3 Ways Banks are using Robotic Process Automation (RPA) to Transform their Business

3 Ways Banks are using Robotic Process Automation (RPA) to Transform their Business

The Rise of Robotic Process Automation (RPA) in Banking

In an industry where 34% of organizations still rely on manual processes, the case for process automation in banking is compelling. According to industry experts, human interaction accounts for two to five errors per 100 tasks. These errors slow your operations, increase rework and put your bank at risk of non-compliance and hefty fines, not to mention frustrating your customers and placing your reputation at risk.

RPA uses intelligent software “robots” to automate repetitive, mundane tasks of collecting and inputting data between portals, websites, internal applications and bank systems. By leveraging RPA, banks can achieve productivity gains of 35-50%— compounded across thousands of transactions— enabling greater capacity and agility. RPA allows your organization to increase efficiencies, eliminate costly errors and free up your employees and knowledge workers for more valuable and rewarding work.

As RPA is increasingly deployed by modern Banks, there are three key areas where you can leverage it today to dramatically increase productivity and efficiencies.

1. Mortgage Lending

RPA can enable you to meet loan quality, compliance and cost concerns head-on. By automating repetitive and time-consuming manual tasks, your loan operations team will be able to focus on the more important details of loan applications. Data will be more accurate, reporting metrics can be tracked, and operational costs and loan timelines will be reduced. RPA’s many benefits include the following:

  • SPEED TIME TO REVENUE
  • ENHANCE THE CUSTOMER EXPERIENCE
  • REDUCE OPERATIONAL COSTS
  • DECREASE RISK AND IMPROVE COMPLIANCE

2. Compliance and Risk Management

Keeping current with hundreds of global regulatory agencies and laws can be a complex, tedious and time-consuming set of activities. By implementing RPA, your bank can automatically aggregate and integrate compliance information into your business processes, streamlining and expediting the required work while reducing costs. The benefits of RPA include the following:

  • ELIMINATE MANUAL REGULATORY MONITORING AND DATA COLLECTION
  • EMPOWER COMPLIANCE AND RISK MANAGEMENT TEAMS
  • AVOID COSTLY FINES AND REPUTATIONAL DAMAGE
  • PROVIDE AUDITORS WITH COMPLETE AND ACCURATE INFORMATION

3. Customer Service and Support

Leveraging software robots to improve the way you serve customers is an investment in the longevity and loyalty of your relationships and the future of your bank. In 2015, 79% of consumers considered their banking relationship to be purely transactional, up 8% since 2014.

Here’s how you can reverse this trend with RPA:

  • ENGAGE CUSTOMERS IN REAL-TIME
  • AUTOMATE CUSTOMER SERVICE ACTIVITIES
  • INCREASE EFFICIENCY AND PRODUCTIVITY
  • EXCEED SERVICE-LEVEL AGREEMENTS (SLAS)

It’s clear that the banking industry is changing, and so is the technology that underpins it. Modern banks built for the future are counting on the speed, accuracy and efficiency afforded by RPA to create a competitive advantage that capitalizes on productivity gains, cost reduction and an improved customer experience.

For more information on how RPA for Banks can provide competitive advantage, email us at sales@allstarss.com or contact Gary Velotta at gvelotta@allstarss.com or 860- 613-0515, ext 610 at All Star Software Systems.

ACCELERATING Business Processes