Why, Where and How of RPA in Banking and Financial Services Industry


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Banking and Financial industry is growing exponentially, to support this growth, the industry has always adopted new age technologies that enables organizations to provide secure, faster and self-service solutions to customers. In the array of technologies, Robotic Process Automation is one of the fastest and widely adopted technologies.
Robotic Process Automation represents the next wave of automation that will help address a slew of challenges in the Banking and Financial services industry. It is important to understand why, where and how of RPA in Banking, Financial Services and Insurance industry.
Why Robotic Process Automation is the best solution for the Banking and Financial Services Industry?
Banking and financial institutions have to deal with millions of customer documents and information collected from multiple sources. For example, Validating Credit Card Application. A credit card company has to validate all the customer information with the documents. If done manually, this process may take days, affecting customer experience. Banks and financial institutions are full of such manual, repetitive processes. Few of them are listed below:
  • Customer Service
  • Accounts Payable
  • Mortgage Processing
  • KYC
  • Report Automation
  • Account Origination & Receivable
  • Collection
  • Deposits
  • Compliance
  • Credit Card Processing
  • Fraud detection
  • General Ledger
  • Account Closure
  • Quote Surrender
  • Underwriter Support
And so on…

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