11/02/2021
How RPA or Robotic Process Automation is used in Banking?
There are many ways Robotic Process Automation (RPA) boosts efficiency in banking institutions. Automating manual processes is one element; mainly tasks that are repeatable and mundane.
The aim is to create standardized workflows, maintaining end-to-end consistency across processes so that they can be deployed throughout an organization and executed in the same way, every time – otherwise known as a ‘single source of truth.’
A practical example of this can be found in regulatory codes. Banks are one of the most heavily regulated industries in the world, and staff is often tasked with manually interpreting long lists on complex regulatory standards. With RPA, they can simply input the data into the appropriate process, and the correct and compliant output is automatically generated.
RPA implementation begins with understanding existing processes. Every process within an organization leaves behind a digital footprint containing valuable data – be it manual or otherwise. Process mining is a crucial step in effective RPA ( Robotic Process Automation ) implementation because it allows organizations to drill-down into their data, revealing the habits, risks, and process behaviors they are usually blind to. This shows how an organization can refine or standardize processes, revealing opportunities for streamlining and simplifying workflows.
Process mining also allows for data traces to be converted into dashboards and visualizations, enabling teams to monitor end-to-end processes continuously. A clear picture means staff gain operational insights into potential risks and improvement opportunities, which can be shared across functions.
RPA (Robotic Process Automation ) not only works from an internal process perspective but from an external point of view too.
A significant shift in the banking and financial sector over the past decade is the realization that customers, rather than products, are the priority. This has been accelerated by the rise of customer-centric fintechs that offer seamless, digital experiences to tech-literate and time-poor customers. As a result, established financial institutions have had to shift their focus to a new way of doing business that puts the customer at the heart of innovation.
Customer-journey mapping (CJM) complements RPA by deriving insights from the different touchpoints of a customer. This is the outside-in approach to link CJM to the enabling processes driving customer-centricity. It establishes processes to log and capture complaints before classifying them and addressing the root cause of the issue.
This gives employees full visibility of the most common pain-points experienced by their customers, allowing them to build processes to respond accordingly. Over time, this mapping then evolves into a positive cycle, where data is used continuously to improve customer satisfaction and speed up resolution. This helps organizations understand customer behavior and connect their processes to predict interactions across future customer journeys, giving them an ‘outside-in’ customer perspective.
https://www.youtube.com/watch?v=wjnkQSSoymU
There are many ways Robotic Process Automation (RPA) boosts efficiency in banking institutions. Automating manual processes is one element; mainly tasks that...
