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Understanding the role of automation in financial services

What is RPA?

Robotic Process Automation (RPA) is a type of advanced software technology that facilitates the replacement of frequently repeating manual jobs, with automated robots.

Examples of RPA include:

  • Automated IVR instead of attending every call

  • Automated metal detectors at airports, instead of manually checking every traveller

  • Automated lead forms, instead of manually jotting down each potential customer’s details

Simply put, RPA is software which mimics human behaviour, based on pre-defined rules.

3 ways RPA can be useful in financial services

1. Increase operational efficiency

Banks and other financial institutions can drive tremendous efficiency in:

  1. Operational costs

  2. Operations manpower

  3. Operations turnaround time

Examples of RPA in operations:

  • Customer-servicing bots, which answer all the basic questions so call centre executives can focus on solving more complicated queries

  • Validating customer documents using OCR (Optical Character Recognition), instead of operations executives manually validating every document like PAN and Aadhar

  • Digital signatures and eKYC, which enable customers to complete an account opening process and sign the final agreement, without an organization having to send field agents

2. Reduce business risk

A sound financial business demands a good risk mitigation strategy. Here are 3 ways organizations can leverage RPAs to reduce business risks:

  1. Reduce frauds and fraudulent transactions

  2. Set AML mechanisms in place

  3. Enhance credit-decisioning

Examples of RPAs in risk management:

  • Using RPAs, you can set up bots and rules in your system - which can flag unusual transactions, and your systems can immediately inform you and the customer with automated alerts

  • RPAs can also automatically tally all your customers with global databases to quickly identify in case a black-listed person/group of people try to open an account with you

  • RPAs combined with predictive algorithms can help you improve credit-decisioning, like offering a credit card and setting credit limits without manual interventions

3. Grow business revenues

RPAs can supercharge a BFSI player’s business revenues with solutions which simplify processes for potential and actual customers. These include:

  1. Use assistive bots, which remove friction for customers

  2. Marketing automation tools, which can predict when to nudge customers and with the appropriate communication, to get them to buy

  3. Recommendation algorithms

Examples of how RPAs help improve revenues:

  • Assistive forms can be used in an online account opening application. Whenever a customer of yours gets stuck in any field, this bot will pop up with helpful information and help the customer move forward in the journey.

  • Drip campaigns - a form of automated marketing, in which campaigns get executed basis what a customer does or doesn’t do. When you send a promotional email, customers will either:

    • Open the email and do nothing

    • Open the email and click on a CTA

    • Not open the email at all

You can customize your follow-up promotional emails depending on which of the above 3 actions the customer takes.

  • An RPA bot can predict that a customer who always pays bills on time, and is running low on credit card balance, should be offered a personal loan rather than a fixed deposit. Strong recommendation algorithms help BFSI companies maximize revenue per customer by polishing their upsell and cross-sell strategy.

Simplicity is key. The best RPAs are simple at heart.

But what makes an RPA great is execution. Our extensive experience in implementing RPAs across leading BFSI brands will ensure you are always executing right. Reach out to us at

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