Robotic Process Automation (RPA) can help Banking organizations by expediting back office operations and freeing their resources for taking up customer-focus. RPA (or software bot) emulates transactional, administrative tasks which are repetitive, rules-based and require no decision making or strategizing.

Using robots to drive tangible business benefits is very much a reality today: The IT-enabled RPA market has been growing rapidly at a CAGR of 60.5% from 2014 and is expected to reach US$5 billion by 2020.

In an increasingly saturated banking & financial sector – especially with the massive counter competition from FinTech and other virtual banking solutions, it has become imperative for banks & other financial institutions to continually evolve, remain competitive, and provide exceptional customer experience to users.

Banks & financial institutions today are under tremendous pressure to optimize costs and boost productivity. The other challenges that the banking sector is grappling with include a scarcity of skilled resources, need to increase efficiency in processes, and a sharp increase in personnel costs, which altogether has given way to the adoption of Robotic Process Automation (RPA).

The banking industry these days is rapidly turning to new-age technologies to stay competitive in an increasingly saturated market. The sector has come a long way from traditional banking to digital, but now banks need to find ways to deliver the best possible user experience to their customers. This is where robotic process automation (RPA) comes in, playing an effective role in increasing efficiency and driving ROI.

Integra combines deep FinTech knowledge with custom RPA solutions for all areas in banking. Integra can help you with a rightly implemented RPA solution which can identify work tasks that are structured, process-driven, rule-based, non-intuitive, and automate them with a stable execution process and performed in a stable environment. A few ways Integra helped banks and FinTech companies deploy robots and virtual workforce include:

• Automatic Report Generation Across Systems
• Customer Onboarding
• Know Your Customer (KYC)
• Anti-Money Laundering (AML)
• Account Opening
• New account entry across systems: Moving data and doing multiple entries
• Mortgage Lending: Moving data from place to place and making calculations
• Loan Processing: From web form to Mainframe
• Fraud detection: By tracking account activity
• Account reconciliation: Duplicating and moving data
• E-Form extraction: Taking data forms and making system entries
• Accrual support: Making and updating entries
• Credit note accounting entry