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Robotic Process Automation in Banking

Banks use Robotic Process Automation (RPA) and end-to-end process automation to reduce manual processing, expand operations, and process a large volume of transactions, KYC, and onboarding requests. Using RPA, you can significantly improve customer experience, increase compliance, enhance productivity. The goal of any RPA-based project is to free up resources for high-level jobs in banking, and, consequently, increase revenue.

Deploy Digital Process Automation in Your Business

We help banks explore the potential for digital transformation and intelligent automation

with RPA technology. Your financial institution will be able to stay strong in the face of ever-changing challenges. Our services include RPA program planning, software systems audit, RPA integration, cloud migration, software robot development, etc.

We execute automation projects related to core banking business functions

like operations, customer experience, and AML, risk, compliance. These solutions can ensure business continuity in planned and unplanned occurrences such as a pandemic, improve employee engagement, and reduce attrition.

What We Offer

Process Automation for GRC (Governance, Risk Management, Compliance)

RPA is a compliance enabler for banks. It can help banks and financial organizations reinvent their compliance and risk management processes. In the GRC area, RPA can provide the following benefits for banks:

 

  • Automate internal and external reporting like liquidity coverage reports or delinquency reports
  • Reach operational flexibility when needed to ramp up or down according to the changing regulations
  • Align with your audit, risk, and compliance program
  • Free up specialists to focus on high value-generating activities

RPA for Intelligent Data Processing (IDP) including OCR (Optical Character Recognition)

RPA technology can become a major game player in data capturing for AI-based intelligent data processing (IDP), which, in turn, leverages optical character recognition (OCR) to automate the document integration processes. The implementation of IDP can significantly reduce labor costs and improve the processing of unstructured data.

RPA for Customer Onboarding (KYC) and Offboarding

RPA can help banks overcome their critical challenges by reducing redundant and manual labor and automating such processes as customer onboarding and offboarding:

 

  • Automate documents aggregation
  • Integrating CRM with core banking and other systems
  • Improving interaction with customers through the channels they prefer
  • Automating the KYC process
  • Improving the average time to complete registration by reducing the number of manual inputs
  • Improving the customer acquisition rate

RPA for Employee and Talent Development

Make your HR onboarding programs a real success with an RPA technology to increase employee satisfaction, productivity, and loyalty. RPA is an excellent tool for automating recruiting, onboarding, and training processes that brings a bunch of the following benefits:

 

  • Sourcing resources and processes standardization and automation
  • Quick and accurate candidates screening process
  • Offer letters composed by bots
  • New profiles creation by bots
  • Joining formalities tracking
  • Transparent candidate verification process
  • RPA-powered assistance in training and personal development programs

RPA for Customer Experience

RPA solutions can automate low-value and repetitive jobs involving bank advisors and agents in interaction with customers. The technology brings the following capabilities:

 

  • Improve the productivity of agents
  • Reduce customer query processing and quoting time
  • Free up time for value-added activities

RPA for Customer Support

RPA for customer service centers automates a wide range of routine tasks performed by the bank reps and brings the following benefits:

 

  • Faster information gathering from multiple sources
  • Automation of the account verification process
  • Tracking the current status
  • Improved logging into numerous systems and copy-pasting between the screens
  • No human error

RPA for AML and Fraud

RPA solutions, in conjunction with cognitive capabilities, can help banks regulate anti-money-laundering and fraud detection concerns. Below are the most frequent use cases within RPA implementation into the AML processes:

 

  • Customer Due Diligence/Customer Fraud Management: client setup, onboarding, information validation
  • Client Screening: consolidation of customer information from multiple sources, client risk management
  • Transaction Monitoring: identification of repeated alerts, status changes check, data collection process management, analytics
  • Offboarding Investigation: client account status check before account closure, monitoring, and prevention of transactions of specific customers

RPA for Operations

Processing large volumes of customer data and requests is effort and time-consuming. RPA-based solutions can address the challenges and increase operational efficiency significantly and decrease operational and labor costs by automating lots of manual jobs and repetitive tasks performed by customer representatives:

 

  • Order status checking
  • Cases opening
  • Records updating
  • Real-time communication with customers

RPA for Digital Transformation

RPA technology is a driving force for digital transformation for both banking business, retail, and corporate lines. Among the most meaningful benefits, RPA solutions can bring the following:

 

  • Compared with traditional solutions for Digital Transformation (DX), quick implementation period, from days to weeks instead of months
  • Rapid problem-solving capabilities with no significant impact on business continuity
  • Cost reduction and automation of manual activities to free up resources for high-level jobs and high-touch interaction with customers
  • Maximized efficiency of operations
  • Elimination of human errors

Application Integration

RPA has all the functionalities needed to integrate all the applications to centralize and optimize all knowledge and data. RPA eliminates the manual jobs required to take the data from one application and put it into another.

Cloud Adoption

Many legacy apps can be accessed only through graphical user interfaces (GUI) that can be a challenge for banks today. RPA is an enabler for cloud adoption as it can offer a coherent mechanism for integration and data migration from these outdated systems to new cloud-based solutions.

RPA Solutions & Services We Offer

Choosing the right automation
direction by services

RPA programs planning

When planning for an RPA, start with brainstorming sessions — we build a foundation for your bank to implement an RPA. The planning includes in-depth business analysis, a technology landscape analysis, and risks, integration impact, and opportunities. You get high-level requirements and implementation plans as significant deliverables of this service.

RPA / API integration

Within a broader RPA framework, we offer API integration for specific banks’ functions and complex processes automation. Our services also include API design and architecture, maintenance, consulting, RPA integration with other applications like chatbots and technologies like artificial intelligence (AI), machine learning (ML), natural language processing (NLP), optical character recognition (OCR), etc.

Technical debt audit

A lot of RPA projects fail because of unsustainable IT infrastructures and wrong strategies. We conduct an audit of system environments to uncover early all the legacy issues that require reworking, changes, and updates. Besides, we offer PoCs and MVPs to validate your RPA programs.

Low-code automation

Our RPA teams have expertise in handling projects that require low-code automation. The Low-code approach is efficient, cost-effective, flexible. It allows us to develop and customize an RPA solution quickly and smoothly.

By business function

Operations

Banking operations

RPA allows automating and improving core banking activities by minimizing the number of manual processing activities, structuring, and aggregating all the data. This technology can also enhance your decision-making processes by implementing advanced decision engines.

Card management

RPA is used for both credit and debit card management to improve and simplify such activities as a replacement or upgrade, for instance. Besides, technology is actively used to detect fraud.

Loan management

RPA solutions help increase the bandwidth of loan applications by automating this process and decreasing application processing and approval time.

Customer Experience

Customer relationships management

RPA allows automating and improving core banking activities by minimizing the number of manual processing activities, structuring, and aggregating all the data. This technology can also enhance your decision-making processes by implementing advanced decision engines.

Onboarding

Decrease the time needed to open an account by automating Know Your Customer (KYC) and Anti-Money Laundering (AML) checking.

Mortgage management

Enhance customer satisfaction with mortgage management procedures by reducing time for calculations from hours to minutes.

Compliance

Monitoring & reporting

RPA allows automating and improving core banking activities by minimizing the number of manual processing activities, structuring, and aggregating all the data. This technology can also enhance your decision-making processes by implementing advanced decision engines.

Anti-Money Laundering

Decrease the time needed to open an account by automating Know Your Customer (KYC) and Anti-Money Laundering (AML) checking.

Fraud Investigations

Enhance customer satisfaction with mortgage management procedures by reducing time for calculations from hours to minutes.

By Type

Attended RPA

vs

Unattended RPA ​

Bots involving humans into task handling

Bots working on their own

Front-office tasks

What

Back-office tasks

Human triggers a bot and interacts with it

how

A bot works independently

Whenever human needs

when

Work according to a preset schedule or if required by logic

Workstations, servers, cloud

where

Workstations, servers, cloud

  • Increase productivity ​
  • Reduce average call handle time ​
  • Improve customer experience ​
  • Increase compliance
why
  • Increase productivity ​
  • Reduce operating costs ​
  • Eliminate errors ​
  • Free humans from repetitive tasks ​
  • Increase compliance ​

RPA in Banking: ​
Challenges & Benefits

Challenges of Banks

Today, banks have to respond to fast-changing customer demands and compliance regulations quickly. Besides, they are under pressure as a result of new market entrants like fintechs. The RPA value — bots working day and night to handle piles of digital work without hiring extra staff. ​

 

  • Compliance. Overcome regulatory compliance challenges and issues. ​
  • Security. Lessen the possibility of fraud by involving fewer data from people.
  • Customer Experience. Improve customer service by automating advisor-customer interaction. ​
  • Automation. Optimize processes that involve both humans and machines. ​
  • Employee Satisfaction. Enhance employee satisfaction by reducing labor-intensive data entry work. ​
  • Organized Data. Organize messy data from emails, databases, forms, documents.

Benefits of RPA Solutions

  • Improved efficiency​
  • Improved customer service​
  • Reduce regulatory compliance backlog​
  • Capitalize ROI
  • Improved security​
  • Improved credit risk management​

How We Cooperate

Our clients can choose amongst three models of engagement for RPA projects: Time & Material, Fixed Price, Dedicated Team. Find more information about the models on the How We Cooperate page. If you feel unsure about the model, we will consult you and recommend the contract type that is suitable for you.

Project Initiation

The beginning of the project, when we hold a series of sessions with a client to understand what challenges they would like to overcome by implementing RPA.

Business Analysis & Functional Analysis.

Once all the formalities are completed, we proceed to business analysis to gather and formalize all functional and non-functional requirements.​

Design & Development

The most time-consuming phase, when a solution itself is designed and developed. Throughout the development, you will be guided by a dedicated account manager to get timely notified of project progress.

Testing

We perform multiple types of testing to assure that your RPA solution has high-quality code and its requirements are realized properly.

User Acceptance Testing

UAT is needed to ensure that the solution works as expected, has clear a user interface, and intuitive user experience.

Deployment

Once all the development and testing are finished, we check your deployment environment for any issues and recommend how to fix them, if any. ​

Support & Maintenance

Our team can serve as a part of your center of excellence for RPA solutions you have within your organizations. We have several options for support and maintenance. ​

What Impacts Your Project Duration

While all RPA projects are different and take different time, we always provide estimations based on the critical path analysis (CPA) combined with the work breakdown structure (WBS).  

This approach helps us divide the break down the project into smaller phases and calculate the minimum time required for the completion of each phase. So, you will know the approximate due date for your specific project.  

Traditionally, time also depends on the following factors: 

 

  • The complexity and scope of the project 
  • The nature of the business function you need an RPA for 
  • The kind of RPA technology you choose 

What Affects Your Project Costs

The total cost of your project will depend on the following factors:  

 

  • The complexity and scope of the project 
  • The cost of the RPA technology license 

 

The chosen pricing model affects costs, too. We estimate costs at the beginning of each project and approve payments and schedule with you. Be aware that any change requests affect the project cost and duration, as well. 

What We Need from Your Side

Robotic process automation is an extensive process that requires consistent strategy, large inputs, and governance. Thus, you should have an RPA group of C-level stakeholders for this process with a shared vision of their digital transformation roadmap and plan for multiple journey experiences: customer, partner, employee, supplier, and compliance. 

Our Tech Stack

  • tecnhologies icon BluePrism
  • tecnhologies icon UiPath
  • tecnhologies icon Automation Anywhere
  • tecnhologies icon Appian

EXPLORE OUR CASE STUDIES

Banking

Robotics Process Automation for Anti-money Laundering

  • UiPath
  • Software Architecture
  • UI/UX Design
  • System Integration Services
  • Robotics Process Automation (RPA)
  • Banking
  • Germany
Learn more

Banking

Robotics Process Automation for Cash Transactions

  • UiPath
  • Software Architecture
  • UI/UX Design
  • System Integration Services
  • Robotics Process Automation (RPA)
  • Banking
  • Ukraine
Learn more

Banking

Robotics Process Automation for Import/Export Operations

  • UiPath
  • Software Architecture
  • UI/UX Design
  • System Integration Services
  • Robotics Process Automation (RPA)
  • Banking
  • United Kingdom
Learn more

Banking

Robotics Process Automation for Payment Processing

  • UiPath
  • Software Architecture
  • UI/UX Design
  • System Integration Services
  • Robotics Process Automation (RPA)
  • Banking
  • Ukraine
Learn more

Banking

Robotics Process Automation for Payroll Processing

  • UiPath
  • Software Architecture
  • UI/UX Design
  • System Integration Services
  • Robotics Process Automation (RPA)
  • Banking
  • Ukraine
Learn more

Banking

Robotics Process Automation for Report Processing

  • UiPath
  • Software Architecture
  • UI/UX Design
  • System Integration Services
  • Robotics Process Automation (RPA)
  • Banking
  • Saudi Arabia
Learn more

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