Organizations today are increasingly adopting new-age technologies like the Internet of Things (IoT), Cognitive Computing, and task-level Robotic Process Automation to overcome challenges like reducing Total Cost of Ownership (TCO), increasing workforce efficiency, reducing human error and so on. RPA, in particular, brings the speed of digital to the market while reducing the high cost of employing humans for executing Standard Operating Procedures (SOP). In this Digital Darwinism, a stage where various technologies are emerging faster than the adaptability speed of organizations The BFSI sector is also trying to align itself with the emergence of Intelligent Digital forces, leading to the creation of new ways interpreting data and the means to do so cost-effectively The Banking Financial Services and Insurance (BFSI) industry is one of the most data-demanding industries that operate in a highly regulated market. A large number of data and analytics that would be required in the future strategy predictions and identifying the current processing capabilities. The global compliance landscape in BFSI is expansive, covering many rules and regulations around finance and risk management functions, Compliance, Sourcing and procurement and so on. Most of these functions are manual in banks, which make these activities time consuming and susceptible to errors. Banks are constantly looking to improvise their regulatory compliance processes, for optimizing costs while ensuring adequate oversight and accurate reporting with no error. RPA Use Cases In Banking Finance Services Automatic Report Generation RPA technology, with NLP capabilities, can read through these lengthy compliance documents before extracting the required information and filing the SAR.RPA software can be trained with inputs from the compliance officers on the parts of each document which best fit each section of the report. Customer Onboarding RPA can make customer onboarding process much easier by capturing the data from the KYC documents using the optical character recognition technique. This data can then be matched against the information provided by the customer in the form. If there are no discrepancies, the data is automatically entered into the customer management portal. KYC & Anti Money Laundering The fact that both KYC and AML are extremely data-intensive processes makes them most suitable for RPA. Whether it is automating the manual processes or catching suspicious banking transactions, RPA implementation proved instrumental in terms of saving both time and cost as compared to traditional banking solutions. Account Opening With RPA, account opening process becomes much more straightforward, quicker, and accurate. Automation systematically eliminates the data transcription errors that existed between the core banking system and the new account opening requests. Mortgage Lending RPA allows for easy automation of various tasks crucial to the mortgage lending process, including loan initiation, document processing, financial comparisons, and quality control. As a result, the loans can be approved much faster, leading to enhanced customer satisfaction. Loan Processing Loan processing has always been considered as a tediously slow process. Although the bank has automated the process to a certain extent, RPA further accelerates it and brings it down to a record 10-15 minutes for processing. RPA replicates human actions to complete the rule-based task. RPA gives maximum benefits when combined with process optimization and correct process identification technique. System transformation takes a huge amount of time and investment whereas RPA can offer equal or more benefit in significantly less time and lower cost. And that’s one of the reasons the BFSI space is witnessing the adoption of RPA on the higher side compared to other verticals. RPA Is Ideally Fit for Banking Industry Scalability The fact that robots are highly scalable allows you to manage high volumes during peak business hours by adding more robots and responding to any situation in record time. Cost-effectiveness Whether you are looking to reduce manual errors or are achieving high accuracy at low cost, robots work 24×7 to complete the tasks assigned to them. Thus, reiterating the ever-present availability. Availability Whether you are looking to reduce manual errors or are achieving high accuracy at low cost, robots work 24×7 to complete the tasks assigned to them. Thus, reiterating the ever-present availability. Increased operational efficiency Once correctly set up, banks and financial institutions can make their processes much faster, productive, and efficient. Risk and compliance reporting RPA in banking helps in generating full audit trails for each & every process, so as to reduce business risk as well as maintain high process compliance. Zero infrastructure cost RPA does not require any significant changes in infrastructure, due to its UI automation capabilities. The hardware and maintenance cost, further reduces in the case of cloud-based RPA. Implementing the RPA Solution in Banking generally begins with the identification of accurate and feasible processes. It is pivotal for bank, finance and insurance companies to shortlist the right processes followed by assessing them based on overall impact.