10 Use Cases of RPA in Banking Industry

As of late, Japan’s biggest banks, for example, Sumitomo Mitsui Financial Group Inc. (SMFG), Mitsubishi UFJ Financial Group Inc. (MUFG), and Mizuho Financial Group Inc. (MHFG) were in news...

As of late, Japan’s biggest banks, for example, Sumitomo Mitsui Financial Group Inc. (SMFG), Mitsubishi UFJ Financial Group Inc. (MUFG), and Mizuho Financial Group Inc. (MHFG) were in news for executing saving money computerization through Robotic Process Automation (RPA) to spare work and operational expenses. Real banks such as Axis Bank and Deutsche Bank were additionally in the news for fusing RPA in their procedures.

With the voluminous information managed each day, a few banks over the world are supporting the utilization of RPA to limit mistakes and human endeavors. The turnaround time in handling a demand has diminished from days to hours and even minutes, and the preparing cost has decreased by 30% to 70%. A few procedures inside a bank have profited from saving money mechanization through RPA innovation, enabling the groups to center around connecting with the customers and developing business. A portion of these procedures include:

  1. Customer administration

As banks manage numerous inquiries extending from bank fakes to account enquiry, credit enquiry, et cetera; it winds up troublesome for the client benefit group to address them inside a less turnaround time. RPA helps in settling the low need inquiries, authorizing the client benefit group to center around high need questions requiring human insight.

RPA additionally helps in decreasing the time taken to confirm client subtle elements from different frameworks and installed them. The decreased holding up period and simple redressal has helped banks in enhancing their relations with the client.

  1. Consistence

With such a large number of consistence rules, it turns into an exhausting errand for the banks to follow every one of them. RPA makes it less demanding for banks to cling to the standards. As per a 2016 review by Accenture, 73% of the studied consistence officers trusted that RPA could be a key empowering influence in consistence inside the following three years. RPA helps in expanding profitability by working day in and day out with fewer FTEs, enhancing the nature of the consistence procedure, and builds representative fulfillment by disposing of tedious assignments and drawing in the representatives in undertakings requiring human insight.

  1. Records Payable

Records Payable (AP) is a dull procedure that requires digitizing solicitations from the sellers utilizing Optical Character Recognition (OCR), removing data from every one of the fields in the receipt, approving it, and afterward preparing it. RPA helps in mechanizing this procedure and naturally attributes the installment to the merchant’s record after the compromise of mistakes and approvals.

  1. Mastercard handling

Prior, it took a long time for a bank to approve and favor the charge card use of a client. The long holding up period brought about client disappointment, here and there prompting a client dropping the demand. Be that as it may, with the assistance of RPA, banks are presently ready to accelerate the way toward dispatching the charge cards. There’s nothing more needed than a couple of hours for RPA programming to assemble records of the client, make credit checks and personal investigations, and take a choice in light of set parameters on whether the client is qualified for a charge card or not. The whole procedure has been streamlined splendidly by utilizing RPA.

  1. Home loan handling

In the US, it is a perfect world takes 50 to 53 days to close a home loan advance. The procedure required some investment as the application needed to experience different examination checks, for example, credit checks, business confirmation, and investigation before endorsement. A minor blunder from the client or bank’s side could back off the procedure and prompt pointless difficulties and deferrals. With RPA, banks would now be able to quicken the procedure in light of set standards and calculations and by clearing the bottlenecks that defer the procedure.

  1. Misrepresentation Detection

One of the significant worries of a bank was the rising number of misrepresentation cases. With the approach of innovation, the occasions of extortion occurrences have just increased. In this manner, it ends up troublesome for banks to check each exchange and recognize misrepresentation designs physically.

RPA utilizes an ‘assuming at that point’ technique to recognize potential cheats and banned them from the concerned division. For instance, if there are numerous exchanges set aside a few minutes, at that point, the RPA recognizes the record and banners it for a potential danger. This causes the bank to examine the record and explore for misrepresentation.

  1. KYC process

Know Your Customer (KYC) is a basic consistency process in each bank. The procedure is crucial to the point that it includes no less than 150 to even 1,000+ FTEs to perform keeps an eye on the client, and as indicated by Thomson Reuters, a few banks spend in any event US $384 million every year on KYC consistency. Considering the cost and assets associated with the procedure, banks have now begun utilizing RPA to gather client information, screen it, and approve it. This causes the banks to finish the procedure in a shorter length with negligible blunders and staff.

  1. General Ledger

Banks need to guarantee that their general record is refreshed with immeasurably critical data, for example, budgetary proclamations, resources, liabilities, income, and costs. This data is utilized for planning monetary proclamations of the banks, which is then gotten to by people in general, media, and different partners.

Thinking about the tremendous measure of points of interest required from dissimilar frameworks to make a monetary proclamation, guarantee that the general record is set up with no blunder. This is the place RPA acts the hero. It helps in gathering data from the various framework, approving it, and refreshing in the framework with no blunders.

  1. Report Automation

As a piece of consistency, banks need to set up a report about their different procedures and present it to the board and different partners to demonstrate the execution of the bank. Considering how critical the reports are to the notoriety of the bank, it is imperative to guarantee that there are no mistakes.

While there are frameworks to give information, and layouts to show them in an absorbable configuration, what the banks required was precise information with no mistake. RPA helps banks in getting ready reports with exact information. It assembles data from various sources, approves it, orchestrates it in a reasonable configuration, and timetables it to be sent to various sources.

  1. Record Closure Process

Banks get a few solicitations to close the records on a month to month premise. Now and again, the records can likewise be shut if the customer does not outfit the verifications required for working the record. Considering the high volume of information taken care of by the bank each month and the agenda they have to stick to, the extension for human blunder additionally increments.

With RPA, banks can send computerized suggestions to the clients requesting that they outfit the required evidence. It can likewise process the record conclusion asks for in the line in light of set guidelines in a brief length with 100% precision. RPA is customized to cover remarkable situations too, for example, shutting a record because of disappointment in KYC consistency. Along these lines, this makes it less demanding for the bank to center around different capacities that are less dreary and require more human insight.


With such huge numbers of points of interest of RPA, banks must consider utilizing it in the entirety of their practical zones to upgrade client experience and pick up an edge over their rivals. It may appear to be an exorbitant venture, yet considering the esteem it conveys to the business, it can give a decent ROI inside long stretches of execution.

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