The customer’s digital-first mindset is driving banking businesses to extend technology adoption across the board. The rising demand from customers for online access and superior user experience is compelling banks to enhance customer facing interfaces and services. Consequently, there is a heightened urgency in upgrading their backend processes also through automation.
Bank goals have now expanded to include speedier services, improved compliance and delivering a better customer experience in addition to cost savings, enhanced productivity, and efficiency improvements.
The rising use of bots is also offering alternatives to human customer care agents who were often overwhelmed by the large volumes of requests. Automation can manage significantly greater workloads. With clearly defined processes chatbots can handle multiple requests, retrieve information from multiple digital platforms and verify and validate information.
Enterprises across the banking, financial services, and insurance (BFSI) sector are therefore keen to deploy RPA and benefit from speedy, clear internal systems besides frictionless flow of communication and services to customers that elevate their experience.
According to Grand View Research, the market size for robotic process automation in BFSI market size is expected to reach USD 1123.0 million by 2025
These form a large chunk of banking operations. Each stage is a process and fortunately, each of these processes, receiving a loan application, verification, validation, review, approval, disbursement, and tracking can be automated.
Given the volume and repetitive nature of loan processing, it is among the key areas for application of automation.
Automation of banking processes is a win-win situation. Besides enhancing the accuracy, speed and streamlining of process, customers too get to access exceptional levels of services leading to enhanced customer experience. Banking activities that involve multiple data captures stages, verification, validation and ultimately approval and highly considered time consuming can be executed in record time.
With an automated system there is continuous flow, high level of accuracy and human intervention is limited to crucial decision-making activities. The leveraging of RPA, bot and process automation enhances the quality, speed, accuracy and compliance across all functions and operations with traceability. For customers too, the customer experience is enhanced and makes services accessible, available, and easy