There are so many repetitive task in account opening which can be hectic for humans like Identity verification includes document classification, document identification and validation, Extract the information from the documents are wastage of time for humans, Data Entry, Branch-Customer point verification, Auditing/Verification, Activation. all these tasks are repetitive and obviously time consuming, hectic and irritative for humans and The client on boarding process for banking has involved multiple forms, paper files, manual compliance checks, and in-person identification checks, all performed in the branch offices.
However, banks have introduced new technologies such as online form filling that are aimed at simplifying this process. But on boarding is complicated, and enabling a seamless on boarding experience can require banks to solve challenges.
How RPA helps to fast this process:
RPA software robots can automate the entire account opening and on boarding process.
RPA can automate data entry tasks and reduce the risk of errors by eliminating the need for manual input.
All process of Branch-customer point verification can be automated using RPA technologies (AI Document verification, Optical character recognition and ML Model document understanding and document classification)
RPA streamlines company's on boarding procedures by reducing human error.
RPA is ideal if we want to substantially reduce operating expenses while enhancing quality control by harmonizing international best practices because it is very effective and time-saving.
RPA can verify data and search for secondary information on the customer as required by the business and apply decisions based on those results.
Account opening and on boarding RPA Automation process are time saving, Cost effective, Time efficient and less prone to errors.
The combination of RPA can allow for powerful uses of automation in activities that need to replicate human-like tasks.
