RPA for Retail Banking

Digital-first fintechs are constantly challenging financial institutions to provide faster banking services and more personalized customer experiences. In addition, routine banking services can benefit from robot process automation using artificial intelligence to stay ahead of the competition and continually transform their digital processes.

These technologies can streamline routine business processes, improve accuracy and efficiency, and provide a better end-to-end experience for financial customers.

Not only does RPA improve the customer experience, but utilizing RPA with intelligent automation can drastically improve back-office business processes. For example, Document Automation can extract, analyze, and process data from any enterprise or legacy system from various structured and unstructured documents. This can streamline business processes across all departments in the retail banking environment.

What are the benefits of retail banking automation?

Many of these financial services processes can benefit from robotic process automation (RPA); from credit card applications, digital banking processes and routine consumer banking needs to record-keeping and audit standards, the fintech sector has many opportunities to implement intelligent automation.

Here are some of the benefits that RPA can bring to the retail banking sector.

Increased Efficiency

RPA can process new account setup activities and streamline data collection from internal and external systems. This includes updating CRM systems with new customer data, onboarding customer accounts, requesting access, or verifying data across multiple customer accounts simultaneously, eliminating backlogs with 100% accuracy.

Increased Security

RPA with intelligent automation helps adhere to compliance requirements with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, create accurate client risk profiles, support fraud identification, and conduct ongoing account monitoring. In addition, this allows for automated constant transaction monitoring.

Streamlined IT Operations

Automating service desk functions makes it easier for your end-users to get the help they need, making your team's jobs more manageable. The benefits of service desk automation include faster resolution times for requests, globally consistent policies and procedures, and a reduction in the volume of calls coming into your support center.

Low-code Approach

Automation Workspaces offers a no-code or low-code approach that allows any level of technical expertise to start automating immediately. Quickly identify inefficiencies and streamline workflows, improving user experiences and improving profitability. As a result, RPA can scale easily to meet your growing business needs.

Easy Integration

RPA can offer Plug and Play integrations to enable intelligent automation to interface with any enterprise system and legacy application. In addition, the Bot Store marketplace has the world's largest selection of pre-built RPA apps tailored to specific needs that are ready to be deployed immediately.

Cost-Effective

Improve productivity and reduce labor expenses by automating manual and data-intensive processes. The financial services ecosystem relies on time-consuming, repetitive, and manual processes that can be automated, eliminating processing errors, reducing operational risk, and allowing employees to focus on exceeding customers’ needs.

Who benefits from retail banking automation?

While financial audit and compliance are the clear beneficiaries of error-free data, many departments benefit from retail banking automation. RPA can handle repetitive data-entry tasks, allowing employees to focus on a positive customer experience.

Customer Service

RPA with intelligent automation can pull customer information from multiple systems to a dashboard, allowing CSRs to meet the customers’ needs with one action that updates all customer records. This assists with cross-selling, fraud detection, and account monitoring.

Records Department

Document processing Document Automation uses Computer Vision, fuzzy logic, machine learning, and Natural Language Processing (NLP) to analyze, process, extract and digitize data from various document sources, including email, paper, notes, email, and faxes, reducing physical storage requirements.

Marketing and Sales

When customer data is siloed, it can be easy to miss profitable market segments opportunities. Pairing customer data with analytics automation is a great way to offer personalized, targeted cross-selling opportunities and the ability to get a fuller picture of the sales pipeline.

Accounting

RPA eliminates manual processes, reduces human error, reduces costs, improves compliance and audit controls, and creates seamless audit trails. In addition, financial data on-demand accelerates financial close processes, supports internal and external reporting and audit requests and data analytics.

Customer Story

Overnight, we had to figure out a way to respond to increasing call volumes and staff for large amounts of work for processes that didn’t exist before COVID-19. One of our success stories was in loan origination where we created nine bots that were able to do nine years’ worth of work in just two weeks.

Dominic Cugini, Divisional CIO of Service Digitization
KeyBank

Read customer story

40k

documents processed with Document Automation

years worth of work completed in two weeks

million run rate savings in 2020

How can automation help your retail banking operations?

Retail banking is both customer-focused and document-driven. RPA can eliminate tedious manual processes, eliminate errors, strengthen controls, improve accuracy, improve financial reporting, and empower employees to focus on exceptional customer service.

Real-time financial reporting can expedite financial close, improve cash flow and productivity, reduce costs, and strengthen audit and compliance controls.

Customer Account Management

Expedite customer onboarding by automating new customer setup activities
Ensure compliance with KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations
Streamline data collection for customer due diligence, fraud detection and account monitoring
RPA can access data across multiple systems, handle change requests, and cross-sell financial products
RPA speeds service delivery by navigating between multiple applications and departments in real-time
RPA integrates data from all channels to process more requests from beginning to end

Form Filing

Extract and verify customer information from multiple sources
Complete documentation, send it for approval, monitor, follow-up, and distribute to appropriate departments
NLP and machine learning can extract unstructured and semi-structured information into usable data
Store documents for easy retrieval or archiving and automate record retention requirements compliance
Convert paper documents into machine-readable file formats (PDF, Microsoft Word, etc.) with searchable text
Use intelligent automation and document templates to pull the customer information and complete forms

Processing Claims and Updating Loan Data

Cross-reference customer information across platforms for comprehensive client profiles
Order third-party reports such as credit, appraisal, title, verify the information and add to file
Streamline loan underwriting process by automating application process and follow-up
Intelligent document processing converts structured and unstructured data into machine searchable formats
RPA can follow up for missing information, flag for escalation or discrepancies, and generate real-time exception reports
Higher error-free straight-through processing creates efficiency and eliminates backlogs

Day End Reports

RPA audit controls eliminate manual reconciliations and journal entries
Collate, and reconcile data from multiple sources, locations, and time zones for comprehensive end-of-day reporting
Generate real-time reports by location or business sector on-demand, distribute and file automatically
Automate audit and compliance requirements to ensure adherence regardless of geographic location
RPA can automatically generate exception reports, distribute, flag for further investigation, and file
Automate forecasting, budgeting, and general ledger transactions for accurate on-demand financial reporting

What to look for in an RPA provider for retail banking?

When selecting a provider of RPA in retail banking, there are a few important considerations to take into account. Consider choosing a cloud-based RPA provider to have access from anywhere and the ability you can scale your automation strategy rapidly. The provider must be able to handle rapid fluctuations in throughput and provide access to different types of bots configured to perform various, rule-specific, repetitive tasks.

Flexibility is a must. An RPA solution should be able to integrate end-to-end, bringing together legacy systems, digitized documents, web forms and popular programs.

An easy-to-use platform with a comprehensive training program is paramount to ensure all employees and departments embrace the technology.

How to get started?

We offer a comprehensive training platform at Automation Anywhere University, to assist your staff to grow their capabilities to create custom, RPA automated systems to meet your organizational needs.

Our experts can help you design a proof of concept trial to determine if RPA can benefit your business.

Request demo

More Retail Banking Automation Resources.

Blog

The benefits of automation in retail banking.

Read the blog

Video

Discover how Santander reduced operations time by over 30,000 hours through Intelligent Automation.

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Blog

Spotting automation potential in retail banking operations.

Read the blog

Get to know the Agentic Process Automation System.

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What is retail banking automation, and why does it matter?