RPA In BFSI Sector: Streamlining Customer Onboarding Process

Continuously evolving technology making the environment more competitive especially when it comes to BFSI sector. Customer retention is one of the biggest every challenge being faced by BFSI sector and to overcome this challenge, Banking and financial institutions need to continuously evolve and adopt new technologies to provide better satisfaction to their customers.

The financial institutions in Japan, including Sumitomo Mitsui Financial Group Inc. (SMFG), Mitsubishi UFJ Financial Group Inc. (MUFG), and Mizuho Financial Group Inc. (MHFG), have recently introduced robotic process automation (RPA) in banking and observed reduction in operational expenses. Leading banks like Axis Bank and Deutsche Bank gains quick ROI and increased customer experience for implementing RPA software program bot in their procedures.

Why RPA in BFSI

RPA enables Banks, Financial services and insurance sector in their digital transformation by automating manual, time-consuming processes so that employees can concentrate on more important tasks that will provide the banks a competitive edge and boost customer satisfaction. RPA is a helpful tool for meeting the urgent needs of the banking industry and assisting them in maximising efficiency by reducing operational expenses.

In customer onboarding process, massive amounts of data need to be processed every day and in order to reduce human error and efforts, many banks and financial institutions are adopting RPA software bots at increasing rate. A customer onboarding request which use to take days can now be processed in hours, and the cost of processing has decreased by 40% to 80%. A bank has benefited from banking automation with RPA technology, which has freed up the employees to focus more on interacting with customers and expanding the business.

Among the many operations in BFSI sector, the first that comes in the frame is customer onboarding as customer delight comes first for banking and financial institutions.

Due to the extensive documentation needed for manual verification and processing the same into core systems makes onboarding new customers a time-consuming procedure. This entire process can be quickly automated by employing RPA software bots capabilities to extract data from KYC, which can then be compared with the data given by the customer. It can automatically submit the data into the customer management system if there are no errors found. This not only reduces the possibility of error but also spares the employees' time and effort.

RPA Software Bot Automates :

•  RPA Bot collect personal and financial information into the system.
•  Bot will verify the information through authorised governmental entities by connecting legacy systems.
•  Bot set up an account, implement data archiving and monitoring procedures in the core system.
•  Bot can also provide analytics and cross-selling.

Financial institutions are using RPA software bots to support critical operations and procedures around-the-clock. With real-time assistance, they can make better use of their workforce.

Key success achieve by deploying RPA software bots :

•  Accelerates customer onboarding
•  Increases revenue and cash flow
•  Reduces operational costs
•  Automates manual process
•  Reduces human interventions enhancing process efficiency
•  Decreases customer loss
•  Provides enhanced customer experience
•  Fosters customer loyalty and trust
•  Non-invasive Integration
•  24/7 available With Zero Error
•  Public Accounting
•  Reconciliation and Analytical Tasks
•  Dual-Purpose Audit Tests
•  Enhances data quality
•  Stabilizes industry best practices

Conclusion:

With so many benefits, Robotic Process Automation (RPA) has been used by BFSI sector across all of their functional areas to improve customer experience and set themselves apart from the competition. Given the benefits RPA software bot brings to the company, it produce a strong return on investment (ROI) within a few months of deployment.

ESS can help you in leveraging these benefits and gain quick ROI within months, connect with our RPA expert to know more about the processes that can be automated in BFSI sector using RPA software bots.