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Automated Data Extraction from Bank Statements elDoc AI Integrated Automated Platform

22 Aug

Automated Data Extraction from Bank Statements elDoc AI Integrated Automated Platform

Robotic Process Automation RPA in Banking

banking automation definition

This shift enables them to enhance their client service and tackle more challenging endeavors. RPA solutions allow organizations to reduce manual efforts, which not only accelerates timelines but frees staff to focus on other higher-value tasks. This can lead to significant cost savings, which can, in turn, boost profitability and improve margins for the business. RPA software can enable banks, financial institutions and insurance companies to generate various reports automatically using the most up-to-date data within various tools and systems. It has only been 5 years since robotic process automation became an integral part of digital transformation.

banking automation definition

These new banking processes often include budgeting applications that assist the public with savings, investment software, and retirement information. The banking industry has particularly embraced low-code and no-code technologies such as Robotic Process Automation (RPA) and document AI (Artificial Intelligence). These technologies require little investment, are adopted with minimal disruption, require no human intervention once deployed, and are beneficial throughout the organization from the C-suite to customer service. And with technology fundamentally changing the financial and consumer ecosystems, there has never been a better time to take the next step in digital acceleration. Banking and Automation- the two terms are synonymous to each other in the same way bread is to butter – always clubbed together.

RPA use cases in banking

By embracing RPA, banks can improve the customer experience while reducing costs and improving efficiency. Increased automation combined with more efficient processes makes the day-to-day easier for employees as they’ll spend less time on tedious manual work, and more time on profitable projects. Today, many of these same organizations have leveraged their newfound abilities to offer financial literacy, economic education, and fiscal well-being.

How technology is used in banking?


Maintenance and retrieval of documents and records have become much faster and easier. (3) Computerized banking also improves the core banking system. With a core banking system, all branches have access to common centralized data and are interconnected.

When defining deadlines, be sure to consider various risks to avoid setting expectations too high. However, it often takes several years for banks, insurance companies, and financial firms to implement the transformation across all areas of their business. To be successful in the long term, you need a clear plan for each business unit and function, as well as for the entire company. The firm registered 30% more loan production revenue than the rest of the industry compared to the Mortgage Bankers Association average. The company also had about 50% more net income than average in the banking sector.

Data analysis

You can avoid losses by being proactive in controlling and dealing with these challenges. Changes can be done to improve and fix existing business techniques and processes. With the use of financial automation, ensuring that expense records are compliant with company regulations and preparing expense reports becomes easier. By automating the reimbursement process, it is possible to manage payments on a timely basis. With the use of automatic warnings, policy infractions and data discrepancies can be communicated to the appropriate individuals/departments.

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After validation, download the statement from the core banking system as per customer request. Transfer data through multiple touch points and banking system applications to credit the customer account. Banks leave behind manual processes to embrace automated flows, and the resulting upgrade in reliability and speed is felt by all involved — from customers to frontline employees and executive decision makers. The American Bankers Association reports that web and mobile banking are now the go-to for 70% of Americans. Customers eagerly expect that these new delivery channels will grow more robust with time.

Benefits of Intelligent Automation in Banking

Your “as-is” workflows may have shadow tasks, steps that add no true value, and assumed tasks that are rarely or never completed. For instance, consider how a retail customer requests to open a new savings account with your bank. Our unique position allows us to share impartial advice based on experience and lessons learned through engagements with other clients. Partnership enables us to identify opportunities and threats the bank’s resources may not have spotted.

In an attempt to prevent criminals from shoulder surfing the customer’s personal identification number (PIN), some banks draw privacy areas on the floor. This means that actually creating the software for jackpotting is more difficult, and provides more security for the ATM. Modern ATM physical security, per other modern money-handling security, concentrates on denying the use of the money inside the machine to a thief, by using different types of Intelligent Banknote Neutralisation Systems. ATMs also provide a practical demonstration of a number of security systems and concepts operating together and how various security concerns are addressed. With the migration to commodity Personal Computer hardware, standard commercial “off-the-shelf” operating systems and programming environments can be used inside of ATMs. ATMs rely on the authorization of a financial transaction by the card issuer or other authorizing institution on a communications network.

Low-code automation

Read more about here.

banking automation definition

How do banks use automation?

Fraud Prevention & Protection

Other ways in which banks can use automation to prevent and protect against fraud include using accounts payable automation to reduce human touchpoints, automatically freezing compromised accounts, fast-tracking false positive investigations by automating manual tasks, and more.


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