5. Credit card processing

Validation of customer information and credit card approval used to take weeks previously. This made customers dissatisfied and involved significant costs for the bank. Because bots can scan through several systems at the same time, data such as required documents, background checks, credit checks, etc. can be validated much faster. Customers’ applications can thus be processed in a matter of hours. Since decisions regarding application approval are entirely rule based, bots can do this too.

6. Accounts payable

The process involves the extraction and validation of vendor information, followed by processing the payment. There is nothing too complex or complicated about this, and perhaps this is what makes accounts payable rather dull. But precisely because of this, it is the kind of job that software robots can do best, allowing human employees to focus on higher-status tasks.

The RPA system can receive information about the vendor, which can be read via optical character recognition (OCR) directly from the digital copy physical form. Bots will then check the information against the data that is already in the system, and either process the payment, or notify executives whenever discrepancies are encountered.

7. Mortgage loan

Prior to being granted a mortgage loan, banks normally need up to 53 days to process everything carefully, to verify repayment history, and to do things like credit checks, employment verification, etc. Even small errors can increase the duration of these analyses.

The good news is that they are all rule based, which recommends loan origination and servicing as good use cases of robotic process automation. Software robots can perform in a quasi error free manner everything, from document preparation and valuations, to foreclosure, underwriting, or tax management in a matter of minutes, not days.

8. Front office interactions

The people who work as an ‘interface’ between the bank and its clients must be able to switch between multiple applications when communicating with the clients. By gathering together all the information that matters, and making it available to the bank’s customers onto one screen, bots can support employees’ multi-tasking efforts and allow them to better respond to customers’ needs.

This provides more client-oriented services, and allows the staff to become more efficient in so doing. Paradoxical as it may sound, automation makes people actually matter.

Conclusion

Whether you’re thinking about customer service, corporate loans, cybersecurity measures, etc., robotic process automation can bring them to completion in a third of the manual processing time, and perfectly accurate.

With this in mind, we wish to highlight once again the importance of being 100% clear with respect to the benefits you expect to derive from RPA deployment. Pay attention from the very beginning, whether you aim for increased efficiency or productivity, cost effectiveness, customer engagement, etc. Never lose track of the overarching objective to assess the situation with a critical eye, and estimate the results accordingly. You can read more on this here.

We end by mentioning once again that this is part of a series of articles about the particularities of RPA in different sectors like the public sector, hospitality, or contact centres, pragmatically oriented towards application areas. If you find the information useful, subscribe to the newsletter below to ensure that you stay updated with news about the fast-evolving intelligent automation services.