Robotic Process Automation for Banking & Financial Services

April 5, 2022

April 5, 2022

Robotic Process Automation for Banking & Financial Services

According to Forrester Research’s latest data, the RPA software market is expected to reach a staggering $6.5 billion by 2025 and the RPA-related services around $16 billion and these promising statistics are majorly the result of continuous innovations in robotic process automation.

Automation is an essential component of the digital transformation journey. It is helping financial organizations improve their operational efficiencies and increase customer satisfaction by automating mundane, repetitive tasks, and freeing up employees to perform higher-value work – improving the accuracy of financial analysis and forecasting.

Below are some use cases for RPA:

  • Account Payable – automate the task of capturing the accurate data from the invoices and validates the information against other data sets such as purchase orders or supplier master data. Approved payments can be automatically scheduled and sent out on the given date.
  • Data Reconciliation – reconcile the data between two systems and identify mismatches and duplicity across datasets.
  • Customer Onboarding – enable identity verification, validation of customer information, documentation check, new account entry across systems, create user accounts and processes payroll data, etc.
  • Customer Management – send transaction alerts, offers, rewards, and other event-based periodic communications to customers and also register and process complaints made by the customer
  • Report Generation – automate calculations and reporting outputs while greatly reducing the need for manual reconciliations
  • Fraud detection – track account activity and determine the customer risk in terms of money laundering, or identity theft
  • Compliance – legal, credit, and identification checks

How to get started?

Here are some implementation tips

As per Gartner, around 80% of finance leaders have implemented or are planning to implement RPA.

While more and more organizations are opting for this innovative business solution, there are a few prerequisites that need to be taken in to account for seamless implementation.

Identify processes, use cases as per below criteria

  • Rule-based process, which does not require human judgment
  • Highly manual and iterative processes
  • Processes with low expectation rates
  • Processes with standard readable electronic input type
  • High volume of repetitive tasks
  • Stable processes and underlying apps
  • Processes performed by large teams

Visionet’s RPA Solution

Visionet’s experience in Banking and Financial Industry with its RPA solution, will enable you to streamline operations, enhance user experience, and enable compliance. Explore the power of Visionet’s RPA Solutions:

 

  • Automation of human-intensive back-end processes
  • Digital workforce implementations to support end-to-end process automation
  • Sales analytics from structured/unstructured data sources
  • Detailed consumer behavior analytics

Looking for expert RPA service provider ? Get in touch with Visionet and embark on the automation journey today.

 

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