Top 8 RPA in Banking Use Cases

Banks and credit unions around the world are turning to RPA to increase efficiency, improve auditing and reporting, and deliver a better customer experience. Here are 8 of the top RPA in banking use cases.

1. Integrating legacy and current banking systems

Banks and credit unions are notorious for having a lot of disparate systems, some that integrate and connect with each other and some that don’t. When your bank has multiple databases, core banking systems, and applications, RPA can transfer and migrate data to and from each system, ensuring that data is consistent and correct across the whole organization. And it can execute processes that touch multiple systems in the business.

2. Reporting wire transfers

Every bank has to post incoming and outgoing fund transfers to the federal reserve, whether the payment orders are routed and settled. As a manual task, this requires an employee to check Fedline (a branch of the Fedwire Funds Service) for inbound transfers to process and post any outgoing transfers.

RPA can perform the browser automation and data scraping to pull payment information from the core banking system and push it through the Fedwire Funds Service, saving banks time and money and helping them meet SLAs. It can actually replace an expensive monthly service called Fedline Advantage.

3. Fraudulent Activity Monitoring

Since it isn’t practical or possible to have a person watching every single account and tracking activity all day, every day, RPA is a great candidate for account activity tracking. Digital workers can help fraud teams by flagging suspicious activity and notifying the appropriate person.

4. Account reconciliation

Not only is this a time-consuming process when done manually, but it also leaves room for error with data re-keying across systems. RPA helps by matching up data with records in disparate systems. Bots can detect duplicate entries, synthesize data stored in different formats across systems, and reconcile accounts accurately.

5. Loan Application Process

Processing loan applications is a multi-step process involving credit, background, and fraud checks, along with processing data across multiple systems. When RPA bots take this over, they process every application the same way, quicker, and with greater accuracy. Then if any information is missing from the application, the RPA bot can send an email notifying the right person.  

6. IT issue resolution

As banks and credit unions adopt more technology to better serve customers, the number of IT service desk tickets will also grow. Not only can service desk tickets be resolved quickly and automatically with RPA, but RPA solutions can reduce downtime by fixing problems (like your network) and backing up data to shorten time to resolution.

7. Audit report automation

Have audit reports at the ready by employing RPA to pull reports on a regular basis. Here are just a few of the audit reports you can create with RPA:

• BSA/AML audits
• KYC (Know Your Customer) to collect, screen, and validate customer data
• CRA (Community Reinvestment Act)

8. Account creation

Your customers and members don’t have hours to sit while a person manually processes their applications, runs credit checks, and manually sets up access to online banking. That’s where RPA bots help to provide the ideal customer experience. You can set up RPA to process customer information, run checks, and configure the account quickly and easily.

This list just scratches the surface of the ways you can utilize RPA in banking. There are countless other use cases for banks to realize value, save time, and improve the customer experience.