Banks have embraced the wave of Robotic Process Automation (RPA) to deliver quick and accurate value to their customers. Many of the repetitive tasks/ process such customer service, retail loans initiation, basic financial advice and customer communications/ alerts have been achieved through automation which has resulted in meaningful customer outcomes and reduced cost of transactions.
The next significant step for banks will be to improve capabilities of RPA by coupling it with AI. Banks are implementing use cases with various levels of maturity in areas of Loans origination, Credit decisioning, Transaction Monitoring, Fraud Alerts, KYC process and Reporting. Risk management is also an area where RPA & AI can play vital role – in risk identification, risk mitigation and risk monitoring with regulations such Risk and Finance reconciliation, Capital Adequacy requirements, Models Risk Management, Operational Risk and Conduct Risk/ Responsible Lending the need for reducing manual touch points through automation is amplified. Regulators have always nudged banks to automate process to reduce manual touch points and errors. The increased availability of data and analytics is also paving the way for new use cases to materialize. The below use cases will provide useful pointers for introduction for RPA and AI tool and solutions.
HCL provides a comprehensive consulting and solution based approach that can deliver required results in the use cases stated in this whitepaper. HCL solutions lead to process improvements, improved oversight and relieve many bank staff from paper work and other manual/ repetitive process oriented tasks and spend more time on sales, customer interaction and value addition.