How RPA Services Important in Banking Sector

How RPA Services Important in Banking Sector The BFSI sector has witnessed tremendous growth in recent years. Despite the pandemic and shrinking economy, the banking sector remains strong because of its widespread adoption of virtual banking and emerging technologies like Robotic Process Automation (RPA). RPA in banking sector is expected to reach $1.12 billion by 2025. Top Five RPA use cases in banking 1 Customer Service : Over 80% of customers who have used chatbots for product inquiries in the last 12 months wouldn’t want to use them again—and 46% said that they’d prefer to use branches 2 Compliance : According to an Accenture survey, 73% of respondents believed that RPA can be a key enabler in compliance 3 Credit Card Processing : RPA can bring down the loan and credit card processing duration of weeks and months to some minutes by bringing automation. 4 Know Your Customers (KYC) : As per the Thomson Reuter report, few banks spend at least USD 500 million every year on KYC 5 Automated Reporting : Institutions can utilize RPA to replace human works associated with report generation, including data gathering from internal and external systems

Benefits of RPA in B Save time Save resources Increase the human em Source: https://automationedge.com/blogs/robotic-pr

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