RPA in Banking and Financial Services
Financial institutions today are battling tough competition, workflow disconnects, and erroneous reporting. They require an efficient way to manage operational challenges and compliance. This is needed to secure their margins, and also to allocate resources to focus on investment and effective customer management.
Robotic Process Automation (RPA) can help these organizations by expediting back office operations and freeing their resources for taking up customer-focus.
Some of the examples of Banking and Financial Services back-office processes that can be automated through RPA are:
- Fraud detection: By tracking account activity
- New account entry across systems: Moving data and doing multiple entries
- Account reconciliation: Duplicating and moving data
- Report generation across systems
- E-Form extraction: Taking data forms and making system entries
- Accrual support: Making and updating entries
- Mortgage approval: Moving data from place to place and making calculations
- Processing of credit card orders: From web form to Mainframe
- Credit note accounting entry
