Robotic Process Automation is better known as RPA is one of the newest technological advancements that companies are trying to bring about nowadays. Considering automation is taking over many sectors in the world and more specifically the banking sector, it is possible that in the near future manual and traditional work will be overpowered by RPA and AI.

Most banks at this moment of time are implementing the use of RPA in their software leading it to be one of the largest disruptive innovations that banks can leverage from. The banking sector needs to accommodate and adapt to this new technological development in order to ensure that all of their departments from finance, to human resources, to the operations and sales are being adjusted to become more efficient and labor-saving without compromising the quality of work.

PioTech recognized the vast benefits that RPA has to offer the banking industry, and due to that a strategic partnership took place in May 2020 with UiPath; which is a company known for its contemporary RPA powered solutions. This partnership helped PioTech provide banks with the most effective RPA equipped strategies which can be seen through the many benefits that come with the execution of it in the banking industry as observed below;

  • The human error rate is reduced, as RPA offers a highly accurate and precise routine process.
  • Increased productivity and efficiency, as RPA proposes a labor-saving solution that also works on minimizing time and effort spent on employees doing labor-intensive work.
  • Leads to better compliance as PioTech implements RPA to enhance their Bank BI Compliance platform.
  • RPA ensures that there is a more sophisticated early detection platform for PioTechs Bank BI for Fraud Detection that exposes fraudulent behavior before it negatively impacts the bank.
  • Improves customer service, as it allows for fewer communication barriers and engages customers in real-time.

Incorporating RPA with AI can offer the banks with a higher quality of work which Pio-Tech has an upper hand in as we have recently introduced our Enterprise AML System that uses both RPA and AI, and integrates the benefits that both have to offer. This highlights the fact that with a higher use of technological strategies in banking solutions we see an upward spiral in the quality of work and the level of customer satisfaction and loyalty to that bank.

Thus to conclude, implementing RPA could be the next big thing for your bank, as it not only aids in optimizing the banking process but it also allows for more accuracy, precision and less human error in their line of work. Which is why it is highly encouraged that banks adopt RPA in their automated processes.

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