Solving pain points to help banks' digital transformation and upgrading 6 RPA application scenarios for banks

Solving pain points to help banks' digital transformation and upgrading 6 RPA application scenarios for banks

Bank's new momentum, the application of RPA in the process of bank digital transformation

With the rapid development of banking business, the banking industry is entering a critical period of transformation and innovation. It is necessary to maximize efficiency and reduce costs as much as possible, while also coping with the challenges of the highest level of security.

How to effectively save costs and improve operational efficiency is the key to the success of major banks in the fierce market competition.

Three major pain points faced by banks in the process of digital transformation

1 **, insufficient risk management capabilities**

Risk management capabilities are the guarantee for the bank's digital transformation, which is mainly reflected in two aspects: risk identification and risk control efficiency.

Generally, banks insufficient risk identification capabilities can easily lead to banks risk management guidelines that are more inclined to invest funds in apparently safe industries and regions, resulting in the accumulation of too many credit resources in related fields and increasing credit concentration risks. Insufficient risk management capabilities can also easily lead to banks' risk control efficiency that cannot meet the needs of small and high-frequency financial services for small and medium-sized enterprises and long-tail customers.

2 **, insufficient product innovation ability**

Product innovation is the foundation of the bank's digital transformation, but the current bank product innovation capabilities are relatively weak, and there are problems such as weak product innovation, low level and inaccurate evaluation of innovation effects.

In terms of innovation pertinence, some institutions innovate for the sake of innovation and fail to conduct a comprehensive analysis of the needs of target customers, which leads to a waste of resources; at the innovation level, imitation is usually the mainstay, and the situation of southern orange and northern orange often appears; in terms of innovation effect In the evaluation, the results are mostly based on direct benefits, without comprehensive consideration and analysis of indirect benefits, brand value, social responsibility and other factors.

3 **, insufficient customer service capability**

Improving customer service capabilities is a key factor in the bank's digital transformation. Right now, banking institutions are facing increasingly difficult customer relationship management. Banks have not fundamentally changed the way banks serve customers, and have failed to get out of the mindset of waiting for customers to come to their door.

Due to the loss of customer real transaction data, banks are weak in customer analysis and customer portraits, which leads to a decline in customer service pertinence, which in turn reduces the success rate of service sales. However, it is difficult to solve these problems by changing the traditional methods and improving the efficiency of branch services.

How RPA**** has become a new driving force for banks

As a highly competitive industry, in order to remain competitive in the market, banks need continuous innovation in technology to simplify their operating procedures and provide customers with an excellent service experience. At the same time, it is necessary to maintain low cost and absolute security of information and data. The emergence of RPA (Robot Process Automation) is very much in line with bank digital operation standards.

According to a Capgemini survey, by 2020, with the help of RPA, the financial services industry will add $51.2 billion in revenue to the global market. Many financial services companies are using RPA to optimize back-office processes and time-consuming manual work.

According to a report by Japan s Mainichi Shimbun, the three major banks, including Sumitomo Mitsui Banking Corporation, Bank of Tokyo-Mitsubishi UFJ, and Mizuho Bank, have all introduced RPA. IDC Financial Insight s report released in April of this year also mentioned that nearly 10 banks in the Asia-Pacific region have been successful in the early introduction of RPA.

RPA is an intelligent software that can perform a large number of repetitive, mechanical, and regular operations on behalf of people, and is also known as digital labor. Simple and repetitive business in bank branches can be handled by RPA, thereby improving the efficiency of bank staff.

Bank RPA of 6 cases Scene

Currently, RPA's business in the banking field includes: financial accounting, human resources, channel operations, credit card business, personal business, asset liability, asset custody, smart banking, etc.

1 **, credit card approval automation**

RPA can automate all sub-scenarios of credit card approval. Including cross-system data collection to obtain customer credit information, automatic screening of high-quality customers in the whitelist, automatic approval, triggering the card business, automatically increasing the limit of high-quality customers, automatically updating the black and white list, and automatically entering vouchers.

2 ** Automation of public accounts**

The process of outlets to open accounts, including customer information review, information comparison, etc., is completed by tellers alone, and needs to be operated in different areas of the outlets, which takes a long time for open accounts.

The RPA robot can query customer information of other banks and the bank s core system in the background, and generate a comparison report. After the teller confirms it, it generates a printed application and other printed vouchers, and the customer only needs to sign and confirm. At the same time, the phone verification can be processed by the centralized operation background received by the network, and the robot will file for the record after the account is successfully opened.

3 **, inter-bank large-amount message sorting, and foreign exchange return processing**

Before implementing RPA, the process requires a full-time department to be responsible for this business. The application of RPA supports log-in identity authentication and centralized authorization platform select the clearing business management system enter the RMB inter-bank payment system payment message sorting query by condition check message details process the automated operation according to rules and other processes . And effectively reduce manual operation errors.

4 **, self-service machine non-operating time setting**

With the help of RPA technology, the non-business hours setting problem of the self-service machine can be effectively solved. Instead of employees, RPA robots automatically log in to the system, open files, read data, sort processing, obtain current non-operating hours, make holiday non-operating settings, restore non-operating hours before the festival, and handle exceptions.

5 ** Anti-money laundering customer risk monitoring**

For anti-money laundering customers, further detailed inquiry of customer information is required, such as basic customer information, customer transaction records, risk warnings, etc. The human only needs to send the customer number and customer category (for public or private) that need to be inquired to the RPA robot, the robot will automatically inquire, the robot will unify and produce the report, the business staff can post tasks to the robot before get off work, and the robot can query and generate reports at night.

6 ** Custody Clearing**

This process requires at least 2 full-time people to be responsible for each branch. After the implementation of RPA, there is no need for follow-up operations except for input operations, and full-time personnel are no longer needed, which greatly reduces labor costs.