Banking RPA Use Cases

Process Description:

• Reconciliation is an important process that compares two reports to check if they tally. Manually this used to take up to six hours.
• Using RPA, the check can be done almost immediately. 

Advantages:

• Reducing the time taken in comparing the reports.
• Managing errors.
• Increased consistency speed.

ROI: Between 70-80%

Process Description:

• Client Onboarding involves setting up and accounting for the customer by verifying the documents provided.
• RPA helps in automating this process and automatically setting up the account by doing verification.
• RPA enables clients to order checks, request fee waivers, and order replacement debit and credit cards in just seconds.

Advantages:

• Reducing the time taken to verify documents.
• Reduced waiting period.
• Securely manage the client information

ROI: Between 70-80%

Process Description:

• Accounts Payable (AP) is a monotonous process that requires digitizing invoices from the vendors using Optical Character Recognition (OCR).
• Extracting information from all the fields in the invoice, validating it, and then processing it. 
• RPA helps in automating this process and automatically credits the payment to the vendor’s account after reconciliation of errors and validations.

Advantages:

• Reducing the time taken to process a request. 
• Collect Invoices from vendors and find the best prices for extracting the information.
• Vendor data management

ROI: Between 30-70%

Process Description:

• Mortgage loan process took time as the application had to go through various scrutiny checks such as 
  1. Credit checks
  2. Employment verification
  3. Inspection before approval.
• A minor error from the customer or bank’s side could slow down the process and lead to unnecessary complications and delays.
• With RPA, banks can now accelerate the process based on set rules and algorithms and by clearing the bottlenecks that delay the process.

Advantages:

• RPT bots managing Credit checks, Employment verification etc.
• Managing errors and reducing the turnaround time.

ROI: Between 30-70%

Process Description:

• One of the major concerns of a bank was the rising number of fraud cases. It becomes difficult for banks to check every transaction and identify fraud patterns manually.
• RPA uses an ‘if-then’ method to identify potential frauds and flag them to the concerned department.
• For example, if there are multiple transactions made within a short time, then the RPA identifies the account and flags it for a potential threat.
• This helps the bank to scrutinize the account and investigate for fraud.

Advantages:

• The turnaround time in checking and identifying fraud patterns has reduced.

ROI: Between 30-70%

Process Description:

• The process is so crucial that it involves at least 150 to even 1,000+ FTEs to perform checks on the customer.
• RPA collects customer data, screens it, and validates it.
• This helps the banks to complete the process in a shorter duration with minimal errors and staff.

Advantages:

• The turnaround time in processing the KYC is reduced.
• Managing errors and cost. 
• Reduced waiting period.

ROI: Between 30-70%

Process Description:

• Banks must ensure that their general ledger is updated with all important information such as 
  1. Financial statements
  2.  Assets
  3.  Liabilities
  4.  Revenue, and expenses.
• This information is used for preparing financial statements of the banks, which is then accessed by the public, media, and other stakeholders. It is important to ensure that the general ledger is prepared without any error.
• RPA helps in collecting information from different systems, validating it, and updating in the system without any errors.

Advantages:

• Managing errors and reducing the turnaround time.
• Securely manage the critical financial information

ROI: Between 30-70%

Process Description:

• Banks must prepare a report about their various processes and present it to the board and other stakeholders to show the performance of the bank.
• While there are systems to provide data, and templates to present them in a digestible format, what the banks required was accurate data with no error.
• RPA helps banks in preparing reports with accurate data.
• RPA gathers information from different sources, validates it, arranges it in an understandable format, and schedules it to be sent to different sources.

Advantages:

• Managing errors and reducing the turnaround time.
• Securely manage the critical information

ROI: Between 80-90%

Process Description:

• Banks receive several requests to close the accounts monthly. Sometimes, the accounts can also be closed if the client does not furnish the proofs required for operating the account.
• With RPA, banks can send automated reminders to the customers asking them to furnish the required proofs.
• It can also process the account closure requests in the queue based on set rules in a short duration with 100% accuracy.
• RPA is programmed to cover exceptional scenarios as well such as closing an account due to failure in KYC compliance.

Advantages:

• Handling high volume of data.
• Managing the errors.
• Increased accuracy.

ROI: Between 70-80%

Process Description:

• Banking deals with multiple queries ranging from bank frauds to account enquiry, loan enquiry, and so on.
• It becomes difficult for the customer service team to address them within a less turnaround time.
• RPA helps in resolving the low priority queries, freeing up the customer service team to focus on high priority queries requiring human intelligence.

Advantages:

• Reducing the time taken to verify customer details from disparate systems and onboard them.
• Reduced waiting period.
• Easy redressal helping banks in improving their relations with customers.
• Securely manage the critical financial information
• Effectively council the organization and banks data
• All the above process in unattended mode

ROI: Between 70-80%