RPA for Finance & Banking?
How can RPA help in Banking Sector
Banks are facing increased pressure due to COVID 19 pandemic to boost productivity and profitability. With Intelligent Automation solutions can put thinking into work, making them more helpful. Banking institutions have a large number of manual and mundane processes which can be automated.With RPA, banking institutions can streamline processes and let resources focus on more productive work. Intelligent It reduces costs and provides operational efficiency with increased compliance. Intelligent automation can be started as small and scale fast. Most of the customers achieve more than 500% ROI in the first year itself
AUTOMATION USE CASES IN BANKING INDUSTRY:
Financial balance Opening
Automation Anywhere with the assistance of OCR framework can peruse the data from records and complete the procedure in practically no time.
KYC (Know Your Customer) Process
Mechanizing the KYC procedure will spare a huge number of worker hours and a huge number of dollars.
Against Money Laundering
RPA gives an edge in battling against illegal tax avoidance. You can inform clients progressively for any dubious exercises.
RPA bots work every minute of every day with fewer FTEs expanding the effectiveness of the procedure.
BENEFITS OF RPA IN BANKING INDUSTRY
RPA helps in automating tedious assignments performed by people which helps with diminishing expenses as HR can concentrate on centre capacities and organizations.
Improved client experience
By receiving RPA, client assistance officials can focus on center business works as robots take over dull and additionally low significance exercises.
Decrease operational hazard
With RPA, robots can supplant people in performing every day exercises, in this way wiping out the odds of human mistakes along these lines diminishing operational hazard.
Improved inward procedures
When an organization executes mechanical procedure computerization, they have to make normalized arrangements, which helps in improving every inward procedure and ex
LEVERAGING INTELLIGENT PROCESS AUTOMATION: 1300% ROI DELIVERS INCREASED CSAT AND $7M IN NEW REVENUE STREAMS
Bancolombia is an award-winning, full-service financial institution that provides banking services to customers in 12 different countries and is one of the 10th largest financial groups in Latin-America.
Bancolombia needed to develop a virtual workforce that combined human, robotic, cognitive, and analytic capabilities to enhance banking customer experiences, automate repetitive tasks and increase efficiency across the board. The largest part of this challenge for Bancolombia was the transformation of the working methodology and coordination of human and robotic workers.
With bots from Automation Anywhere, Bancolombia sifts through structured, semi-structured, and unstructured customer data to transform their BPM. Bots automate hundreds of processes and greatly increase back-office efficiency, saving Bancolombia a significant amount of time servicing customers. This has led to an increase in CSAT numbers and has created additional revenue streams.
- 127K hours freed per year in branches
- 11K days saved with back-office automation
- 51% increase in efficiency of service time
- $19M reduction in provisioning cost
- $7M income from new revenue streams
- 1300% Return on investment
More Case Studies
In this case study, we are going to share How Robotic Process Automation Services helped Enterprise level company...
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