Banking Technology Consulting - Sirma

1. How does RPA prove beneficial in the banking industry?

2. Robotic Process Automation (RPA) • This occurs a basic task that is automated through software or hardware that functions a variety of applications like a human worker does. RPA is a “robot,” which can be taught as a Workflow with multiple applications. It can be automated for accepting multiple forms, receipt messages, checking the forms, etc. It reduces the simple task for employees.  • The function requires the ability of several types in a specific order. 

3. Key Performance of Robotic Process Automation: 1. This can be easily programmed to do basic repetitive tasks. 2. It creates and deploys a robot with the ability to operate other software. 3. It works as a digital assistant, doing daily routines instead of spending hours on completing tasks. 

4. Banks are looking for rapid and cheap options that can be delivered short-term. 1. Risk Reporting: This can be easy access for banks to give a number of different reports significantly and saves time. 2. Account closure: This automates the systems with an RPA customer service to complete electronic forms over the phones with the multiple tasks processes and no manual intervention.  3. KYC and AML (know your customer and Anti- Money Laundering): The KYC and AML are the most important facts of RPA, which process the extreme data. It is timesaving and cost, which is compared to traditional banking.  Here is what RPA proves beneficial in banking:

5. 4. Loan Processing: RPA accelerates the loan process in 10-15 minutes. It has an extreme context to automate. 5. Data Validation: RPA can help the verifications of tasks to check the database information. This can help the business improve rapidly. 6. Trade finance: This involves multiple parties to ensure the delivery of goods and payments. It can communicate with letters of credit and other documentation for processing the data in multiple terms using RPA. 7. Verifying customer ID: Companies use RPA for verification of ID’s which allows it to bring the customer service documents in a single screen for client verification. 8. Digitization of structured paper forms: It integrates RPA to automate multiple processes of paper forms, which can benefit the banks to capture technologies.

6. Application of RPA used in Banks: Royal Bank of Canada: This bank is one of the successful RPA use cases in finance. It is automated for money transfer, bill payments, invoice processing, and processes for bank statements.  State bank of India:It is automated for scanning cameras in the branch and captures the facial expression of the customers and identifies whether they are happy or sad. It is typically a mode; which identifies customer feedback. HDFC Bank:It has developed an AI-based chatbot. This bank says it has launched Electronic Virtual Assistant (EVA), which integrates knowledge of thousand sources in simple answer and in a short time. EVA has answered more than 100,000 queries from thousands of customers across the globe.

7. ICICI Bank:The bank deploys the technology that performs to automate repetitive and high-speed tasks. This software captures and interprets information and runs the business process in multiple applications to execute activities.  Axis Bank: It is the third-largest private sector bank that launches innovative AI technology in the banking sector. This enables AI & NLP (Natural language processing) to help customers with financial and non-financial transactions. 

8. Successful implementation of RPA in banking: * It improves the Customer Services  * Increases in operational agility  * Ensures customers experience, loyalty, and trust  * It reduces the processing time  * Improves accurately and efficiently

9. Conclusion:  RPA has so many advantages that must be considered in functional areas to enhance the customer experience. This can provide gain within months of implementations. www.sirmaglobal.com/