RPA, the key to the digital transformation of the banking sector - Jidoka

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RPA, the key to the digital transformation of the banking sector

25 May, 2016

When we speak of a key, we must bear in mind that it is a multifaceted concept. To be the key is to open doors, roads, new ways. And likewise being the key, even in English, is to be primordial, important, and indispensable.

In this post, we want to state categorically that RPA (Robotic Process Automation) can be the key to the digital transformation that is in full process in the banking sector. Yes, RPA is the key, and we will explain why.

“Now more than ever, banks need to improve customer service.”

The banking sector is constantly involved in a barrage of structural adjustments. Almost every week we see news about banks, regardless of their size, from the largest to the smallest, which group offices abolish branches and adjust their commercial network. The competitiveness of the sector is fierce, and institutions must adapt to this new scenario drawn by the market if they want to continue in positive numbers. But customer service cannot be reduced by this series of adjustments. We can even say that now more than ever, one of the main objectives of banking institutions is to improve their customer service, providing it with the highest possible quality and efficiency to surpass that of their competitors. And how can they improve the quality of customer service if the number of branches is reduced and staff adjustments are made in the commercial network? This is where the RPA solution emerges as the key to the digital transformation of the banking sector. The physical commercial network is reduced, but the virtual network continues to grow in ATMs, web services, online banking, mobile banking, contactless services… All these series of digital services require automated support that is secure, efficient, fast, versatile, adaptable and scalable. All these attributes define RPA technology.

“The banking sector is facing new technological challenges.”

Multi-channel customer service is already a reality for banks, but it is not the only technological challenge facing the sector. The automation of processes that achieves the RPA approach in a non-intrusive, fast, and scalable implementation making it the technological key to successfully address these new challenges.

Now, what are these challenges?

  • New customer relationship model, transformation to mobile banking and multiplatform.
  • Market concentration, with complex corporate mergers and acquisitions within the sector.
  • Strong regulation of the sector, subject to strict regulations and in a continuous cycle of updates.
  • Modernization of processes and information systems, with the need to streamline the management and integration of systems (legacy, ERPs, CRMs, etc.). Digital banking cannot wait years for these systems to be modernized.

To meet these technological challenges, the RPA approach and software robots open new pathways to help banks consolidate the digital transformation demanded by the sector.

“Software robots are a key element in the technological transformation of the sector”

These are some examples of how software robots can be applied to multiple processes:

  • Web and online services: automation of client management and operations, such as forms, data extraction, Excel integration, and report generation.
  • Digital banking: automated processing, integration, and storage of data in multi-platform environments, especially apps.
  • Regulatory compliance: customer classification, issuance of investor documents (KIID) or generation of auditable files, in compliance with the main industry regulations (MiFD Directive, Basel II and SOX Act).
  • Data migration: extraction, processing, and transfer of data from legacy programs to newly deployed systems.
  • Management and verification of operations: opening and closing of operations, control of maturities, processing of direct debits.

Once we know the strengths and advantages offered by software robots, we must detect if the banking sector itself is aware of this, if it is taking steps hand in hand with RPA technology to tackle this digital transformation. The answer is clear: yes.

We are already witnessing successful progress with several financial institutions, and we are convinced that this is only the beginning. We expect a significant increase in the percentage of RPA investment within the innovation budgets of major financial institutions. Software robots will be a fundamental element of the technological transformation of the sector, in fact for some banks they already are.

If your bank still does not know the advantages of the RPA approach and software robots; do not wait another minute, get the key that will open doors to new technology, to the digital transformation that your bank needs. It is not a trivial matter, the future of the sector is at stake: renew or die.

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