How To Implement RPA In Banking And Finance

Robotic Process Automation (RPA) in Banking helps banks and accounting departments automate repetitive, time-consuming manual processes, empowering the employees to focus on more critical tasks and gain a competitive edge. Bankers constantly have to maintain accounts, but customers don't always utilize their accounts constantly. In fact, financial institutions lose a large number of accounts each year when they are required by law to transfer unclaimed cash or escheat in inactive accounts to the states.

Customer accounts can go from "active" to "non-active" and eventually to "dormant" status if they are not utilized for a certain period, regardless of whether they are checking savings, certificates of deposit, or even the contents of safe deposit boxes (usually 365 days). In addition to the banks' lack of participation, dormant accounts also come with added expenses and regulatory obligations. For the following reasons, banks must take proactive measures to prevent dormancy:

• Cost of printing and mailing statements for dormant accounts
• Time spent handling the accounts at a cost
• Costs and delays associated with the escheatment procedure

Banks may mine their whole account information and identify inactive ones using RPA tools to stop accounts from being dormant. The non-active status accounts can be managed by RPA applications in banking, including previous transaction analysis, updating account owners on the status, and, if necessary, moving the accounts to a different status or with escheatment to the state treasury. One of the use cases of RPA in Banking and Finance Industry is Dormant Accounts.

Before implementation of RPA In Handling Dormant A/C

• Banker periodically runs a report and identifies account holder with zero balance and dormancy
• The banker segregates the account and sends mail to the account holder
• If there is no reply from the account holder in 2 months banker notifies the back office for further process
• The back office approves and sends the notification for account closure
• The back office manually blocks cards/Internet banking and other core- banking activities

After implementation of RPA In Handling Dormant A/C

• Bot periodically runs a report and identifies account holder with zero balance and dormancy
• Bot notifies and sends notice to the concerned account holder via mail if there is no reply from the account holder end
• In 2 months Bot post the report to the back office for approval
• The back office validates the report and approves for account closure
• Bot will block all the cards/Internet banking/ or any other products on core banking

Benefits of leveraging RPA in automating handling dormancy of accounts process

• Efforts automated by 99%
• 100% Data accuracy
• Eliminates errors
• 100% FTE saved
• Reduce average handling time by 90%

Embark Your Automation Journey with Eastern Software Solutions

Gold partner with Global RPA leader, UiPath, ESS is forte in providing Robotic Process Automation Solutions and Services in Banking and many other industries. We help clients streamline, manage, and automate high-volume, time-consuming processes and make their organization more advanced, competitive, and resilient. For RPA in Banking and Finance, our RPA-certified experts can simplify and automate the process that leads to increased efficiency and productivity.

To initiate your RPA journey with us please contact us at marketing@essindia.com

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