implementation of rpa in banking sector

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Influence of RPA in Banking Industry

Introduction
In simple words, RPA can be defined
as a set of task required to automate
business operations with the help of
robots to minimize the human
involvement.
RPA can be used to robotize workflow,
infrastructure, back office process
which are human intensive, basically
RPA is a software program which runs
on end user’s PC , laptop or mobile
device.

Working of Robotic
Process Automation
RPA possesses intelligence that enables a
system to decide when and how a process
should initiate. RPA can detect and analyze
the data introduced to it and build a decision
entirely based on logical parameters
positioned in place by the architect or the
developer.
In contrast to other forms of automation
processes, it does not require human
interference

LIFECYCLE OF RPA
 Analysis
 Bot Development
Analysis stage involves
brainstorming among the team
members and others involved,
resulting into a RPA process
that meets the given need and
yields the appropriate returns
on investment as expected.
Bot development does
not involve any coding as
tools are ready to use.
However, this phase
includes the creation of a
separate dev environment.
0201
A RPA process mainly contains the
following four processes:
 Testing, and
 Deployment & Maintenance

Analysis
Bot
Development Testing
Deployment and
maintenance
The testing process is generally
carried out in two stages: testing
by a separate testing team, and
testing done by RPA dev team.
Once all the stages are
successfully done, the bot is
finally deployed. It is under
constant maintenance and gets
automatically updated with new
tasks & assignments.

BENEFITS
Immediate and
significant
reduction of cost
Increase the
standard of
business process
Improved
productivity
with zero error
Secure
enterprise
data
Increase
compliance
and audibility
Improved
customer service0101
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0606

myths
RPA can be
implemented
without the
involvement of IT
department
All office work can be
accomplished by RPANot applicable
to all sectors
RPA is only for
cost reduction
RPA will replace
humans
RPA is
expensive

Implementation of RPA in Banking

09
Agile Businesses
With RPA, banks get a chance to
prepare for any situation and respond
in no time. Also, by freeing up the
human resources from daily mundane
tasks, more focus can be given
coming up with innovative strategies
to grow business.
Growth with Legacy Data
Technology has allowed us to digitize the data from the paper
entries making it available for businesses. With RPA, banks
are using legacy and new data to bridge the gap between
processes. With the availability of data in one system allows
creating faster and better reports for the business strategies.
Lowers the Business Response Time
Banks are incorporating Robotic Process Automation for faster
process execution and operational efficiency. Research says
that banks will be able to save 75% of the cost while retaining
the quality output. Banks like HDFC and ICICI are using RPA
to bring down process execution time by around 60%. RPA is
disrupting the way banks are operating and the adoption will
increase with the CAGR of 65%.
Expediting the Operational Efficiency
Banks play a very important role in influencing the economy.
RPA is an extensive solution which requires employee training,
governance, comprehensive setup. But once it is in place,
study says that banks will save 40-60% in the first year of
implementation making processes faster and much more
efficient.
Reduce operational cost
Some argues that RPA does not reduce cost but increases the
overall organizational benefits and efficiency.
Banks are always looking to reduce cost in such competitive
industry. Thanks to the RPA. Research shows that
implementing RPA drives about 25% to 50% cost savings,
improving the output metrics of applied functions.
Benefits of
RPA in Banking

1
0
Robotic
Process
Automation
Implementing RPA drives
about 25% to 50% cost
savings, improving the
output metrics of applied
functions.
Research says that banks will
be able to save 75% of the
cost while retaining the
quality output
Recent RPA trends and
forecasts report shows
that by 2021, RPA will
be $29 billion
industry. That’s huge
increase from $250
million in 2016.
Key Stats – RPA in Retail

implementation of rpa in banking sector

implementation of rpa in banking sector

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implementation of rpa in banking sector