BFSI segment around the world is becoming extremely saturated, especially because of the immense competition from FinTech and other virtual banking solutions. Thus, the sector is tremendously concerned about optimizing costs while staying competitive and providing exceptional experience to its customers. One of the key challenges for the industry is also the lack of skilled and efficient resources which ultimately increases the cost per resource. Another challenge is the cost of compliance as the industry is strictly governed by the regulatory bodies. There is heavy volume of data that needs to be processed which is time consuming and error-prone. The BFSI players have to pay a heavy cost for non-compliance or errors. Overall, the times are challenging for BFSI, but there’s a silver lining in the form of RPA.
In this write up, we’ll talk about how RPA helps to overcome the challenges faced by the BFSI segment by automating mundane and time-consuming tasks. With the help of automation, the burden of manual repetitive work can be reduced substantially. The bots take charge of the operational processes like opening of applications, transferring information, responding and interacting on emails etc. that otherwise indulge a larger workforce.
Here are 5 ways in which RPA can benefit the BFSI segment…
- Customer Onboarding and KYC
There are multiple forms that need to be checked while onboarding a new customer. The data needs to be matched with documents submitted for verification of identity/address. With the help of RPA, this process can be simplified as the data can be captured from these documents by means of Optical Character Recognition (OCR) technique and matched against the information filled in the customer form. This helps to avoid errors that crop up due to manual entry and accelerates the customer onboarding process.
- Risk and Compliance Reporting
BFSI players receive several applications from customers on daily basis and going through all the documents manually consumes time. The bots help to save time by scanning all the documents, emails, statements etc. and reporting anomalies if any. With the stringent regulatory guidelines, BFSI players are looking at RPA solutions to increase efficiency and reduce compliance costs
- Application Processing
One of the crucial steps in BFSI is application (loan, claim etc.) processing. It often goes wrong because of manual intervention while collecting and/or submitting necessary information. With RPA, this step can be automated which not only helps in reducing the processing time but also improves the accuracy of the same. This enhances the customer experience as they expect instant responses to their queries and requests.
- Customer Service
Dealing with customer queries is another time-consuming yet critical tasks that BFSI players must deal with. RPA implementation helps to take this load off to a great extent as it can resolve low priority queries on its own, which frees up the employees and enables them to focus on high priority and complex queries. RPA also helps to reduce the customer onboarding process by automating the verification process. Such automation reduces waiting period for the customers, results in lesser grievances and better customer experience.
Also Read: Automation: A Necessary Pit Stop En Route Digital Transformation
- Secure Operations
With RPA, organizations minimize human intervention to a substantial extent. In addition, it also can assign role-based access which helps to keep operations safe and secure. Bots can be programmed to take intelligent decisions using layers of AI/ML which can help to detect as well as prevent fraud substantially. This is very crucial for sensitive sector like BFSI.
Overall, RPA can help BFSI players to:
- Minimize manual intervention
- Increase operational efficiency
- Reduce business response time
- Lower operational costs
- Drive regulatory compliance
- Improve staff productivity
- Achieve scalability
- Enhance customer satisfaction
These benefits make RPA a compelling proposition for BFSI players. By 2021, Forrester estimates there will be more than 4 million robots doing office and administrative work as well as sales and related tasks. With this rapidity, how soon do you think RPA will achieve omnipresent adoption?
Clover Infotech provides end-to-end RPA services which includes consulting, implementation, and support. We help our client’s companies to enhance productivity, reduce operational costs and improve scalability.
Contact us at firstname.lastname@example.org if you have any queries regarding RPA implementation in the BFSI sector.