How Banks are Using Robotics Automation Technology
Over the recent past, many banking and financial institutions have adopted advanced technology to improve their customer service. Conversational AI in banking plays a crucial role in developing smooth relations with customers. The banking industry has integrated robotics automation technology in key operations. The following are five ways that banks are using this technology.
The banking and finance industry in most countries has a wide variety of compliance rules. At times, it is difficult for banks to follow all the rules. Robotic Process Automation (RPA) helps banks to abide by all compliance rules. A 2016 research by Accenture discovered that 73 percent of compliance officers believe that RPA will help most banks adhere to compliance rules by 2020. Robotics automation technology increases productivity, employee satisfaction and it simplifies the compliance process.
2. Automatic Report Generation
The law requires all financial institutions to generate compliance reports of all fraudulent transactions that have been carried out within a particular period. These reports are also referred to as Suspicious Activity Reports (SARs). Also, compliance officers should manually read individual reports and fill vital information in SAR forms. It is a repetitive task that is tedious and time-consuming.
Banks are integrating RPA technology that understands natural language to read compliance reports before they fill SAR forms. A financial institution can train RPA software with inputs from its compliance officers on different sections of a compliance report. It significantly cuts down the time required and operational costs incurred while performing such tasks.
3. Credit Card Processing
In the past, it took banks a week to authenticate and approve a credit card application from a customer. The prolonged waiting period often caused customer dissatisfaction and some people resulted in canceling their applications. The introduction of RPA has enabled banks to process credit cards in less than a day. RPA software conducts background and credit checks of applicants within a few hours and determines if they are eligible or not.
4. Customer Onboarding
Banks manually verify the documents of customers before they approve their registration. RPA captures their personal information from Know Your Customer (KYC) documents through Optical Character Recognition (OCR) technology. It then matches the data with the information that a client provided. The robotics automation technology enters the data into a customer management portal if there aren’t any discrepancies.
5. Fraud Detection
Fraud is a major concern for most banks. Advanced technology has led to an increase in the number of fraud incidents reported globally. So, it is tricky for a bank to manually check all transactions to identify irregular patterns. RPA identifies and flags potential fraud through an if-then technique. For instance, the automation technology flags an account that makes many transactions in a short timeframe. The bank then starts investigating for fraud as it scrutinizes the flagged account.
Robotic automation technology comprises sophisticated automation software such as Automation Anywhere, Blue Prism, and UiPath. Banks install them in end-user devices and desktops to perform repetitive banking tasks. Contact Integritas Solutions via 888-272-2614 if you need affordable and exceptional Chatbot development services. Our tech experts will offer technology solutions that will improve the cost-effectiveness of your business operations.