Recently, Japan’s largest banks such as Sumitomo Mitsui Financial Group Inc. (SMFG), Mitsubishi UFJ Financial Group Inc. (MUFG), and Mizuho Financial Group Inc. (MHFG) were in news for implementing banking automation through Robotic Process Automation (RPA) to save labor and operational costs. Major banks such Axis Bank and Deutsche Bank were also in the news for incorporating RPA in their processes.
If that loan was granted early, or your cheque cleared faster than ever, don’t count your stars. It’s the advantage of RPA in banking adopted by your bank.
The BFSI industry is adopting process automation like no other sector, and the reasons are obvious: myriad regulatory and company procedures to follow or diverse financial products for a broad population.
A survey by PricewaterhouseCoopers among financial sector respondents showed about 30% were not just experimenting with Robotic process automation in banking, but were on their way to adopt it across the enterprise.
Let’s look at the various benefits it brings to your banking business:Continue Reading…