The worldwide pandemic has brought about massive turmoil in the global banking industry. Digital banking, on the other hand, has increased by leaps and bounds. This transformation influenced banks to provide the best user experience to their clients. Banks must ramp up their digitization process for better banking and improved ROI.

According to Gartner, almost 80% of finance leaders have deployed or plan to implement RPA.

Automation is emerging to be a significant driver of digital transformation in banking. It eliminates major bottlenecks and streamlines a wide variety of banking operations. RPA is a valuable solution to maximize efficiency and solve critical demands of the banking sector. Automating repetitive end-to-end processes like data entry, customer support and back-office work help banks improve their overall customer experience. Let’s take a look at seven critical processes that banks are automating now:

Loan Processing

Manual loan processing at banks is both a labor-intensive and time-consuming process. From digital forms to credit analysis, automation shortens the months-long processing time. Automation speeds up the verification of digital forms and documents provided by customers. A smooth, error-free procedure helps ensure that clients get their funds on time.

Benefits:

  • Enhanced efficiency as a result of quicker and error-free application processing.
  • Satisfied customers due to reduced loan processing time and less paperwork.

Loan Forgiveness Process

Owing to the pandemic and other crises, banks are dealing with a lot of loan forgiveness requests. With tons of incoming applications, banks must keep up the pace to meet the customers’ needs. End-to-end process automation like pre-filling requests, document upload, and verification can streamline the entire process.

Benefits:

  • Give clients a faster response time and a better customer experience.
  • Eliminates error-prone human data entry process.

Loan Restructuring

Being a critical banking activity, the loan restructuring process must be simple for borrowers. Banks modify loans by lowering interest rates and extending repayment periods. Automation analyzes these data sources to provide the appropriate loan modification steps. By lowering process time, errors and expenses, automation eases loan modification for banks. 

Benefits:

  • A faster approach that results in a speedier loan modification process.
  • Improved reporting and process accuracy throughout the workflow.

Corrections to ACH Payments

ACH is a widely used process, from monthly bill payments to your salary transfer. While dealing with ACH, there is a possibility of mistakes. The account holder might request either reversal or cancellation of the process. This scenario might cause an increased pile of manual documentation for the employees. Deploying automation solutions improves the accuracy and security of ACH Payments.

Benefits:

  • Require less manual review due to automated validation.
  • Process automation makes security and financial reporting more accurate.

Processing of Debit Card Fraud

Banks find it difficult to manually verify transactions in order to detect fraud. Banks must properly analyze each debit card dispute request or fraud. Automating the process ensure prompt resolution of fraud. Automation strategies such as electronic routing and digital forms speed up the entire process.

Benefits:

  • Customer satisfaction increases due to improved collaboration.
  • Improved claim filing, reviewing and resolving system result in faster response time.

Processing of Regulation D Violation Letter

For any questionable withdrawals or transfers, banks create a Regulation D violation letter. However, banks encounter difficulties in processing violations due to account scanning and laborious paperwork. With RPA, banks can create violation letters automatically for any questionable transaction. This improves customer service while still assuring compliance. From process mapping to document generation, automation streamlines processes, alerting customers faster.

Benefits:

  • Maintain a communication audit trail to guarantee compliance with Regulation D guidelines.
  • Improved claim filing, reviewing and resolving system result in faster response time.

Verification of Identity, Easy KYC

Know Your Customer (KYC) is a crucial compliance procedure for all banks to verify the identities of the customers. However, lengthy onboarding might turn off potential clients. Automation enables banks to complete KYC in a comparably shorter period with fewer errors and resources. Automation has made customers’ information gathering and validation seamless. This results in huge cost reductions along with satisfied consumers.

Benefits:

  • Removes complicated and tedious manual document processing with increased accuracy.
  • Streamlines customer onboarding while providing customers with a positive experience.

As enterprise businesses face complex manual processes and rigid workflows, business leaders are looking for viable automation implementations that redefine their performance, efficiency, and productivity. We have joined forces with the Nintex Process Platform, the complete platform for process management and automation. As a proud RPA technology partner with Nintex, our automation technologists have the profound technology expertise to help businesses manage, automate, and optimize business processes more efficiently than ever.

Leveraging the potential of innovative solutions like Hyperautomation, Robotic Process Automation, Business Process Automation, and Autonomous Automation to transform your business.

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Sailakshmi Yeluri