

Automation is fast becoming a strategic business imperative for banks seeking to innovate[1] – whether through internal channels, acquisition or partnership. Completing same-day funds transfers can require time-consuming manual processes. Intelligent Automation can deal with the routine elements such as checking for available funds swiftly and efficiently, only invoking human intervention for checking and compliance. Learn how automation improves customer satisfaction, enables best-in-class efficiency ratios, increases straight-through processing rates, and accelerates time to market. The types of data analysis that most financial companies are looking to use today require skill sets that go beyond those of the average developer. They require expert engineers and data scientists, both of which are difficult to attract and expensive to hire and retain.


RPA in banks includes solutions that aim to automate monotonous, high-volume, routine business procedures and enable banks to save time, expenses, and resources. The respective banking technologies and CRM integration services allow customers to process payments, withdrawals, and deposits and provide other banking activities without the need for human intervention. metadialog.com Media reports have discussed this Winston-Salem, North Carolina-based financial institution’s interest in intelligent automation, such as RPA, to improve the efficiency of its operations. This is evidenced by the bank’s reported $50 million investment in fintech companies, making it clear that digitization of company services is a bank priority.

Four Robot Archetypes to Transform Your Operations and Fuel Banking Automation

With it, banks can banish silos by connecting systems and information across the bank. This radical transparency helps employees make better decisions and solve your customers’ problems quickly (and avoid unsatisfying, repetitive tasks). This said, as of late 2018, only a third of companies have taken steps to implement artificial intelligence into their company processes. Many still err on the side of caution, fearing the time and expense such an undertaking will require –, and there will be challenges to implementing AI in financial services. It’s difficult to overestimate the impact of AI in financial services when it comes to risk management. Algorithms analyze the history of risk cases and identify early signs of potential future issues.

  • When it comes to large transnational enterprises, processes that appear to be formalized can have significant differences across different countries or indeed business units in the same country.
  • This means customers no longer have to queue at branches, no longer have to pay monthly fees, and no longer have to receive bad customer service from cashiers when they go to a physical bank.
  • Its product line consists of Bot Store, IQ Bot, Bot Insight, and Automation Anywhere Enterprise platform.
  • According to a recent report, over 70% of compliance officers believe automation tools like RPA could significantly improve the use of compliance resources.
  • Radius Financial Group relied on RPA in banking to accelerate mortgage processing.
  • The current generation is more appreciative of visualization in their day-to-day routine.

Successfully rolling out banking RPA to scale means everything must be standardized and planned out before implementation so that it’s executed properly and efficiently. As you can see from the seven examples above, there are numerous opportunities for RPA in banking. It’s already accelerating the lending process and rendering operations far more cost-effective, saving the banks and their customers time and money.

Other resources for your bank

Traders, advisors, and analysts rely on UiPath to supercharge their productivity and be the best at what they do. Address resource constraints by letting automation handle time-demanding operations, connect fragmented tech, and reduce friction across the trade lifecycle. As you can see, AI-powered automation is not out of reach for the average organization—even for a company like a traditional retail bank operating in a tightly regulated and highly competitive sector.

How is automation used in banking?

With Robotic Process Automation, it is easy to track such accounts, send automated notifications, and schedule calls for the required document submissions. RPA can also help banks to close accounts in exceptional scenarios like customers failing to provide KYC documents.

The challenge for private banks is to go further and faster by leveraging the power of advanced AI. Technology is being used by asset and wealth managers to drive alpha generation and distribution, allowing banks to offer AI-driven investment strategies which maximise returns. A single AML investigation can take 30 minutes or more when assigned to an employee. However, automation can complete the same investigation much faster and minimize errors.

Adapt to Disruption With Hitachi Solutions

Essentially, recorded RPA bots’ actions are an audit trail, which significantly simplifies compliance reporting. After completing comprehensive training programs, employees can configure RPA bots themselves. Banks have to ensure that their general ledger is updated with all important information such as financial statements, assets, liabilities, revenue, and expenses. This information is used for preparing financial statements of the banks, which is then accessed by the public, media, and other stakeholders. We have developed a data wrapper that allows you to get the most out of your technology investment by integrating with the apps you currently use. Filter and access documents in seconds with advanced filtering options and version control.

automation in banking examples

Financial robots keep evolving from specific task automation to entire process automation that drives financial analysis and prognosis accuracy. RPA in financial services promises maximum benefits if combined with intelligent automation technologies. This is a way to take a stand against competition and address the challenges presented by the evolving financial market. Advanced RPA solutions allow organizations to automate routine assignments, mitigate errors, minimize costs, enhance accuracy, match compliance requirements, and increase overall operational efficiency. Enthusiasm for artificial intelligence, machine learning and robotics in day to day life is at an all-time high.

What is the impact of RPA on account payables?

“These bots are entering information into the core banking system around fraud alerts,” Johnston explains. “They’re putting notes into our customer relationship management systems around payments or transfers that processed with addresses that changed and a whole bunch of other things. Our robots even post about promotions, anniversaries, and birthdays on our corporate intranet.” Since starting with UiPath in 2017, Heritage has successfully automated about 80 customer-facing, back-office, and middle-office processes.

automation in banking examples

In fact, digital transformation is the only right way forward for banks that want to be industry leaders. Let’s take a closer look at the benefits of digitalization and its key areas. 77% of Canadian customers, 71% of US customers, and 69% of Spanish use their online banking services at least every month (Forrester). Other banking operations like credit and debit card operations and wealth management are strong contenders for automation. Using RPA in banking can help ensure the accuracy of compliance processes, ensuring you’re compliant at all times without investing a lot of human resources towards compliance.

Process standardization

And with technology fundamentally changing the financial and consumer ecosystems, there has never been a better time to take the next step in digital acceleration. Some companies have used RPA in their call centers to facilitate ID testing through a range of legacy core systems. RPA can bring all relevant customer service documents or account information to a single screen to allow client verification.

  • Ernst & Young has reported a 50%-70% cost reduction for these kinds of tasks, and Forbes calls it a “Gateway Drug To Digital Transformation”.
  • The reduced waiting period and easy redressal have helped banks in improving their relations with the customer.
  • Online banking customers can access their accounts from any computer, tablet, or phone, making it convenient for consumers.
  • When paired with the right type of process analysis, robotics can help banking operations management tackle most large-scale and routine data-movement tasks.
  • In this article, we explain the most common use cases of banking automation.
  • “For example, you have to account for member growth as well as growth in payments which can create operational issues.

In this blog, we are going to discuss various aspects of robotic process automation in financial services along with its benefits, opportunities, implementation strategy, and use cases. In addition to helping employees generate reports, RPA in banking can also assist compliance officers in processing suspicious activity reports (SAR). Instead of reading long documents manually, officers rely on software with natural language processing capabilities.

Client Management

Connect all your systems, such as CRMs, databases, or helpdesk suites, to create one automated productivity machine. Integrating (RPA) financial robots tools are utilized to bridge communication gaps between systems that are too cumbersome and complicated to be united. The first task is to conduct an evaluation and shortlist processes, suitable for RPA implementation. After making a list, analyze how they impact the organization and the potential benefits of automation. It’s impossible now for banks to thoroughly check every transaction manually and identify the fraudulent patterns. Banks need to deal with a lot of rules issued by central banks, government, and other parties.

automation in banking examples

How is AI useful in banking?

Artificial intelligence in financial services helps banks to process large volumes of data and predict the latest market trends, currencies, and stocks. Advanced machine learning techniques help evaluate market sentiments and suggest investment options.


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