Its been 4 years now that RPA tools got introduced in the industry.
Whenever we connect to someone working in the Banking Industry and give our sales pitch, the most common question we get is Why us, Whats the “Usage of RPA Tools in Banking Industry”.
So, in this blog, we are going to understand about the “Usage of RPA Tools in Banking Industry.”
If you are working with any bank and are considering to learn an RPA tool – You are in the right place.
Let’s start now,
This blog is for individuals who already know ” What RPA is?”,
but hey, if you are someone
Who still does not know much about the RPA tools, then don’t worry
You can read and know more about RPA by CLICKING HERE.
RPA, also known as Robotics Process Automation is a Business Process Automation tool.
It is based on the e-bots being created using different RPA tools. The reason behind the success of RPA tolls is the ease with it can be used by individuals. Its a 100% code-free tool. Its been more than a decade now that RPA tools are being used, and
Click here to learn RPA Tools
Companies across the industries understand the real potential of the tools and the benefits it brings to an organization.
Mostly used RPA Tools by banks:
Each and every bank has different requirements and the criteria based on which they choose to use a specific RPA tool.
- Blue Prism
- Automation Anywhere
- Ui Path
- Work fusion
Why do banks need to use RPA tools?
At present banks are;
- Under pressure to optimize costs.
- Trying to control rising personnel costs,
- Facing scarcity of relevant skilled resources,
- In need to increase productivity.
These are a few of the major issues that banks are facing and it is having a noticeable impact on the balance sheet.
RPA tools, on the whole, solves a lot of these issues to an extent and it makes sure that the companies are getting benefited in the long run.
Some of the benefits of RPA Tools in banking:
- It saves Cost Savings: Usage of RPA tool can increase cost saving somewhere in between 25% to 50%.
- High ROI: If implemented strategically companies can achieve ROI of up to 300% (Seen in a few cases).
- Higher accuracy: As bots don’t have its own decision making capability and works on rule-based scenarios, it is bound to provide the same result all the time with ZERO compromises on accuracy rate.
- Boosts employees productivity: As bots do all of the repeatable, not so productive, and mundane jobs it provides manpower more chance to focus on the work which requires human intelligence and interference. With the freedom that employees get they are able to be more productive in their role.
- Simple to learn: As most of the leading RPA tools are 100% code free, it becomes very much easy to learn for professionals.
Criteria to choose an RPA tool:
- Dependency on tools technology: Almost all banking domain companies use more than 1 third party tool support different departments of the company to ease the business process, under that circumstance they need an RPA tool that can easily integrate with all of that and doesn’t have any dependency on the technology on which they are built. Most of the RPA tools are able to break this barrier and are easily deployable by being integrated with any third party tool built on any platform. This is possible because the front end of the RPA tools can be used by both IT and NON-IT professional and wherever a bit of coding is required companies use solution architects to do that, and things get easy.
- Adaptability: Companies look for the tool that can easily scale up, can easily execute the process, a tool where creating a bot is not difficult, a toll where changes can be easily accommodated, a tool that can handle expectations easily. So, all I want to say is companies go for the tool that is flexible enough to accommodate any situation.
- Data security: Banks deals with trillions of data which if get compromised, they will be at higher risk of losing the faith among their customer base and if that happens their existence gets questioned. Banks need to give data security the highest priority and they will focus on RPA tools that provide the highest security to them in the long run.
- Procurement and operational cost: As of now there are 100s of RPA tools available in the industry and all of them have USPs which is different from one another. Each and every tool is priced differently. Companies always choose a tool which is both economical and suits its overall requirement.
- Ease: When it comes to choosing the best RPA tool, companies do keep a note of the ease of usage of the tool, companies look for a tool which can be easy in maintenance, a tool whose support team can be easily connected with, and easily deployable.
In most cases, companies go for the tool which provides ease of usage and superior security.
Tasks that an RPA tool does to support banking domain;
- Customer Support: Banks receive endless queries from its customers on a day to basis and these are mainly for card block service, age, loan inquiry, ATM frauds, transaction issues, undue charges, and so on. It actually gets difficult for the bank’s customer support team to address all of the issues in the least turnaround time. We got to understand that most of these queries don’t need human intelligence to answer them as these can be done with the help of the bots. If a bank uses RPA in its day to day service line then RPA tools can easily do/complete the low priority tasks and allow human manpower to focus on high priority query.
- Regular Compliance: Banks have so many compliances to follow, they have so many rules to be taken care of at each and every step to follow up. And, just because of the quantum of the work that lies is too huge it becomes an arduous task for the bank’s employees to comply with each of them. Accenture, in one of its survey being done on Banking Compliance Officers, found that the majority of them believed by 2020 RPA would be the key enabler in helping employees in compliance. It will also be increasing productivity as it works 24/7 with the highest accuracy as each and every bot is tested well in advance before it is even executed at the real-time work environment.
- Accounts Payable: RPA tools help in automating the process of Account Payable and it automatically credits the payments to the respective vendor’s account after reconciling the errors and validations.
- Credit Card Processing: Until 2017, it used to take at least a week time for the banks to process the credit card, it was because of the layers of steps that were required to be approved. This could end up in a long wait by the customers and was one the reason among the customer’s dissatisfaction, and sometimes they even used to cancel the order. But, now as banks are getting digitalized gathering data, and comparing them with the request made has got easier. This, in turn, has reduced the wait time significantly and has increased the level of customer satisfaction.
- Loan Processing: Banks are automating the digital (All tasks that are performed on the digital platform) part of the loan process. Tasks which doesn’t need human intelligence to be performed.
- Mortgage processing: In a developing country where the mortgage is in fashion to maintain societal equity, by far has been a very tedious work for the bankers.
- Detecting fraud: Since digitalization was introduced in the banking system, “DIGITAL THEFT/FRAUD” has been one of the major concern. It gets difficult for the banks to track down the possibility of fraud in quick time, but with RPA tools in use banks can track down the fraud quickly and at times based on the analysis of historical data it can even prevent it by blocking the account.
- HR related: Be it creating JD, posting recruitment ads on different job portals, sending a mass mailing to all prospective recruits to apply for the post, matching the skill set of the application received with the required ones, sending emails to the shortlisted people, taking care of onboarding and off-boarding policies, and others.
- Marketing (Digital): Most of the digital marketing efforts are being automated using RPA tools. Tasks like online posts (On social media), mass mail, sending messages and others.
These are a few of the tasks which are getting automated using the RPA tools, companies are exploring possibilities of automating as many business processes as they can.
A few of the preferred RPA tools partners are:
These preferred partners are in official partnership with the different RPA tools and are providing Business Process Automation services to the end users.
Now when you know about the impact of RPA tools in Banking industry, here comes the main question
What you should do now?
Don’t you think, you should learn an RPA tool?
Now, you must be thinking “Which RPA tool I should learn?”
Let me make it easy for you.
Do you know, that Blue Prism is one of the leading RPA tools.
Blue Prism is known as the pioneer in RPA.
Blue Prism is being used by the leading MNCs from different industries across the globe.
What if I tell you that you can learn Blue Prism in 30 hours.
What if I tell you that learning Blue Prism can boost your career.
What if I tell you that once hired as a Blue Prism developer you can get a hike of upto 40%.
Do you doubt me?
if you doubt me than attend 1-hour free demo class on Blue Prism Developer Training Program and talk to the experts, you will understand that I am making sense.
So, don’t wait.
Just visit www.ikxbay.com and book your slot for the free class, and start learning the tool.