Intelligent Process Automation and RPA Solutions in Banking

That’s thanks in part to cloud-based AI/ML solutions and APIs that can be orchestrated quickly to build powerful solutions. A few years ago, we helped a leading commercial bank streamline its underwriting process. The solution, which took 15 months to implement, scanned thousands of financial statements in varying formats and inputted them into a spreading credit application. It delivered a 40% improvement in efficiency and a 70% reduction in processing time.

We understand the landscape of your industry and the unique needs of the people you serve. Interestingly, as ATMs expanded—from 100,000 in 1990 to about 400,000 or so until recently—the number of tellers employed by banks did not fall, contrary to what one might have expected. According to the research by James Bessen of Boston University School of Law, there are two reasons for this counterintuitive result. The next step in enterprise automation is hyperautomation, one of the top technology trends of 2023. Banks are upgrading their services to suit the evolving needs of the millennial consumer.

Intelligent automation for banking and financial services

These challenges have led to the need for digital transformation in the banking industry, with banks embracing technology to drive efficiency, reduce costs, and enhance customer experience. RPA in finance can be defined as the use of robotic applications to augment (or replace) human efforts in the financial sector. RPA helps banks and accounting departments automate repetitive manual processes, allowing the employees to focus on more critical tasks and the firm to gain a competitive advantage. Fourth, a growing number of financial organizations are turning to artificial intelligence systems to improve customer service.

To deal with increasing pressure to empower tech-savvy consumers, banks need to step up their automation game. But they need a well-planned and strategized approach because any mishap could lead to irrevocable damages to both financial credibility as well as the brand name. Automate workflows across different LOB and connect them with end to end automation. The bank automation market size is projected to grow from USD 3.1 billion in 2022 to USD 8.2 billion by 2027, at a CAGR of 21.8% during the forecast period.

Improves Operational Efficiency

It has led to widespread difficulties in the banking industry, with many institutions struggling to perform fundamental tasks, such as evaluating loan applications or handling payment exceptions. Various other investment banking and financial services companies have optimised complex processes by implementing banking automation through RPA. Incorporating robotic process automation in finance into the KYC process will minimize errors, which would otherwise require unpleasant interactions with customers to resolve the problems. Therefore, RPA will accelerate customer onboarding and enhance customer experience. According to The Mortgage Reports, closing a mortgage loan can take banks up to 60 days. Loan officers need to go through many steps, including employment verification, credit check, and other types of inspections.

Thanks to online banking, you may use the Internet to handle your banking needs. Internet banking, commonly called web banking, is another name for online banking. Automation is the future, but it must be properly managed against where human aid or direction is needed. According to the Australian Government Productivity Commission, around 5 terabytes of digital data was generated globally in 2002, but it is now generated in almost 2 days. Explore how Kody Technolab is different from other software development companies.

Business Process Automation in Banking & Finance Industry

The financial sector is subject to various regulations and legal requirements. With process automation, compliance becomes more accessible and more accurate. In addition, BPM enables better risk management, identifying potential vulnerabilities and acting quickly to prevent significant problems. A large Chinese Bank thus reducing loan processing time across 5 applications & 27 screens through automation. With financial automation software, the time spent posting transactional activities to accurately closing accounts is drastically shortened. Automating the balance sheet reconciliation process takes the headache out of manually correcting and updating hundreds of spreadsheets.

• Offer customers an excellent digital loan application experience, eliminate manual data entry, minimize reliance on IT, and ensure top-notch security.
• About 80% of finance leaders have adopted or plan to adopt the RPA into their operations.
• BPA allows organization to design their personalized business enterprises systems based on their specific business requirements and needs.
• Chatbots can provide tailored recommendations, answer inquiries promptly, and resolve customer issues efficiently.
• These insights empower banks to make data-driven decisions, optimize product offerings, and enhance overall business strategies.

Automated underwriting saves manual underwriting labor costs and boosts loan providers’ profit margins and client satisfaction. It automates processing, underwriting, document preparation, and digital delivery. E-closing, documenting, and vaulting are available through the real-time integration of all entities with the bank lending system for data exchange between apps. Banks must comply with a rising number of laws, policies, trade monitoring updates, and cash management requirements. Data of this scale makes it impossible for even the most skilled workers to avoid making mistakes, but laws often provide little opportunity for error.

Unlock the Power of OCR in Banking: Improve Document Digitization

Artificial Intelligence improves the self-learning capability of the ensemble exponentially improving the quality with each batch process. The future of financial services is about offering real-time resolution to customer needs, redefining banking workplaces, and re-energizing customer experiences. Banks now actively turn to robotic process automation experts to streamline operations, stay afloat, and outpace rivals. Customers are interacting with banks using multiple channels which increases the data sources for banks.

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