15 Examples of how Banks and Financial Services Companies are using RPA

Banking & Financial Services companies have been busy automating some of their repetitive front and back office functions using bots. Here is a rundown of few examples of how bots are being used and the results achieved so far.

Covid PPP loan processing: Rapid River Bank used bots built in 36 hours to automate the processing of 1,600 Paycheck Protection Program loans. (1)

Loan approval: Auswide Bank used automation to achieve 5x loan origination capacity.(1)

Credit Card breach response: 900 credit card customers of this small regional bank were affected by the Target store credit card breach. Bank used an automated process to cancel and reissue cards within 2 days.(1)

Mortgage loan process: Johnson Financial reduced 16,400 hours of manual work per year to just 832 using automation.(1)

Competitive analysis: Reliance Bank uses bots to perform daily analysis of competitors pricing and saves 2,500 hours of manual work per year. (2)

Data reconciliation: Pronto Insurance uses bots to reconcile data in two systems used to process initiate and process insurance claims. (2)

Customer application support: Bank of Montreal improved customer adoption rate of a new customer facing application and reduced support calls by 50% using AI based bots that help customers navigate. (3)

Claims processing: Workmen’s Compensation Trust reduced processing time for workers’ compensation bills from 60-90 days, down to just 24-48 hours using Accounts Payable automation. (4) 

Car loan applications, account management, service requests: Santander Bank used 150 bots to automate several customer facing applications saving 30,000+ hours per year. (5)

Credit rate calculations: PSCU – Credit Union Services Company automated the calculation of Index Rates for Variable Interest Credit Cards. 400 Index rate changes processed in September and October 2020. (6)

Credit card fraud investigators: A major bank uses RPA (Robotic Process Automation) to reduce the average customer handling time by 82%. (6)

Know Your Customer (KYC): Global bank automated the complex handling of documents during the KYC process reducing the turn around tie by 90%. (7)

Customer onboarding: MMC automated onboarding of over 6,000 customers and realized 50% improvement in efficiency. (1)

Credit Report Generation: Jana Small Finance Bank automated its Credit Report generation and verification process and reduced the turnaround time by 70%. (8)

Financial crime reporting: Heritage bank automated the collection of transaction records and other information required by law enforcement in the event of financial crime investigation. (8)

Vendors delivering the above solutions:

  1. Nintex
  2. ElectroNeek
  3. WalkMe
  4. Artsyl
  5. Automation Anywhere
  6. NICE
  7. Jiffy.ai  
  8. 8. UiPath