With the fast pace needs of the modernized world, it is essential for banks to improve their processes to satisfy the demand of customers and stay competitive in an increasingly saturated market. Banking firms have to find ways to better their customer experience, maximize efficiency and reduce costs. Robotic Process Automation (RPA) is the answer to this challenge as this powerful tool can automate mundane tasks to reduce processing time and increase efficiency.
RPA is not exactly a brand new player in the finance and banking world. More and more companies are looking to adopt this powerful tool as according to a recent report, the use of RPA in financial services will be worth $2.9 billion by 2022, a massive increase from $250 million in 2016. RPA has the ability to automate rule-based tasks, which simplify the busy work for employees and improve accurateness. This will improve customer experience and satisfaction as processing time is reduced. Employees are free to do more meaningful tasks and have more time to interact with customers on a case-by-case basis, which improves the overall experience. Here are some examples of how RPA can automate solutions for better customer experience:
Source: Chatbots Life
1. Customer Onboarding
With multiple forms and verification steps, customer onboarding using traditional means can be a long, drawn-out process. The process can be made much easier with RPA as the robot can quickly take in a large amount of data from documents using the optical character recognition (OCR) technique. The data then can be matched with the information that customer provided in the form.
2. Response to Customer Queries
Customers get frustrated when they have to wait a long time to reach a person while calling customer services. It is impossible for bank firms to attend to a large number of customer queries in a short amount of time. Using RPA or more specifically chatbot can help banks resolve this issue. Chatbot benefits both the banks and customers as on one hand, it significantly cuts down the wait time where customers can get accurate results instantly and on the other hand, the banks do not need to allocate as many human resources toward processing the huge amount of queries.
Source: Information Age
3. Analyze and Approving Transactions
This rule-based process is mainly performed by employees in most banks. When a suspicious transaction gets alerted, an employee will review it and decide whether the transaction is approved by following a predetermined set of rules. RPA can authenticate thousands of transactions in minutes which immensely reduces the processing time from a couple of hours done by a human. Moreover, RPA greatly reduces errors as this process is hard to stay compliant with when performed by a human.
Overall, customers want to be appreciated for their time. With more engaged and better customer services, banks can show that they truly understand and care about the business that the customers bring. RPA is the right tool for improving the customer experience as it saves time and costs for both the firms and customers. Reducing errors will help banks stay compliant and competitive in the market.