How RPA can help in Customer Onboarding for Banking

‘The customer is always the king of the market’ and ‘the customer is always right’ are the watchwords in every business. However, what’s in store for a customer who walks into a bank and waits in long queues just to catch sight of customer service representatives (CSRs) for various processes?

‘The customer is always the king of the market’ and ‘the customer is always right’ are the watchwords in every business. However, what’s in store for a customer who walks into a bank and waits in long queues just to catch sight of customer service representatives (CSRs) for various processes?

In this age of the robotic revolution, it is not a piece of news that each bank strives to provide an enhanced customer experience through digitalization. Even if there is a positive satisfactory customer experience 9 out of 10 times, that one bad experience kills a company.

Here are leading challenges in customer onboarding in the banking industry to ponder upon and how RPA addresses them.

Customer Experience:

Streamlining and optimizing customer onboarding experience is highly important in today’s world to enhance customer satisfaction, reduce end-to-end service costs, and retain potential customers as long processes may put them off. In most B2C businesses, the customer onboarding experience is also crucial to reduce churn rate, the risk for regulatory fines and brand damage, and to increase product sales and usage. For customer’s end-to-end journey, financial institutions must begin to see the world as customers do.

Onboarding Time:

“While larger businesses may have the time and resources to dedicate to manual steps and protracted back and forth processes, for SMEs it is much more problematic. In the UK there are 5.7 million Small and Medium-sized Enterprises (SMEs)—over 99% of all businesses—so it is a huge problem if there are roadblocks in these businesses account opening journeys,” a study by identity verification provider HooYu reported. Through automation, it only takes 3 minutes, with an entire 10-minute review process for onboarding, according to UiPath.

Integrating core banking, CRM and other systems:

Financial institutions often require the clients to provide information in varied channels such as websites, mobile platforms, third-party platforms, and external agencies among others for various regulatory compliances and internal processes. It often includes anti-money laundering (AML) and anti-bribery and commission (ABC) checks, fraud detection, and background and identity verification. The manual processing of these systems is tedious and more often than not, inaccurate. RPA manages these data, integrates these systems, and assists in customer relationship management.

Seamless KYC:

Most financial institutions make it mandatory for customers to visit the bank in person for verification to avoid fraudulent activities, anti-money laundering (AML) and know your customer (KYC). In cognizance with the KYC compliance program, bots handle data collection, monitoring, and enhanced due diligence (EED) through screening and transaction monitoring through machine learning.

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