Banking, financial services, and the insurance industry have been termed as fundamental services all over the world. Naturally, in the midst of this pandemic and lockdown, banks and other lending organizations are going through terrific pressure to guarantee business continuity as usual for every basic activity.
The significant effect of COVID-19 emergency is on the day-to-day operations of the bank and few banks have begun assessing approaches to limit the impact and test Business Continuity plans.
Working models are changing with a few banks executing work from home (WFH) conventions and planning to invest intensely in transformation activities to beat the crisis. The early adopters have tons to gain and have an upper hand in the competitive world, for example, rising advances. Intelligent Automation technologies like Robotic Process Automation (RPA) and Artificial Intelligence (AI) can be utilized to drive digital transformations in the banking industry.
Industry 4.0 stresses the significance of automation to boost the development & the deployment of all the products dealing in Banking, Finance as well as the Insurance industry. Automation, on the other hand, has reclassified work and empowered the advanced workforce to free their time for more creative and inventive tasks. This has been in motion for quite a while, with the digital upheaval making a change in financial operations and conveyance of services to the clients through the automated mediums.
The market for automation advances, for example, RPA and Intelligent Automation are developing altogether and utilizing cutting edge innovations like AI Chatbots and other smart solutions which are empowering banking organizations to serve their customer faster and in a much better way during these crises.
[You May Also Like: How Chatbots and Automation can Improve the Insurance Value Chain?]
Hyperautomation for Banking, Financial Service and Insurance Industry
Here are some of the key areas where Hyperautomation is helping the Banking Financial Services and Insurance Sector.
RPA robotizes the admission and the processing of all the documents uploaded together by clients, which are then consequently checked followed by the verification by the automated system, according to the KYC standards and norms, the request is approved/dismissed automatically (without the requirement for a client to visit the branch).
Postponing Monthly Loan/Mortgage/Credit Card Payments
Customers are battling with their monthly scheduled instalments for mortgages, home loans/other loans, or credit card instalments due to COVID-19 and are planning to defer the instalments. RPA assist clients with raising this instalment deferment request (Moratorium), approve all details, match with credit frameworks, and consequently suggest approval/dismissal through the automated process.
Overseeing Large Volumes of Claims Data Processing
Insurance players are battling with the expansion of the volume of documents and claims, which are currently being automated through RPA. RPA bots are being deployed by leading insurance organizations to verify customer details and claims through various mediums like a chatbot, WhatsApp, email and messages. Insurance players are robotizing and completely automating the process of handling the claims associated with COVID-19, since a greater part of them come up short on the capacity to adjudicate COVID-19 claims, and wind up denying those claims.
Paycheck Protection Program
Bots are helping banks and financial institutions to process credit applications rapidly by removing information from borrower’s applications to refresh the moneylender database loan calculator, along these lines quickening the procedure of giving required funds to small & private venture clients.
[You May Also Like: Robotic Process Automation – A Boon For The Banking Industry]
These are testing times and the pandemic will significantly change the very idea of work as we have known and experienced previously. Banks in India, that can proactively adjust to changes and respond the fastest will flourish and proceed ahead. No words can satisfactorily underscore the significance of grasping advanced digital transformations in different areas of Banking. Utilizing Intelligent Automation, AI, and exponential innovations like RPA Bots, banks have a superior possibility of streamlining business tasks and upgrading the over-all client experience.
Here are the articles in the series:
- Robotic Process Automation in the fight against Covid-19: Part 1 Introduction
- Robotic Process Automation in the fight against Covid-19: Part 2 Healthcare
- Robotic Process Automation in the fight against Covid-19: Part 3 Travel & Hospitality
- Robotic Process Automation in the fight against Covid-19: Part 4 Banking, Financial Services & Insurance
- Robotic Process Automation in the fight against Covid-19: Part 5 Public Sector
- Robotic Process Automation in the fight against Covid-19: Part 6 Work From Home