Most banking operations involve time-consuming, repetitive processes. Many of these processes, which do not require human intervention can be automated. With robotic process automation, bank operations can be done at a greater scale, speed, and accuracy than is not possible with humans. This has a direct impact on accuracy, efficiency to staffing issues, and its related expenses. With robotic process automation, the need for data reconciliation is also significantly reduced.
Robotic process automation puts to work robots that work on the processes round the clock, without being fatigued. It improves the operational SLAs, speeds up work outcomes, removes opportunities for errors, and makes banks perfectly suited to scale up with very little staff. Either by increasing computational power or by increasing the number of robots, banks can adjust themselves for peak hours. Robotic process automation also eliminates a significant number of backlogs, which translates into significant savings.
In India, ICICI Bank using robotic process automation for processing one million transactions daily, with higher accuracy. The bank has identified two hundred such processes across various functions, where it could be further applied. The customized version of Pega’s OpenSpan, a robotic process automation tool is used for this purpose.