Banking and Financial Services
Connect legacy systems, automate repetitive tasks, and tap into disparate data sources to gain more insight about your financial services customers. Online apps, full-service web portals, and real-time account information are prime examples of how digitization drives day to day interactions with consumers and investors.
Banking and finance industry is completely process-oriented where every activity goes through a stringent process of completion and is done meticulously to avoid errors in processing. However, considering the repetitive nature of the tasks, the scope for human error increases, which in turn results in losses. Recently, leading financial institutions such as Deutsche Bank and Axis bank have started automating processes that involve high transaction volumes to minimize the errors. In fact, a report by KPMG states that in the next 15 years, Robotic Process Automation (RPA) will be performing almost 75% of the existing offshore jobs, which could result in saving cost on operations and other factors.
When a customer fills in an account opening form, their details go through different departments before they are onboard. Considering the time taken by different departments to validate the details, the probability of a delay is inevitable. There is a considerable time lapse when the customer fills the form and when onboard, which leaves the customer with a bad experience. RPA automatically fills all the information related to the customer by considering the previous available data. It validates the customer’s identity by matching it with the previous data and initiates the onboarding process once the validation is complete. The entire process is done at an accelerated pace and with more accuracy, which enables the financial institutions to onboard the customer quickly and thereby improve their experience.
compliancy percentage when using RPA
staff efficiency level increased by automating mundane tasks
transactions automated by Top 10 US bank