How To Implement RPA In Banking And Finance
Robotic Process Automation (RPA) in Banking helps banks and accounting departments automate repetitive, time-consuming manual processes, empowering the employees to focus on more critical tasks and gain a competitive edge
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Robotic Process Automation (RPA) in Banking helps banks and accounting departments automate repetitive, time-consuming manual processes, empowering the employees to focus on more critical tasks and gain a competitive edge. Bankers constantly have to maintain accounts, but customers don't always utilize their accounts constantly. In fact, financial institutions lose a large number of accounts each year when they are required by law to transfer unclaimed cash or escheat in inactive accounts to the states.
Customer accounts can go from "active" to "non-active" and eventually to "dormant" status if they are not utilized for a certain period, regardless of whether they are checking savings, certificates of deposit, or even the contents of safe deposit boxes (usually 365 days). In addition to the banks' lack of participation, dormant accounts also come with added expenses and regulatory obligations. For the following reasons, banks must take proactive measures to prevent dormancy:
• Cost of printing and mailing statements for dormant accounts
• Time spent handling the accounts at a cost
• Costs and delays associated with the escheatment procedure
Banks may mine their whole account information and identify inactive ones using RPA tools to stop accounts from being dormant. The non-active status accounts can be managed by RPA applications in banking, including previous transaction analysis, updating account owners on the status, and, if necessary, moving the accounts to a different status or with escheatment to the state treasury. One of the use cases of RPA in Banking and Finance Industry is Dormant Accounts.
