Intelligent automation for banking and financial services by Bautomate

Banks need to explain their performance and their challenges based on these reports. It’s a must for financial institutions to be error-free in their financial statements. Banks house vast volumes of data and RPA can make managing data an easier process. It can collect information from various sources and arrange them in an understandable format. Along the years, we have helped some of the largest banks in Finland and Vietnam achieve cost savings, increase operational efficiency and productivity through RPA. For example, our customer POP Bank has been using robotics since 2017 to streamline their operations, develop their customer service and improve the quality of processes.

Chatbots in banking can provide customers with immediate feedback on transactions, provide support while setting up an account, and rapidly answer any questions that arise at any time of day. Banks are subject to an ever-growing number of regulations, risk management policies, trade monitoring changes, and cash management scrutiny. Even the most highly skilled employees are bound to make errors with this level of data, but regulations leave little room for mistakes.

Commercial banking

The majority of their efforts, close to 75%, goes into data collection and another 15% into data entry and organization. As per the recent survey conducted by Thomson Reuters, the cost of running KYC compliance and customer due diligence can be significant, ranging from US$52 million a year (for a bank) to approximately US$384 million. As per Forrester’s RPA trends and forecasts, the market for robots in knowledge-work processes will reach $2.9 billion by 2021.

• Even though everyone is talking about digitalization in the banking industry, there is still much to be done.
• ICICI Bank adopted RPA for 10 operations, which increased to 200 operations during the first year to support numerous businesses such as those in the retail, corporate, treasury, agribusiness, trade, and forex spheres.
• However, RPA has made it so that banks can now handle the application in hours.
• Improve your customer experience with fully digital processes and high level of customization.
• For example, the Bots can handle routine queries related to account statements and transactions, while queries that require human decision making are escalated to appropriate knowledge workers.

The supplier chain RPA is being used by a large Indian bank to automate procedures linked to issuing, managing, and closing letters of credit, the most popular trade financing instrument. RPA Bots’ automation reduces overall turnaround time by 70%, improves process visibility by 80%, and lowers operational costs by 50%. Financial firms can use deep learning to convert unstructured data from companies’ annual reports into machine-readable data. What’s more, the technology can be used to make predictions and classifications on structured data such as stock market data ⁠— meaning that automation could have a growing influence on the future of trading. Presences of mobile app has become a necessity for banks around the world.

What are examples of automation?

Even the smallest cooperative bank or Micro Finance companies have adopted digitization/computerization for most of its operations and processes. Finally, if your organization is focused on one niche application, such as customer service or document processing, it may be beneficial to select a vendor that specializes in that area. RPA software can enable banks, financial institutions and insurance companies to generate various reports automatically using the most up-to-date data within various tools and systems. RPA is being used by many banks and financial services firms to automate manual report generating operations. According to Deloitte, the robotic process automation (RPA) market has grown 20% yearly since 2018.

However, user-friendly interfaces of modern mobile banking applications often mask bank processes that are full of and a reliance on paper. There are clear success stories (see sidebar “Automation in financial services”), but many banks face sobering challenges. Some have installed hundreds of bots—software programs that automate repeated tasks—with very little to show in terms of efficiency and effectiveness. Some have launched numerous tactical pilots without a long-range plan, resulting in confusion and challenges in scaling. Other banks have trained developers but have been unable to move solutions into production.

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