Banking meets RPA
Banking and finance industry is completely process-oriented where every activity goes through a stringent process of completion and is done meticulously to avoid errors in processing. However, considering the repetitive nature of the tasks, the scope for human error increases, which in turn results in losses. Recently, leading financial institutions such as Deutsche Bank and Axis bank have started automating processes that involve high transaction volumes to minimize the errors.
In fact, a report by KPMG states that in the next 15 years, Robotic Process Automation (RPA) will be performing almost 75% of the existing offshore jobs, which could result in saving cost on operations and other factors.
Benefits of implementing RPA in the Banking and Finance industry
- Increases the staff’s efficiency level by 35-50% by automating mundane tasks
- Enhances customer satisfaction by processing loans at a faster rate
- Helps in adhering to the large number of compliance rules
- Scales up the processes with minimal errors