THE IMPACT OF ROBOTIC PROCESS AUTOMATION ON FINANCIAL SERVICES

Active robotization of business processes has already become a reality for many banks.  Therefore, today we will learn more about robotic process automation in the banking industry.

Functionality of digital workaholics

The most monotonous and routine work for humans is ideal for robots.  Everything that bank office employees usually get tired of and that steals a tremendous amount of time and effort can be given to artificial intelligence.  Everyone will benefit from such a transfer.  Employees will take up more interesting tasks and start working in the resource, managers will receive improved business performance, robots will be in business 24/7.

Banks invest in RPA as a profitable investment that accelerates and reduces the cost of processes, reduces operational risks, increases the efficiency of business processes and the quality of services.  Robotization plays an important role in improving the bank’s customer service.  Huge flows of data and information often lead to a long execution of a client’s request or the postponement of a later date.

A project in one universal bank as part of an international financial group showed impressive results.  The organization simultaneously carried out robotization of a large number of processes in parallel in several departments.  The result of all operations was reduction.  But not the working staff, but the time they spent on monotonous tasks.

RPA in practice

Payments, salary projects, issuing plastic cards and various requests – all these processes were entrusted to robots.  For example, RPA checks the list of payments from the bank’s information system, looks for errors in them.  If they are not there, it approves the payments.  Otherwise, it notifies the employee of the need to check specific payments in order to make adjustments.

The implementation of the robot significantly accelerated the process of opening accounts for clients’ salary projects.  So, the functionality of three employees was transferred to one RPA robot.  Two employees were freed from the routine work of issuing payroll cards.

Automation of the process of control of incoming and outgoing payments made it possible to process requests by the robot three times faster than the actions of the operator.  Taking into account the fact that the payment data in each software is different, it was extremely inconvenient and time-consuming to make a decision on whether to make or reject a payment.  Employees printed documents on paper to compare information.  Now RPA collects data from systems and forms a layout based on it.  As a result, it was possible to completely free 14 people from performing operations to consolidate information and control payments.

The process of processing requests for the bank’s clients, which are required by the judicial authorities, has become five times faster.  With the transfer of this task to the RPA robot, eight employees were relieved of mechanical labor.

The process of interaction with government agencies that send requests for bank clients during automation has undergone a comprehensive change.  As a result, it was decided to combine the work of a robot and a human.  Artificial intelligence was given the task of processing the flow of incoming requests, forming html layouts based on it and filling them with basic data.  Then the employee supplements these layouts with the necessary information.  The result of the optimization was the release of 13 people and an increase in the speed of processing requests by four times.

Therefore, robotization is the future and getting rid of routine matters.  Especially if these are developments from DICEUS.

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