Banks, RPA, and COVID-19: Thriving Amidst the Crisis

With every wave, innovation speaks for the solution against the impending drama that COVID-19 is here to bring to us. The need for transformation comes from a higher calling; consumer expectations & competitive landscape. 

At the peak of COVID-19, when businesses struggled to survive, the Financial Sector barely saw any disturbances. The reason is automation! Thanks to mobile-friendly banking, APIs & financial advice that resonate with customers’ usage flexibilities. To know more challenges that the Financial Sector is facing, a survey was conducted. Per the data study, the challenges that came to be known were, 

  • Banks should continue to be customer-centric 
  • Coin more adaptive operating models to thrive & promote efficiency 
  • Wider bandwidth of risk management 

Process Automation in the Financial Sector:  

Customers are always looking for a better experience. In the banking or financial sector, frontline services play a major role in delivering the best customer experience. Automation has the power that can radically transform communication into unbiased & high-quality services.  

Further, it has & will continue to develop & help customer touch-points to eliminate errors & pilot the operations towards excellence. 

Robotics Process Automation (RPA) simplifies processes & in the case of financial institutions to increase efficiency with optimal real-time customer engagement. Banks need to encourage automation for better process execution & operational efficiency. Many of them have incorporated RPA & increased their productivity to over 60%, per the survey. 

One of the experts from Mindset, speaks of the real deal breaker for businesses with the use of RPA, especially while reimagining finances for a better state economy. Meeting the right solution to help digitize your business process can pave the way for business development. 

Facilitate growth: 

SAP iRPA is one of the solutions providing RPA tooling for customer implementation &  has made time-consuming operations more organized in many BFSIs (Financial Sector, Financial Services and Insurance). A pre-pandemic survey showed that the revenue share with BFSIs dominated the market. Thus, using automated bots in the place of repetitive manual operations can help in time & cost optimization. 

In order to make the process more efficient, banks might want to cut loose the intervention of manual processes. RPA has innumerable applications to help with the above, a few familiar names are 

  1. Customer Service
  2. Credit Card Processing 
  3. Mortgage Processing 
  4. Credit Availability 
  5. KYCs  
  6. etc

Starting from maintaining a general ledger to account validation, while processing the loan request for credit, process automation can multi-task simultaneously to validate information required for background checks, customer verification, etc.  

Advantages of RPA: 

  1. Can automate any rule-based processes by reducing the turnaround time to reply to real-time queries. 
  2. Produces high-quality & 24/7 support in compliance by improving to its highest accuracy. 
  3. Helps validate the information from the system & process the payment, in case of a monotonous manual process. For example, Accounts Payable.  
  4. Ability to perform multiple tasks & carry the decision based on pre-approved rules.  
  5. In any statistical workbook, a small error can slow you down specifically. Since the process is based on rules & specifications, RPA can accelerate the process by avoiding such errors. 
  6. More so, RPA is used in fraud detection transactions. It can easily flag one & further block the account from access. 
  7. Can showcase data in multiple formats by creating reports that are error-free & in less time.

 Besides the advantages mentioned above, the RPA best practices have plenty more benefits. Few of them are: 

  1. Cost optimization 
  2. Increase operational efficiency 
  3. Agile processes 
  4. Data mapping (old & new data) for business strategies etc.

Conclusion: Besides the advantages, the value delivered through SAP iRPA is 90% of manual tasks automated or 50% of manual operations freed. Personally, I feel RPA could turn the face of the Financial Sector into a more dynamic & resilient organization that customers can bank on. There are more reasons to look for iRPA, and look for steady ROI in your organization. 

 

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Madhu Shalini.K. streams content for content curation, case studies, social media & research. Currently, she is serving Mindset Consulting as a Content Development Executive. Her affiliation with content so far includes OTT, entertainment & media industry. Blogging and painting are her eternal forte.

Digital marketing & social media dynamics are her current projects. She is a cross-functional team deliverer for driving new content. Madhu is a design enthusiast & an artist in her downtime.

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