Top RPA Use Cases in Banking Industry

by Sachin

There are more than a few reasons why banks should embrace Robotic Process Automation technology, one of them being the deep understanding of customer behaviors and preferences it provides.

If you’re a banker or work at an organization that deals with banking-related services, you might already have heard of robotic process automation. If not, this article is for you, so keep reading. Read on to discover RPA and how it changes things in retail banking.

What is Robotic Process Automation?

Robotic process automation is a form of human-machine collaboration. As opposed to having human employees interact with computer applications, RPA technology allows an automated software application to simulate how a human would normally perform the same task. Examples of rpa in banking, if you’re a customer service agent, your job is usually to call customers to ask them the question How are you? And what can we do for you today? Use RPA technology instead of calling the customer on your phone and asking those questions. Mobile banking development services think over this stuff and software application will do it automatically in response to a query from your call center software.

Why Choose RPA?

When you’re making calls to customers and asking them questions, there’s no need for you to be available all day. If it’s too much work on your part, these days, banks often use call centers to help deal with their customers.

In fact, many financial services firms have been turning to automated phone greeting and customer service systems to help reduce their costs while improving service levels and that’s where the benefits of RPA in banking comes in handy.

RPA in financial services can free up your staff members to focus on other things in the organization. That way, employees will no longer be tied up in making calls to clients about various matters. Robotic process automation examples in banking technology can get used in several applications. Here are some of the top use cases you might encounter in banking.

Top RPA Use Cases in Banking Industry

1. Know Your Customer

Banks always collect information about their clients without the client’s knowledge or consent. It is a necessary evil, especially as institutions have to fight off fraud and money laundering at all times. Banking robotic process automation helps banks create actionable reports that not only improve customer service but also help them increase sales and prepare for industry innovations like financial technologies or digital currencies like bitcoin.

2. Answering Questions About Transactions and Payments

In this case, banks don’t want clients to call up their call centers to access basic transactional information like their account balances or outstanding payments. Instead, banks use RPA technology to perform these tasks automatically in response to specific queries from call center software.

3. Creating Fraudulent Transactions

RPA makes it easier for banks to create fraudulent accounts in their system. Banks, especially those with multiple branches, can use RPA technology to help create new accounts and be able to do so quickly without any oversight from employees. It helps streamline the process of creating new accounts and also prevents employees from committing theft or fraud by creating fake accounts and pocketing money withdrawn from these fake accounts.

4. Collecting Fines and Overpayment

Banks must pay fines and refund customers who continually overpay. To help reduce costs, banks use RPA technology to skip the middleman and automatically collect such funds using specific triggers in their banking accounts.

5. Conducting Transactions Without Human Intervention

RPA technology helps banks conduct customer transactions without involving their employees. Banks can now take orders from customers via email or social media and use RPA tools to fulfill these orders automatically. International money transfers made by clients are also processed faster through RPA as these are often manual processes for many banks that require human involvement at different steps of the transaction flow.

6. Conducting Customer Satisfaction Surveys

Among the many ways RPA can help banks, one of the most important is facilitating customer satisfaction surveys. If a client has a question about their account or wants to make a complaint, for instance, about poor service, then banking employees will be able to answer these questions automatically through RPA technology.

7. Conducting Risk Assessments

Banks have to do a lot of risk assessment before deciding whether to give out loans to a customer. Using RPA technology, however, banks can now perform this task more quickly and easily. It allows companies to analyze the risk of lending and take action against people who are high-risk clients. Another thing RPA can do is provide an analysis of the risks of potential violations that customers might commit in terms of financial transactions.

8. Provide Customer Support

In banking, providing customers with high levels of customer support is always a good selling point. Besides that, providing excellent customer service will ensure that your clients remain loyal to your brand and that they can recommend your bank to their friends and family. You can use RPA technology to help create self-service solutions for the customers by having them submit requests for information via hotlines like IVR or email. RPA automatically responds to these requests using pre-defined voice messages or emails.

9. Generate PDF Reports

Banking institutions usually have a lot of documents containing financial data about their clients or industry trends. You can use RPA technology to automate creating such reports and save time.

10. Conduct Bank Reconciliations

Bank reconciliations are accounting procedures that involve verifying transactions in a bank’s accounting records with those from the physical cash and securities on hand or deposited at the central bank. You can leverage accounting automation technology, such as RPA, to complete these tasks faster and more efficiently by having software applications automatically perform them based on specific triggers in your system.

RPA can help your bank run efficiently and improve customer service. Automating some workflow processes will free your employees to work on more value-adding activities. It also means that banks won’t have to spend money on hiring more people or training new ones when the workload increases. 


Eisele Candace has 7 years of experience as a freelance technical writer, specializing in content related to IT technologies, programming and UI/UX design. Holder of a Master’s degree in Journalism and Public Relations. She has also completed design and programming courses in  “UI / UX design”, iOS and Python in Mansfield, OH. 

You may also like