Navdeep Garg


The business scenarios are continuously changing, and in these changing scenarios, the financial industry is under great pressure to cut costs and provide enhanced services to the customer while maintaining their competitive edge. Today, customers demand easy and quick access to services, great personalization and value for money. It is the prior responsibility of financial institutions to meet these requirements while maintaining their costs. And for this we have Robotic Process Automation (RPA) which helps to achieve this.

Robotic Process Automation

Robotic Process Automation involves bots that are deployed to mimic the day-to-day routine tasks which are performed using some business rule and can be easily automated. A large number of financial institutions have been opting for RPA to fulfill the demands of customers.

RPA automates:

  • Filling out forms
  • Extracting and merging data
  • Formatting data
  • Copying and pasting data
  • Reading and writing database

RPA helps financial institutions provide 24/7 support to customers for some important activities and processes. 


RPA drives the Financial Services to automate processes

We know that banks, financial institutions, and insurance companies are the most eminent users of the processes automated by RPA. Banks and financial institutions aim to continuously evolve firstly to provide better customer satisfaction and survive the competition posed by virtual banking solutions. They are under immense pressure to boost their efficiency and optimize their resources which have resulted in opting for automation of their processes.

Banks and financial services can use RPA for two main activities: 

  • To install end-user device software bots 
  • To build an AI workforce

RPA serves as an essential tool to address the demands of the finance sector and increase their efficiency by reducing their costs with the services-through-software model. To seize the opportunity rising in their industry, they should follow a strategic approach. 

RPA in financial services focuses on routine administrative kind of work, such as copying data from email to the system. Financial Services RPA functions at the presentation layer; such as scraping data associated with multiple, simple tasks that occupy a large part of the day. 

The exponential growth of RPA can be estimated by the fact that the finance industry is going to be worth $2.9billion by 2022, which is a massive increase from $250 million in 2016, as per a recent report.

How RPA is changing the Financial and Banking Industry? 

Here is a list of various tasks that are being automated in the financial services sector:


  1. Automatic Report Generation:
    A regular requirement of a bank is to generate compliance reports of fraudulent activities in the form of suspicious activity report or SAR which have to be checked by the compliance officers and read manually and fill in the details in the SAR which is an extremely cumbersome task and takes a lot of time. But, if we implement RPA with natural language generation capability, this entire process can be quickly completed in record time where it can read through the process and extract the required information for filling in SAR which leads to a reduction in operational cost and also saves time. 
  2. Customer Onboarding:
    Customer onboarding is a long and tedious process primarily because many documents are required for manual verification. This whole process can easily be automated by using RPA tools to extract the data from KYC using OCR, which can then be matched with the data provided by the customer. If no discrepancies are encountered, then it can automatically enter the data into the customer management portal. This not only removes the chances of error but also saves time and effort put in by the employees.

  3. KYC and Anti-money Laundering:
    Both these processes are very data-intensive, which makes them suitable for RPA, ranging from activities of catching suspicious banking transactions or automating manual processes. We can quickly implement RPA, which saves both time and cost as compared to the traditional solutions provided.

  4. Account Opening:
    By implementation of RPA, the process of account opening has become much more straightforward, quick and accurate. Automation directly eliminates errors that may exist between the core banking system and new account opening requests, thus enhancing the data quality of the system.

  5. Mortgage Lending:
    The process of mortgage lending is extremely time consuming and thus making it a perfect choice for automation. It allows for automation of various tasks that are crucial in the mortgage lending process including loan initiation, document processing, quality control etc. This helps in faster completion of the process leading to enhanced customer satisfaction. Another benefit of this is that it unburdens the employees from doing manual tasks, thus helping them to focus on essential tasks.

  6. Loan Processing:
    Loan Processing has always been considered a very tedious process, even though banks have automated it to some extent, but further automation will bring down the processing to a record 10-15 minute process. This will lead to increased customer satisfaction and reduced workload on employees.

  7. Customer Service:
    There is a large volume of common customer queries making it difficult for the staff to respond to them with low turnaround time. RPA tools allow them to automate such mundane rule-based tasks to effectively respond to queries in real-time, thereby reducing the turnaround time.

  8. Credit Card Processing:
    Credit card processing is one of the most cumbersome and tedious processes due to its extensive validation checks. But by implementing RPA, we can make a quick decision to either approve or disapprove applications with a rule-based approach.

  9. Account Closure Process:
    There is an enormous amount of account closing requests monthly which the bank has to deal with primarily due to the non-compliance on the part of the customers. RPA can help in solving this by easily tracking all such customers and sending them automatically generated notification and reminder for submission of required documents

Perks of RPA in Banking and Financial Services

  1. Accelerates customer onboarding 
  2. Increases revenue and cash flow
  3. Reduces operational costs
  4. Automates manual process 
  5. Reduces human interventions enhancing process efficiency 
  6. Decreases customer loss
  7. Provides enhanced customer experience
  8. Reduces churn
  9. Improves customer satisfaction quotient
  10. Engenders customer loyalty and trust
  11. Enhances data quality
  12. Ensures KYC regulations are met 
  13. Stabilizes industry best practices

Risks Associated with RPA in Banking & Finance

All the process change and new technology come with their share of risks, which may affect the functionality of the organization. Yet compared to long-term core technology implementation, the risk of RPA is far low. This is because robots can be turned off and just affects the individual user’s desktop setting. There are few risks associated with it, these are:

  1. Operational risk:
    The internal staff might be worried about losing their jobs to the robots with the increase in the processes which are being automated by RPA, which is not the case. Robots are the tools that help the employees to reduce the tasks they struggle with daily, thus improving their productivity in working towards core business activities.

  2. Compliance risk:
    While RPA is user friendly, its scope and inventory management is not at all easy. Thus, it requires full proof audit trials to ensure that there is no discrepancy in the work allotted and the job is done.

  3. Data-quality risk:
    The quality of data might also suffer because of RPA because there need to be standards in the way that data is presented. Thus, there is a risk to the quality of data and needs to be coordinated between the ways information is presented.

  4. Ethical risk:
    Enterprises need to balance their investments between people and technology, just outsourcing or replacing the staff can negatively impact the morale of the employees. But, RPA allows enterprises to utilize the best of both worlds that is an optimum combination of humans and technology.


RPA has already gathered a huge customer base for all the businesses that are looking for reduced cost and increased efficiency. It seeks to develop human resources in a way that the efforts put in are minimum while the benefits that are reaped are maximum. RPA is a technology that has the potential to transform the sphere of financial services. Additionally, it offers opportunities to accelerate the business process by automating them. Also, it allows the employees to free themselves from time-consuming manual work. By deploying RPA, enterprises can easily streamline their functions like accounting; it can efficiently assemble and consolidate data. It can also significantly reduce the expenses from different branches, create an outstanding customer experience by offering 24/7 support and can also help in lowering cyber fraud.

Thus, RPA is indeed poised to take the world of financial services by storm, as evidenced by its rapid growth. The benefits for the enterprises that move quickly are significant. Thus, it’s crucial to formulate a thoughtful strategy and get started soon.

Frequently Asked Questions

Our testing processes place a high priority on data security. To ensure the security of sensitive information, we adhere to a number of protocols, including the anonymization, encryption, and control of access to data. During testing, we use secure environments and data that mimic real-world scenarios without exposing sensitive information. We adhere to best practices for data protection and comply with industry standards and regulations including GDPR and HIPAA. As part of our security testing process, we employ a variety of tools and methodologies to identify and rectify security vulnerabilities.

To ensure the quality and reliability of your software solutions, we employ a comprehensive range of testing methodologies and cutting-edge tools. Our testing approach includes:

  • Manual Testing: We use structured test cases to identify usability, functionality, and design issues.
  • Automated Testing: Automated testing streamlines processes, improves efficiency, and ensures consistency.
  • Unit Testing: JUnit, NUnit, and PyUnit are unit testing frameworks we use to validate the functionality of code units.
  • Integration Testing: We verify the seamless interaction of various system components using tools such as Selenium, Appium, and Postman.
  • Performance Testing: To assess system responsiveness and scalability, we employ tools like JMeter, LoadRunner, and Gatling.
  • Security Testing: Our security testing includes vulnerability assessments and penetration testing using tools like OWASP ZAP and Nessus.
  • User Acceptance Testing (UAT): We collaborate closely with your team to ensure that the software aligns with your end-users’ expectations.

You can count on us to improve the visibility of your website on search engines by using our SEO services. On-page and technical SEO best practices are implemented by our team, content is optimized, and search engine optimization strategies are provided to improve the search engine rankings of your website.

We adhere rigorously to project timelines and deadlines at our software development company. To ensure on-time delivery, we use meticulous project management, agile methodologies, and clear communication. Depending on the scope, complexity, and your specific requirements, we conduct a comprehensive analysis and planning phase. Our project managers then track progress continuously using agile frameworks. We maintain regular status updates and transparent communication channels. Whenever changes need to be made, we let you know promptly while keeping you updated.

We specialize in a wide range of technologies and programming languages, including but not limited to Blockchain, .Net, JavaScript, C#, Ruby, PHP, Wordpress. Our expertise covers web development frameworks like React, Angular, and Vue.js, as well as mobile app development for React Native, Flutter, iOS and Android. We also have experience with cloud platforms such as AWS, Azure, and Google Cloud, and are proficient in database systems like MySQL, PostgreSQL, MongoDB, and more. Additionally, we are well-versed in DevOps tools and practices to ensure seamless deployment and ongoing maintenance of the software we develop.

Our company offers a wide range of development services, including:

  • Web Development: We specialize in creating custom websites, web applications, e-commerce platforms, and content management systems.
  • Mobile App Development: We develop mobile apps for iOS and Android platforms, from concept to deployment.
  • Software Development: Our software development services cover desktop applications, business software, and cloud-based solutions.
  • Blockchain Development: We have expertise in blockchain technology, including smart contract development and decentralized application (DApp) creation.
  • IoT Development: Our Internet of Things (IoT) development services encompass connecting physical devices to the digital world.

Navdeep Garg
Article written by

Navdeep Garg

I'm founder and CEO of Revinfotech Inc. I traits in leadership and brilliant practitioner in the Financial Services and FinTech. I helped ban in connecting to the FinTech ecosystem through payment acceptance in blockchain as a service and even help i... read more

Do You Have an Exciting Project Idea in Mind?

We can help you bring your project to life on an affordable budget. Contact us!

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    This site uses Akismet to reduce spam. Learn how your comment data is processed.