Robotic Process Automation RPA in Banking: Examples, Use Cases

With these six building blocks in place, banks can evaluate the potential value in each business and function, from capital markets and retail banking to finance, HR, and operations. When large enough, these opportunities can quickly become beacons for the full automation program, helping persuade multiple stakeholders and senior management of the value at stake. Instead of seeing the results of numerous disparate experiments across the enterprise, these leaders will now see clear transformation opportunities—and be justifiably excited to build the capabilities, systems, and approaches necessary to reach automation at scale. Business leaders looking to speed up their production timeline can hire more data scientists and invest in AI platforms, bringing accelerated compute to the core data center and enabling AI at scale. Once deployed, financial organizations can realize the financial benefits of enterprise AI through enhanced applications and services that increase revenue and reduce costs. Management teams with early success in scaling gen AI have started with a strategic view of where gen AI, AI, and advanced analytics more broadly could play a role in their business.

This level of precision in decision making is vital for banks to fully capitalize on the potential of the merger, turning data from a challenge into a strategic advantage for a successful integration. Hence, RPA is a technology that involves an entity with the ability to mimic human abilities in a sequence of steps to complete a task without human intervention. In today’s world, RPA is a fast-emerging business process automation technology that is closely related to other computer science fields such as Artificial Intelligence and machine learning. The association also requested that NIST develop voluntary standards in harmony with existing regulatory requirements concerning the use of AI, including third-party risk management, model risk management and cybersecurity. Scaling AI across financial organizations, however, means overcoming challenges with data silos between internal departments and industry regulations on data privacy.

What can banking automation do for me?

Ignoring challenges or underinvesting in any layer will ripple through all, resulting in a sub-optimal stack that is incapable of delivering enterprise goals. Traders, advisors, and analysts rely on UiPath to supercharge their productivity and be the best at what they do. Address resource constraints by letting automation handle time-demanding operations, connect fragmented tech, and reduce friction across the trade lifecycle. Discover smarter self-service customer journeys, and equip contact center agents with data that dramatically lowers average handling times. With UiPath, SMTB built over 500 workflow automations to streamline operations across the enterprise. Learn how SMTB is bringing a new perspective and approach to operations with automation at the center.

On the one hand, banks need to achieve the speed, agility, and flexibility innate to a fintech. On the other, they must continue managing the scale, security standards, and regulatory requirements of a traditional financial-services enterprise. The AI-first bank automation banking industry of the future will also enjoy the speed and agility that today characterize digital-native companies. It will collaborate extensively with partners to deliver new value propositions integrated seamlessly across journeys, technology platforms, and data sets.

Products and services

To remain competitive in an increasingly saturated market – especially with the more widespread adoption of virtual banking – banking firms have had to find a way to deliver the best possible user experience to their customers. As per Gartner, the pandemic has catalyzed the business initiatives to adapt to the demands of employees and customers and make digital options the future of banking services. When banks, credit unions, and other financial institutions use automation to enhance core business processes, it’s referred to as banking automation.

• Modernization drives digital success in banking, and bank staff needs to be able to use the same devices, tools, and technologies as their customers.
• Banks are planning on increasing the share of APIs available for partners and the public to almost 50 percent over the next three years, laying the technical foundation for wider ecosystems.
• Data science helps banks get return analysis on those test campaigns that much faster, which shortens test cycles, enables them to segment their audiences at a more granular level, and makes marketing campaigns more accurate in their targeting.
• Overall, regarding the process theme, our findings highlight the usefulness of AI in improving banking processes; however, there remains a gap in practical research regarding the applied integration of technology in the banking system.
• Discover smarter self-service customer journeys, and equip contact center agents with data that dramatically lowers average handling times.

The combination of RPA and Artificial Intelligence (AI) is called CRPA (Cognitive Robotic Process Automation) or IPA (Intelligent Process Automation) and has led to the next generation of RPA bots. It has been transforming the banking industry by making the core financial operations exponentially more efficient and allowing banks to tailor services to customers while at the same time improving safety and security. Although intelligent automation is enabling banks to redefine how they work, it has also raised challenges regarding protection of both consumer interests and the stability of the financial system.

Account Origination Process

With artificial intelligence technology becoming more prominent across the industry, RPA has become a meaningful investment for banks and financial institutions. For its unattended intelligent automation, the bank deployed a learning automation platform. The platform helped it seamlessly integrate its own systems with third-party systems for time and cost savings. The bank’s teams used the platform’s cognitive automation technology to perform several tasks quickly and effortlessly, including halving the time it used to take to screen clients as a part of the bank’s know-your-customer process. At Hitachi Solutions, we specialize in helping businesses harness the power of digital transformation through the use of innovative solutions built on the Microsoft platform. We offer a suite of products designed specifically for the financial services industry, which can be tailored to meet the exact needs of your organization.