Understanding Robotic Process Automation (RPA) in Banking
Robotic Process Automation (RPA) in banking automates processes for banks. RPA in banking is the use of robots and Artificial Intelligence (AI) to improve operations. This allows them to be aggressive in today’s competitive market. If carried out properly, banks can start to see a ROI from RPA in as little as a month.
According to Forrester, the RPA market should surpass $2.9 billion this year. The main driver of change is the use of digital banking solutions and cryptocurrency. This has forced banks to invest in new technologies needed to offer efficient and effective services to their customers. Digital transformation is a priority for many banks. It has forced them to invest in new technologies. These technologies need to offer efficient and effective services to their customers. Digital transformation is a priority for many banks. RPA is one of many factors in the digital transformation process.
How do banks use RPA?
Banks use RPA to perform repetitive and mundane duties that include data capturing. It is also used to automate customer service processes and back-office workflows. Banks using RPA allow their team to shift their focus to more complicated tasks. This leaves the RPA bots to take care of mundane activities. You can use RPA with AI and Machine Learning (ML) to process more sophisticated tasks. This also increases the accuracy and efficiency of tasks completed.
Enhancing RPA with Intelligent Automation
RPA provides the basics to automate processes. To enhance RPA systems, banks are beginning to use Intelligent Automation (IA). This is because IA enhances RPA through the use of Machine Learning and AI.
Benefits of robotics in banking
Banks that enforce RPA can improve their customer experience. It can also enhance quality and reducing costs. Additional benefits can include:
No need for new IT infrastructure
With most IT projects, you need to invest in new infrastructure. This is usually a prerequisite at the start of the installation or upgrade. Using RPA in banking requires almost no new infrastructure. Banks can leverage existing IT infrastructure to start reaping the benefits. One perk of RPA is that it can use the basic human interfaces of present legacy structures to base its tasks on.
Save time and money
Implementing RPA within many operations and departments allows banks to process tasks faster. Research suggests banks can save up to 75% on operational processes by implementing RPA. This time can then be spent on more productive matters.
Contact us today to find out how RPA can transform your business.