Page 46 - BF Cover January 2021.cdr

ARTICLE

Robotic Process Automation(RPA) With the help of artificial intelligence, RPA can also resolve
queries which needs decision making. With the help of NLP,
RPA is a technology that mimics the actions of a human
performing simple rule-based processes. It interacts at the Chatbot can understand the natural language to chat with
application/interface layer of any application and performs customer and respond like human.
the exact steps just like anyone working across multiple
applications. "RPA is the natural evolution of labor arbitrage, ATM testing
it takes the Robot Out of the Human" It is cost effective, A global bank deployed an ATM testing robot to automate
scalable, and easy to implement. This is the biggest the test cases that were earlier conducted manually. The
difference and advantage RPA has over traditional robot came with 5 components:
automation techniques that relied on backend automation - Vision system for screen reading and identifying
requiring massive IT transformation, huge investments and keyboard number, card slot, cash, and receipt
complex decision making/ approval cycles given its identification
susceptibility to security issues. - High dexterity robotic arm to reach out to all areas of
ATM operations
RPA in Banks and Financial Industry - Processing unit
Banking and Financial industry is seen to be growing
exponentially over the past few years with the The robot tested various aspects including the screen,
implementation of technological advancements resulting in keypad, card dispensing mechanism, cash and cheque
faster, more secure and reliable services. In order to remain handling mechanism, cash counting mechanism, and debit
competitive in an increasingly saturated market - especially and credit card differentiator, to deliver up to 80 percent
with the more widespread adoption of virtual banking - cost and time savings.
banking firms have had to find a way to deliver the best
possible user experience to their customers. According to Compliance
PwC, nearly 81% of banking CEOs are concerned about the
Banking being the center of the economy is closely governed
speed of technological change, more than any other industry
and needs to adhere to lot many compliances. RPA increases
sector. Internally, the challenge to maximize efficiency and
keep costs as low as possible while also maintaining productivity with 24/7 availability and highest accuracy
maximum security levels has also increased. To answer improving the quality of compliance process.
these demands, Robotic Process Automation (RPA) has
become a powerful and effective tool. Payments
Accounts payable is a simple but monotonous process in the
RPA has been significantly adopted in this sector, for making banking system. It requires extracting vendor information,
the time-consuming banking operations more organized and validating it and then processing the payment. This does not
automated. require any intelligence making it the perfect case for

RPA has a plethora of different applications in the BFSI
segment to free up the manpower to work on more critical
tasks. Some of these processes include:

Customer Service
Banks deal with multiple queries every day ranging from
account information to application status to balance
information. It becomes difficult for banks to respond to
queries with low turnaround time.RPA can automate such
rule-based processes to respond to queries in real time and
reduce turnaround time to seconds, freeing up human
resource for more critical tasks.

46 | 2021 | JANUARY | BANKING FINANCE