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How banks use RPA to boost their businesses

Robotic Process Automation (RPA) is one of the most efficient approaches companies use to the transform their business processes. It helps to improve quality and, what is more important, it is time and cost-effective. The idea of RPA lies in the use of software with AI and machine learning capabilities. The software solution manages extensive and repetitive tasks previously performed by humans. The mass implementation of RPA was triggered by the need of automation among the world’s most powerful organizations, especially in the finance industry. It has become useful for companies using multiple interactive systems, like those in banks.

The RPA technology allows banks to automate routine tasks, like extracting and imputing necessary information between websites, portals and bank systems, which results in increased productivity of employees and improved customer experience.

Multiple global leading banks have already implemented the RPA technology. Nordea Bank, for example, uses the “Liv” solution that performs simple repetitive tasks and frees up employees of the routine. With the implementation of “Liv”, the bank managed to decrease the ratio of errors by 98 percent and raise the efficiency of required tasks in banks of Nordea group.

Union bank has reached even more intriguing results by using another RPA solution. To effectively cover continually growing requests for loan services, they decided to use an Enterprise Content Management (ECM) system to tackle the challenge. After a while, the bank accelerated the conversion of paper documentation into the electronic format from 15 days to 5 days. Along with that, using ECM dramatically reduced the time required for integration of 800,000 loan documents to the web storage from several months to days. These all entailed even more changes. The bank has entirely automated every stage of the lending process. They ensured automation of information gathering, document conversion, customer notification and feedback sharing.  All those improvements helped significantly save time and efforts of the bank’s employees and allowed providing efficiency growth of the services.

Deutsche bank is another representative of the world’s leading banks that has modified the workflow through the usage of RPA technology. The bank has automated from 30% to 70% of cash and loan, trade and finance related operations. Due to the RPA solution, the bank has reduced the time necessary for employees’ training. Generally, it took nearly six months to train an employee. Along with that, RPA solved another pain of the bank – high employee turnover. Since all the monotonous work was automated, employees could concentrate on more important tasks.

On the one hand, all those modifications improved the productivity and the quality of provided services; on the other hand, automated tasks released employees from tedious work, which increased employee engagement at the workplace.

The bottom line is that businesses search for proper tech solutions to deliver high-quality services. The usage of RPA solution enables financial organizations to create digitized channels that improve customer experience. RPA software is a long-term investment in the future of these institutions, which is why banks should leverage it.

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