RPA or Robotic Process Automation automates the manual procedures in a business. A fintech app enables the banks to grow and stay strong-footed in the market. RPA allows customers to automate the process of money transactions, withdrawals, and deposits without having to opt for any manual intervention.
By combining artificial intelligence with banking automation, banks can easily replace many monotonous manual operations, such as banking domain application testing. This facilitates easy adoption by banks, encouraging growth in the finance sector.
Benefits of RPA in Banking and Finance
- Cost and time effective
The banks primarily focus on better cost initiatives to be competitive and provide better services. Implementing RPA within several departments and operations enables banks to execute processes rapidly.
According to research, banks can save up to 75% on operational processes and increase productivity. While some RPA projects reduce headcount, many leading banks consider it an opportunity to use RPA by which they can not only help their existing employees but also become more effective.
- No need for new infrastructure
New infrastructure is always a requirement before beginning a traditional IT project. However, implementing RPA in the bank and finance sectors needs no new infrastructure. Banks can easily leverage the existing IT infrastructure and proceed to reap the benefits.
RPA can take advantage of the native user interfaces of existing legacy systems to perform its automated tasks, making it a minimally involving solution that builds efficiently upon existing infrastructure.
- No to minimum errors
No matter how diligently an individual executes or performs rule-based tasks, continuous long hours tend to bring in the element of error. In contrast, RPA can significantly reduce errors.
The RPA bots can perform the same tasks accurately for hours without a break unless there is an issue with cables, servers, or power cuts. This also helps in improving efficiency and workflow, which in turn affects customer satisfaction positively.
- Better execution
Data digitization has enabled banks to consume more time on paperwork and focus on more strategic tasks. RPA can speedily scan through applicable information and deduce strategic analytical data.
Several RPA tools offer drag-and-drop technology to automate mundane tasks with minimal effort. Similarly, bots can work 24/7 to take care of specific tasks, such as data entry and payroll. Thus, allowing humans to focus on more creative work.
- Better regulatory compliance
Over 7% of compliance officers believe automation tools like RPA can significantly improve the usage of compliance resources since RPA is available 24/7 and has indicated high accuracy for increasing the quality of compliance processes.
Banks and financial sectors often need to comply with many legal and financial regulations, and RPA can prove to be a boon! The staff can also use RPA tools to gather information and analyze various transactions against validation rules through Natural Language Processing.
The RPA bots work by spotting suspicious transactions, quickly flagging them, and reaching out to compliance officers to manage the case. This automated proactive vigilance can help prevent financial departments from facing losses and legal problems.
- Elevates customer experience
With the help of RPA, banks can effectively improve their customer experience. Once you adopt RPA, there is no more need for customers to reach out to staff in queues and clear their queries regarding many common problems.
RPA robots instantly analyze the problems faced by customers and answer their queries. The bank staff can then focus on managing the more complicated customer issues. Moreover, with the 24/7 availability of robots, it becomes easier to handle customer issues, resulting in a significant increase in customer satisfaction.
- Detection of Fraud
Technology has resulted in numerous fraud cases across the world. It is certainly not possible for banks to thoroughly check every transaction detail manually and identify fraudulent patterns.
But, it is undoubtedly possible with RPA. It uses an algorithm to identify the fraudulent transactions, flag them and pass them to the actual department. In the meantime, the fraudulent account is put on hold to prevent the chances of any further illegal operations.
RPA implementation enables banks to prioritize innovative strategies to grow their business in the market and free employees from doing time-consuming basic tasks.
Besides, not to mention that robots are highly scalable and can efficiently manage high volumes during peak business hours by automating non-creative tasks and responding to any situation at a particular time.
Step to Deploy RPA in Banking
Make a comprehensive preparation strategy.
Based on your particular organizational desires, pick a favorable operating model and crew to govern the execution seamlessly. It is essential at this phase to recognize the TRUE partner for end-to-end RPA enactment, which would be extensive in planning, performance, and assistance.
First and foremost, it is essential to perform a thorough inspection and accurate calculation to shortlist favorable procedures for RPA implementation. Please list the significant functional problems that can be dealt with and settled through RPA, followed by analyzing their impact & feasibility.
Make a business (use) case.
In the subsequent step, evaluate the expenditure component and efficiency profits from RPA implementation in your company. Also, perform a short comparison of RPA advantages based on different metrics such as duration, efficiency, resource utilization, and endeavors. Similarly, set possible and practical targets in terms of ROI (return on investment) and cost -savings to prevent dissatisfaction due to misaligned goals.
RPA is a game-changer to test banking applications as it automates repetitive, manual, and time-consuming tasks. It can be quickly done with HeadSpin.
The enterprise is the first digital experience AI platform that combines cloud-hosting and on-prem global device infrastructure and facilitates test automation. The platform enables you to execute end-to-end monitoring and mobile app automation testing effortlessly with real devices in multiple locations.
The platform is beneficial for debugging apps without any involvement of SDKs or local team support. Moreover, the testing procedure is not limited to any specific device.
With the data gathered from several device sessions, HeadSpin gives access to automate error detection and analyze its primary cause. They range from assessment of content to packet visibility and coding. Mainly, the data collected by the platform includes device metrics, screen recording, network traffic, and device and automation logs. HeadSpin offers complete visibility to the connected experiences to quickly detect and solve functional and performance issues across devices, applications, and networks.