Given the significant financial impact of human error within the BFSI sector, implementing Robotic Process Automation (RPA) is a logical strategic move. A McKinsey report highlights RPA’s potential to automate over 30% of tasks across roughly 60% of occupations.

The BFSI industry is intensely competitive. Banks and financial institutions must constantly innovate, maintain their competitive edge, and provide superior user experiences, especially with the strong challenge from FinTech companies and virtual banking options. The increasing implementation of RPA solutions within the banking industry is attributable to a confluence of factors. Financial institutions are facing immense pressure to cut costs and boost productivity. A shortage of qualified personnel further intensifies this push, the critical need to enhance process efficiency, and the significant increase in labor expenses.

Benefits of RPA Automations in Banking

You should assess which processes within your banking and finance company can be automated.

Improved Operational Efficiency and Output

 RPA systems execute instructions with precision, enabling them to complete tasks quickly and easily. Unlike manual accounting processes, robotic accounting techniques offer significant advantages. According to Gartner, RPA Automation in Banking can eliminate up to 25,000 hours of unproductive work that results from human error

Quicker Processing of Loans

Manual data entry presents the biggest hurdle in loan origination, as confirmed by a Moody’s Analytics survey. Given the high volume of loan applications banks receive, employees spend considerable time extracting, analyzing, and verifying data before processing loans. RPA Automation Tools significantly cut down loan processing time by using intelligent document processing to quickly extract, analyze, and process data. What’s more, RPA bots can seamlessly communicate with customers, providing updates on approval and other relevant information

Exact Information Capture

Robotic Process Automation automation tools, especially when paired with AI and machine learning, excel at managing vast amounts of customer data within systems. For tasks like Accounts Receivable and Accounts Payable, automated processing fills in missing or incorrect information on bills by pulling data from third-party databases, significantly streamlining these operations. This rapid and accurate processing defines RPA and highlights the power of Intelligent Automation.

Enhanced Compliance and Risk Control

Banking institutions face immense pressure to align their operations with stringent regulations, ensuring meticulous record-keeping for audits. Adhering to these rigorous standards, especially given the vast amounts of data from multiple sources, is a significant challenge for employees. This is where RPA Automation Tools prove invaluable. They can be programmed to automatically monitor and analyze data in real-time, ensuring that business processes consistently adhere to all applicable regulations.

Fraud Detection

With numerous transactions constantly flowing through banking operations, employees must diligently monitor all data to prevent fraudulent activities. Rather than burdening staff with real-time transaction analysis, RPA can automate this repetitive process, enabling instant scrutiny. These RPA Automation Tools can also generate immediate alerts for any suspicious activity, leading to faster fraud detection and increased transparency.

Canarys provides you with the Automation edge

For successful RPA deployment, it’s crucial to partner with an organization proven in RPA tools, technologies, and staffing. Such a partner not only benefits banks and financial institutions with RPA implementation but also guides them on the transition to AI and other advanced technologies. Consider Canarys as a leading innovator in RPA.