How to Deliver Enhanced Customer Experiences with RPA in Banking

February 11, 2019

3 minute read

Today’s banks are in a “digital arms race” to improve customer satisfaction* and RPA in banking might just be the secret weapon for enhancing customer experiences to edge out the competition.

Across markets, banks spent $9.7-billion USD in 2018* alone on digital front-office enhancements – and for good reason: most customers viewed their banks less favourably than they do other consumer brands. Meanwhile, a growing generation of digital-first banking options – ones that may be better positioned to leverage robotic process automation technology to meet consumer needs – are poised to steal market share.

What banking customers want

What do customers want from their bank these days? Many customers are currently underwhelmed by their bank’s ability to meet and exceed their needs seamlessly. A recent industry survey* revealed that when it comes to “wowing” customers with innovative products, personalized experiences and easy-to-use services, many banks are currently under-delivering.

The opportunity for RPA in banking: Four key use cases

With the potential to both accelerate traditionally manual tasks and processes, and free up employee time to drive better customer experiences, robotic process automation represents a tremendous opportunity for banks to deliver enhanced customer experiences that can drive loyalty and increase satisfaction. Underscoring this potential are numerous case studies from across the banking sector, which report that as much as 70 percent of work functions may be automated.**

Here are four key ways that RPA in banking can deliver better customer experiences:

1. Speed up Customer On-boarding

Whether it’s responding to simple, straightforward customer service queries or decreasing the onboarding time, RPA in banking can make slow, manual tasks nearly instantaneous. For example, onboarding often requires entering the same customer information into disparate systems, a process that can take up to several business days. Robotic process automation can automate tasks such as data entry, resulting in reduced labor costs and faster service delivery.

2. Provide Robust 24/7 Customer Service

The convenience and availability of online shopping has contributed to the consumer expectation of doing business where and when it’s most convenient – and traditional banking hours are directly at odds with this notion. Because robotic process automation is powered by machines, not humans, it allows banks to meet customer needs around the clock, without a workforce to fuel it. While some complex queries and functions will still require human intervention during business hours, RPA in banking enables many simple services to be automated and made available to customers on-demand.

3. Improve Compliance

Unprotected personally identifiable information (PII) can put banks at risk of compliance penalties. But in the event of a breach, a failure to identify and secure PII can take an even bigger toll on banks, destroying customer trust. RPA in baking can enable organizations to overcome key compliance challenges by automating processes such as identifying the files that contain this sensitive information so that the appropriate data privacy measures can be enacted.

4. Better Fraud Management

Mitigating fraudulent activities, such as unauthorized credit card transactions, often relies on rules-based monitoring to identify unusual activity. Such monitoring can be automated through RPA in banking, resulting in greater speed and accuracy in identifying and resolving incidents where customers may be victims of fraud.

Wrap up

Robotic process automation represents an exciting opportunity within the banking sector to improve and enhance customer experiences to drive greater loyalty and satisfaction. But before embarking on such initiatives, it’s important to set a foundation for RPA success, starting with transforming enterprise content into high-quality data to fuel these automated processes.

*Report from Deloitte
**Automation in banking

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