Customer service with Real-Time information updates with RPA in Banking Sector

Banks deal with multiple queries from every day account information to application status to balance data. It becomes difficult for banks to respond to enqueries with low turnaround time.

Competitive pressures, out-of-date practises, workflow disconnects, process flows, and inaccurate reporting can all paralyse the banking and finance industry. The operational issues and enforcement can be dealt with deftly by integrating RPA into this volatile business sector. The benefits of RPA in banking and finance include securing margins and ensuring the existing resources are focused on critical tasks such as customer service, investment strategies.

Using emerging technologies such as RPA, Machine Learning and Artificial Intelligence, the Process Automation Tool ingests customer records as they are submitted and identifies potential problems according to set parameters, submission rules and coding guidance. Specifically,

  • RPA orchestrates the steps of the intake process
  • OCR digitizes the scanned document
  • AI and machine learning are applied to understand the document and extract the information necessary to validate the information

Going Paperless with RPA
Banking enterprises are going online because of the levels of dynamism offered by RPA bots in executing paperless processes with customer service related information. Robotic Process Automation can fulfil the requirements like account opening, KYC management, account closure, account blacklisting, internal auditing, investigative operations, performance report generation, loyalty evaluation, creditworthiness assessment, auto loan approvals, credit note accounting, breach notifications, update notifications, bank-to-bank coordination, mortgage and collaterals management, incentives management, Forex transaction management in a compliant manner.

Some of the benefits of the RPA engagement in the technology aspect of banking and finance are,

  • Cost savings and value-addition to customer services
  • Improved operational efficiency and decision-making
  • Better agility and flexibility
  • Reduced business response time

The number of daily customer requests in banks (ranging from balance inquiries to general account information) is immense, making it difficult for bank employees to respond quickly. RPA tools can help banks automate routine, rule-based processes to efficiently respond to queries in real time, cutting turnaround time in half.

How IntelliBuddies® is helpful
Buddies (software assistants) operates and executes the processes at a typically greater speed than humans. The benefits of integrating RPA for customer services in Banking & Financial institutions are the reduced costs, simplified desktops, which streamline the following customer service processes— account information, balance information, preloading the customer context, and pull necessary information from various applications and when required. And all these processes without any human interaction seamlessly with the AI automations concepts (NLP, OCR, ML, speech and visual recognition) bundled in the tool.

Source: Prolitus
RealtimeInfo by Austin Distel is licensed under Unsplash

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