Automation for
Banking and Finance

What is Automation in the Banking and Finance Industries?

Automation in the banking and finance industries provides operational cost savings and improved accuracy in many ways. Today, RPA is performing tasks to improve efficiency in Commercial Banking, Retail Banking, Lending, and Finance.

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Automation Use Cases for Banking and Finance

The following are three of the top applications of automation in Banking and Finance:

  • Data Entry
    One of the strongest applications of automation in banking is to improve the speed and accuracy of manual data entry. Automation can complete manual data entry tasks with 99.99% accuracy. Not only does data integrity vastly improve, but employees who are in these manual roles see notable increases in employee engagement metrics across the board.

  • Customer Onboarding
    Customer onboarding is a vital process for banks and one that involves multiple layers of security and identification validation. Automation can help eliminate manual errors that can occur during the process while saving significant time and effort for the back-office operations team.

  • Anti-money Laundering (AML)
    One of the most recent use cases for automation in banking and finance is the automation of Anti-money Laundering processes. Typically, this process is highly manual and can take 45-60 minutes to complete a single case. The repetitive nature of each case lends itself well to automation with Automation and can drastically cut processing time, resulting in faster case resolution.

Automation Benefits in Banking and Finance

  • Improved security
    Because automation shifts much of the work typically done by humans to machines, there is significantly less opportunity for fraudulent activity to occur. In addition, irregularities in the process can be monitored and responded to in real-time, making it more difficult for internal and external bad actors to take advantage of the system.

  • Improve Employee Retention
    According to an insight study by Forbes in 2019, 92% of companies that deployed automation solutions saw an improvement in employee satisfaction. By reducing the number of manual, repetitive tasks that employees are asked to complete, job satisfaction can be elevated.

  • Regulatory Compliance
    The banking industry is held to a high standard for documenting work and creating audit trails. With so many error-prone processes, the risk of regulatory non-compliance can be a costly issue. Automation can help improve the accuracy of validating customer information as well as improve regulatory reporting. Lastly, reports can be generated automatically and provided to stakeholders at custom intervals.