Transforming Banking Industry Using Robotic Process Automation (RPA)

Robotic Process Automation (RPA) is growing at a rapid pace and transforming every industry. Businesses are realizing its potential and integrating it into their daily operations to stay competitive. And, the banking industry is no exception. When it comes to the Banking, Financial Services and Insurance (BFSI) industry, companies are rallying behind smart automation to provide the best possible user experience to its customers and fulfill their never-ending demands. The amalgamation of technology with service industry and human capabilities helps re-imagine business processes efficiently and delivers greener business outcomes for their stakeholders, effectively. Rising customer expectations are transforming the idea of banking from conventional to convenience. Banks are integrating robotics to automate manual and repetitive tasks such as IT support, customer email response and portability of accounts thereby becoming agile, competitive and profitable.

Banking and Financial industry is seen to be growing exponentially over the past few years with the implementation of technological advancements resulting in faster, more secure and reliable services. In order 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. According to PwC, nearly 81% of banking CEOs are concerned about the speed of technological change, more than any other industry sector. RPA has been significantly adopted in this sector, for making the time consuming banking operations more organized and automated. In another research by Gartner, spending on RPA is on the rise and expected to reach a whopping $2.4 billion in 2022. According to reports, the largest revenue share for 2019 was dominated by BFSI segment in terms of application of RPA.

Bank employee deal with voluminous data from customer and manual processes are not only prone to have errors but are also time consuming. Lotus Analytics offers intelligent Robotic process automation technology to streamline a wide variety of back office processes that once bogged down bank workers. By shifting much of these tedious, manual tasks from human to machine, banks have been able to significantly reduce the need for human involvement, which has had a direct impact on everything from performance and efficiency levels to staffing issues and expenses.

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