Let's Talk! +1 (646) 216-7541

  60 Minutes Can Save You 60% On Healthcare Automations | January 19th, 2022 | 12:00 PM EST Register

Home RPA For My Business Industries Banking & Financial Services

Robotic Process Automation in Financial Services and Banking

Robotic process automation in financial services increases ROI, reduce errors, and streamline your firm’s processes.

Integrate OpenBots RPA Into Your Current
Banking or Financial Automation System

Did you know that RPA in financial services and banking can drive savings of up to 60% of operational costs?

Firms of all sizes perform a variety of data-intensive, manual, and repetitive processes each day.

RPA enables these organizations to transform these processes into streamlined automations executed by virtual bots for increased efficiency, accuracy, and customer satisfaction while keeping operating costs low.

How To Scale RPA in Financial Services
with The Right Automations

Unattended (RPA) bots execute back-office functions, require little to no human intervention, and free up your team from those data-intensive, multi-screen processes.

Attended or “desktop” (RDA) bots act as digital assistants helping employees carry out customer-facing functions, like call center tasks, while providing real-time information to help your employees work more efficiently. 

Without the burden of bot licensing costs, banks and financial organizations can focus on scaling their attended and unattended automations based on their needs rather than budget limitations.

This allows for all critical processes to be executed by bots at the appropriate volume and allows for flexibility in providing all of your employees with a digital assistant (attended) bot to help them with daily functions.

Financial Institutions Are Decreasing
Compliance Costs With RPA

One of the most valuable uses for RPA in financial services is ensuring regulatory compliance. Over the last ten years, banks and financial institutions have spent over $320 billion on compliance and fines and attribute approximately 10% of their operating costs to compliance. 

Leveraging license-free RPA allows these processes and other critical functions to be automated freely instead of selecting only a few to stay within budget.

Automating compliance operations ensures your organization continues to meet regulatory requirements and stays current with the industry’s rapidly evolving demands.

Common Use Cases for RPA in
Financial Services and Banking:

  • Customer data updates
  • Customer onboarding and validating KYC documents
  • Account closure
  • Fees and charges
  • Check validation procedures
  • Commercial deposit operations
  • Risk reporting
  • Credit card operations
  • Lost/stolen credit card case management
  • Commercial loan and line of credit processing
  • AML and fraud checks
  • Commercial deposit operations
  • Payment processing and merchant services
  • Treasury and cash management
  • Grievances management

How RPA Improves
Banking & Financial Firms

Aside from a substantial increase in ROI, RPA can help you scale your business operations, reduce errors, and stay ahead of your competition. With increased process speeds and accuracy, customers have a better experience, directly affecting customer retention and attracting new customers.

As much as 80% of a banking or financial firm’s rule-based processes can be automated using RPA. This significant efficiency boost enables financial firms of all sizes to meet increasing workloads without increasing headcount, costs, or sacrificing operational efficiency or employee well-being.

Another way RPA can help in banking and finance is through legacy system automation. It’s common in the financial industry to have core functions supported by legacy systems.

RPA seamlessly facilitates communication between these platforms and newer systems to enable streamlined workflows and cross-platform data collation that was previously only possible with extensive navigation.

Chat with an Expert in RPA in Financial Services and Banking