A high attrition rate is a concern for any organisation, especially in customer-facing industries like the banking sector. Employee turnover impacts a bank’s ability to provide consistent and top-quality client services. As in any industry, a single negative experience can compel a customer to shift towards a competitor. The UAE banking industry is already criticised for its poor customer satisfaction rate.

Assuming only the UAE banking industry scores poorly would be wrong. Instead, the banking industry worldwide has a reputation for treating its customers badly. A high attrition rate can make things more complicated. Robotic process automation, or RPA, is a game-changer for organisations battling high employee turnover. RPA is a software technology which helps automate repetitive, time-consuming tasks.

What does it have to do with attrition rates in the banking sector? Let’s take a look. However, before we delve into the link between RPA and attrition rate, it is imperative to understand the factors contributing to the rising attrition rates in the banking industry. It will help you understand the problem in detail.

Factors Contributing to High Attrition Rate in the Banking Sector

High Workload

While every organisation has clearly defined processes for every task, there is still some variability in most industries. It allows employees to use their thinking and professional experience to complete the task. However, in highly regulated industries such as the banking sector, any deviation from the defined processes can be a cause of concern.

It may be non-compliant with regulatory requirements or the bank’s internal policies. Thus, employees perform the same work in the same manner throughout the year. The stress associated with these repetitive tasks and long working hours can lead to burnout and attrition.

Low Job Satisfaction

Although this is not true for every bank, most banking employees have limited opportunities to climb the corporate ladder. The lack of professional growth and personal development forces individuals to seek alternative job opportunities.

Regulatory Environment

As said earlier, banks are tightly regulated. In turn, banks pressure employees to adhere to the requirements. It can be mentally frustrating as employees must follow the same daily routine. As their input does not matter, they look for opportunities that allow them to apply their learning and experience.

Monotonous Tasks

Banking professionals usually perform routine tasks such as data entry, verification, and document handling. Unfortunately, these tasks are critical to banking operations but highly monotonous. It can quickly tire out an individual, who is then forced to look for more rewarding work.

The Role of Robotic Process Automation (RPA)

Let’s look into how RPA can help with the high attrition rate in the banking sector. As said earlier, RPA is a software technology which automates repetitive, rules-based tasks. Here’s how RPA can help mitigate attrition:

1. Automate Mundane Tasks

While we won’t go into the technicality, RPA can automate repetitive, rules-based tasks. For example, a bank can deploy a bot to automate the data entry. While humans make errors during this process, the bot is free of such limitations. A bot can be deployed to verify the entered information. Workers no longer need to perform mundane tasks throughout the day, so they can be assigned more rewarding work. It can improve their job satisfaction, thereby reducing the attrition rate.

2. Compliance Assistance

Ensuring each process complies with internal and regulatory requirements can be taxing. Employees can feel overwhelmed when verifying the information against the requirements. Banks can deploy bots to ensure every process complies with the relevant regulations. For example, banks must practice KYC (Know Your Customer). It requires them to obtain a host of information from their customer. RPA can verify the customer has provided the necessary information. It reduces the risk of potential compliance violations and eases the burden on employees.

3. Employee Development

Employees can focus on training and skill development. It can help them climb the corporate ladder. Employees who see an avenue towards professional and personal development have little reason to leave their organisation.

4. Improved Customer Experience

Employees who don’t have to contend with repetitive and time-consuming tasks are more likely to treat customers better. The enhanced customer experience can positively impact the bank’s bottom line. The bank may choose to reward its employees through bonuses. It gives the employees an additional reason to stay.

5. Cost Reduction

RPA reduces operational costs. The bank can utilise the saved amount to provide more competitive employee benefits. It further enhances retention.

Conclusion

In conclusion, RPA can prove highly beneficial in addressing the high attrition rate in the banking industry. However, implementing RPA is not an easy task. There are many reasons why RPA fails, and it is imperative organisations address these promptly. Agile Managex Technologies, a specialist in RPA services in Dubai, can prove helpful in this area. We specialise in multiple automation platforms and help you with the implementation. Contact us for more information.

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