Robotic Process Automation is a versatile tool to free up workforce and allocate more skilled human resources to strategically important tasks. As RPA can flexibly support labor-intensive work basically in any type of businesses, it becomes more and more inevitable to examine the possible outcome of deploying RPA for every business player. One of the most common use of this technology is experienced in customer service, as explained in our previous article. However, many industries and business processes often experience the problem of repetitive task as well, hence could benefit from implementing RPA.

Nowadays, banks and other financial institutions are expected to be faster and more flexible in launching new products and services, new business concepts, and customer relations models. In doing so, RPA could be a crucial growth driver.

Digital workforce

Software robots in the banking industry can be trusted with numerous tasks, such as searching for personnel, payment processing, inbound email management, exporting documents, data transfer and reconciliation between systems, collecting information from external sources, verifying customer data and so on. While all of the above can be successfully automated, credit scoring for potential borrowers seems to be the most common application of RPA systems.

With RPA systems and machine learning elements integrated with a bank’s omnichannel communications platform, all the routine operations can be performed by a robot. This approach greatly simplifies credit scoring: the new RPA-powered process eliminates the need for manual checks required to fix errors in traditional operations.

A software robot analyzes and compares data from various external sources such as leading credit reference agencies, publicly available government databases or social networks. Exceptional cases that do not fit into the algorithm are automatically transferred to the second processing line for handling by human staff. However, personal microloans do not require a second processing line and can always be approved automatically.

Robotic credit scoring has many advantages. Apart from optimizing the bank’s operations and reducing the risks involved in the work of front-office teams, it also increases customer loyalty, since loan applications are processed and approved much faster. In fact, some banks today can issue a loan in a few minutes rather than several hours.

The robot can evaluate the customer’s creditworthiness for any type of loan. In case of mortgages, it can also automatically calculate the appropriate interest rate.

Progress without change

A key feature of RPA is that it operates on top of the current infrastructure without changing any business-critical IT systems or user applications. Software robots are easy to code, flexible, and affordable. They can also be deployed fast enough to completely replace humans in many areas enabling employees to focus on high value-added activities.

Start your automation journey

As every new technology introduced in a company, RPA requires assessment, planning and defined adoption process to make the transition seamless. At Softline, we identify the best solution for your business, and support the usage of the new technology with tailor-made adoption and change management. Schedule a meeting with our experts and start forming your company’s long-term vision with us.