Robotic Process Automation (RPA) in Banking

Onboarding Customers

Manual validation of customer documents and KYC checks makes client onboarding tedious for banks. RPA bots can replicate these repetitive checks to drastically expedite new account openings. By automating time-consuming manual processes, RPA drives faster customer onboarding, boosting productivity.

Trade Finance Operations

Banks may leverage RPA technology to grow their trade finance operations and improve their position in the financial supply chain. RPA can automate the process of issuing, administering, and closing letters of credit, which are the most common trade finance instrument.

Loan Applications Processing

The loan application procedure is an excellent opportunity for RPA to demonstrate its capabilities. Data extraction from applications, verification against various identity papers, and creditworthiness rating are a few of the most common manual procedures.

Automated Report Generation

Automating the report-generation process comprises a range of tasks, including improving data extraction from internal and external systems, creating reporting templates, and evaluating and reconciling reports.

Anti-Money Laundering (AML) Prevention

One of the most effective uses is to automate the entire AML investigation process. A single-case investigation might last between 30-40 minutes. RPA can quickly automate repetitive and rule-based procedures, resulting in a significant decrease in process TAT.

Bank Guarantees Closures

For many organizations, this is an extremely important RPA use case. A staff team manually transcribes data and recognizes bank guarantees that are about to be closed, terminated, or discharged. Handwriting notice letters and carrying out reversals and closures affects overall productivity.

Processing Account Closure

End-to-end account closure requires a variety of human tasks, including checking the bank's records, sending emails to clients and branch managers, and changing data in the system. RPA Bots can automate all of these processes, allowing staff to focus on more complicated tasks.

Process of Bank Reconciliation

Bank reconciliation remains manually intensive. Staff must validate volumes of transactional data across systems to finalize account balances. RPA bots can automate these repetitive validation checks and data transfers, reconciling entries against bank records if matching.

Processing Credit Card Applications

Banks utilize RPA bots in banking to swiftly traverse systems and validate credit card applications. By automating data checks and approval rule processing, Process automation enables near-real-time decisions. Rather than waiting days, customers can receive approved cards within hours.

With so many benefits, banks should explore implementing RPA in all of their operational areas to improve the customer experience and gain a competitive advantage.