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Transforming Processes With RPA in the Banking Industry

Learn how financial institutions can save money, improve outcomes and avoid errors in fast-paced workflows with robotic process automation.

Fast Facts

Advanced Automation for Modern Finance

Robotic process automation in the financial sector is one of the most significant fintech advances since the first computer programs for accounting. It provides businesses with the opportunity to eliminate errors in critical processes, share data between disparate systems seamlessly and make every employee’s contribution more valuable to the organization. With Kofax Robotic Process Automation, optimizing basic processes in banking is within reach.

Smart Robots for Optimal Efficiency

Use RPA in banking to eliminate errors caused by mental fatigue and simple mistakes. Keep work flowing 24/7 with robots that never need a break.

Connect Old and New Technologies

Automate connections between legacy systems and modern, proprietary finance tools. Build robots to easily search, retrieve, copy and paste information between applications.

Rapid Deployment for Quick Wins

Automate single tasks and low-level processes quickly in a low-code environment, then uncover additional opportunities with input from citizen developers familiar with key workflows.

Easier Regulatory Compliance

Use rules-based robots to automate Know Your Customer processes and Anti-Money Laundering tasks with instant notifications for key decision-makers when fraud alerts appear.


The Impact of RPA on Banking Processes

Improve Productivity and Remove Errors

Achieve more in every workday with a hybrid workforce of RPA bots and employees. Do more with less human input, fewer touches and greater conformity to institutional rules.

Automatically Trigger Fraud Alerts

With automation in banking, examples abound of ways to protect your institution’s bottom line. Build bots that trigger email alerts to approvers when transactions fall out of bounds.

Build Rules-Based Robots for Compliance

KYC and AML are critical to regulatory compliance in finance. Use RPA automation in banking to analyze thousands of data points according to anti-fraud rules, then set up bots to raise red flags when exceptions arise.

Enhance Customer Service Outcomes

Streamline credit checks, loan processing and other services and make every experience for customers feel faster and more responsive.

Work with Unstructured Data

Structuring data and making decisions can take hours or days for an employee. Robots represent an easier way to complete these tasks.

Eliminate Document-Based Bottlenecks

Cognitive capture and advanced automated document processing put customer documents, critical reports and data in the right places in your systems without extra input.

Key Functions

The Advantages to Using Kofax RPA in a Bank

Advanced Robots Built with Ease

An intuitive low-/no-code design studio enables rapid robot design and collaboration between both professionals and average users.

AI-Enabled Solutions

Build powerful new processes with cognitive capture AI, capable of processing complex bank documents and unstructured financial data.

Deploy Robots at Any Scale

Leverage the power of cloud computing or on-site hardware for advanced solutions, including high-volume robotic process automation in investment banking where quick decisions are key.

Discover New Areas for Improvement

Analyze robot performance with detailed dashboard reporting and use process discovery tools for RPA in banking for use cases that are less obvious.

Versatility for Any Task

Develop and deploy hundreds or even thousands of robots without losing sight of their functionality or purpose with automated documentation and a robust version control setup.

Use Cases

A Few of the Most Valuable Examples of RPA in Banking

Streamline Opening and Closing of Accounts

Use bots to automatically gather customer documents and perform tasks such as credit and background checks. Aggregate the results in one place for final decisions by knowledge workers.

Improve Loan Processing Speed

Rules-based bots excel at tasks such as risk assessment and credit worthiness checks. Provide customers with a faster decision on critical loan requests by taking intensive document-based workflows out of employee hands.

Detect, Report and Prevent Fraud

Build bots that can check for exceptions in transaction limits and watch for signs of money laundering or illicit fund transfers. Achieve full organizational compliance with fewer dedicated officers.

Automate the Generation of Key Reports

In banking and finance, nothing is as essential as knowing your numbers. Save time on report-building: engage bots to help assemble the data that you need instead of asking a team to tediously gather info from multiple systems.

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