RPA

RPA tools are best suited for processes with repeatable, predictable interactions with IT applications. These processes typically lack the scale or value to warrant automation via core systems transformation or if core systems transformation is not due to be implemented soon. RPA tools can improve the efficiency of these processes and the effectiveness of services without changing the underlining systems.
RPA software ‘robots’ perform routine business processes by mimicking the way that people interact with applications through a user interface and following simple rules to make decisions. Entire end-to-end processes can be performed by software robots with very little human interaction, typically to manage exceptions.

A global study from entrperise clients:

We recently conducted a survey of over 100 Shared Services leaders which showed that they now see RPA as a viable, proven solution, with 74 per cent of survey respondents planning to investigate the technology in the next year and 22 per cent having piloted or fully implemented RPA.
Those who had implemented identified that RPA meets or exceeds their expectations in terms of financial benefits, and reality tends to outperform expectations even further with non-financial benefits.
Read more in our recent survey based article; The Robots are here – meet your digital workforce

Why Robotic Process Automation?

  • Decreased cycle times and improved throughput
  • Flexibility and scalability
  • Improved accuracy
  • Improved employee morale – enables them to add more value
  • Allows time to innovate and focus on customer satisfaction
  • Detailed data capture

BI/MI/DATA SERVICE OFFERINGS

Cost Reduction

In order to maintain quality and performance banks needs experienced and efficient staff, which is expensive. Even if banks choose to outsource processes, it will not be as cost-effective as deploying RPA. By carrying out process analysis exercises, unnecessary steps can be removed, and expenses incurred on these steps can be saved.
As per Thomson Reuters, banks spend approximately $384 million per annum on KYC process compliance. It needs 500 to 1000+ full-time employees for KYC. RPA implementation partners can help banks check and verify customer data. It will replace the work of FTEs, and the process will take minimal time and expenses.

Increased Efficiency

  • RPA vendors can enable banks to use their full-time talent pool for complex tasks that demand critical decision making, discretion, and intellect. These human resources can serve customers with a customized solution as per their needs. Simultaneously, RPA takes care of tedious, time-consuming processes. This enhances the efficiency of the banks.
    RPA provides a multi-dimensional solution that requires employee training, comprehensive setup and governance. But once it is all set, RPA consulting companies claim that it has the potential to save 40%-60% within the first year of implementation.

Improved Accuracy

  • RPA implementation partners understand that the stakes are super high when it comes to accuracy in the banking industry. RPA systems execute specially configured commands whose output is always precise with no errors. This saves time and reduces cost. RPA has helped significant banks in India (HDFC, ICICI) reduce their process execution time by 60%.
    Accuracy is extremely important when it comes to compliance. As per a survey conducted by Accenture, 73% of respondents believed that RPA could be a critical factor in compliance.

More Flexibility

RPA vendors have brought agility and robustness to the banking business. Robots can operate third party software and can work on varied business applications. Be it internal applications (core banking, CRM) or external applications (background check, cloud-based applications); robots are flexible enough to carry out a wide spectrum of tasks.
The banking industry leverages all these and more advantages as offered by RPA companies. It not only gives an edge, but also reduces costs and saves time. RPA is the new black in the banking industry.
If you are a bank or a financial institution that’s mulling over automation, we can help you redefine your services. Should you want to talk about it, we are just a call away.