Banking workflows that would have previously required human intervention are now able to be automated by robots and Artificial Intelligence (AI). Some Banks have begun seeing positive ROI from Robotic Process Automation (RPA) within as ‘little as four weeks. RPA is used to perform repetitive tasks like data entry and to automate back-office workflows. It can also be supplemented ‘with AI and Machine Learning. Several banks have started to implement this form of Intelligent Automation (IA) which allows banks to elevate their customer experience while cutting costs.
Robotic Process Automation has excelled the turnaround time in processing a request from days to hours and even minutes while also reducing the processing cost by 30% to 70%. One area that has really benefited from RPA is Accounts Payable (AP). This monotonous process that was typically done by a person, can now be digitized using RPA technology. Notably, 73% of compliance officers believe that RPA could be a key enabler in compliance within the next three years.