The banking industry is among the first to implement new technology, and robotic process automation is no exception. Almost every bank in the UAE is now utilising this technology due to the numerous benefits it offers. Agile Managex Technologies will share some key uses of RPA in the UAE’s banks and how it adds value to an organisation.

RPA in UAE Banks

Customer Service

Indeed, almost every bank offers the same products and services. One of the ways through which they differentiate themselves is customer service. Suppose you have 15 banks from where you can procure a loan. Each bank has the same interest rate and other policies. In this case, you will prefer a bank that treats you respectfully, and their processes are hassle-free.

RPA can help banks streamline their entire customer service process. For instance, banks can automate frequently asked questions. Instead of assigning a dedicated resource to answer questions, a bot can handle customer queries. The bots can be programmed to provide personalised answers.

Know Your Customer

Another way banks use RPA is in regulatory compliance. Indeed, knowing your customer or KYC is mandatory for all banks due to the risk of money laundering. Due to KYC, a bank onboarding a customer takes longer than usual. It can lead to a negative customer experience, and the individual may opt for another bank.

RPA can help reduce this risk by automating the entire or at least key aspects of the KYC process. Instead of manually entering the data into the bank’s customer relationship management tool, the bot can do it. Then, the bot can cross-check the information against the bank’s and other databases (e.g. law enforcement agencies) to ensure the information is accurate.

Banks must know KYC is not a one-time exercise. Instead, they must obtain the relevant information from the customer and update it in their system periodically. Failure to do so can result in the customer using the banking system for illegal means, which can lead to a fine from the regulator and other legal action.

Risk Management

Fraud is a huge concern for banks. It reduces customer trust in the bank and can expose it to legal liability. RPA can help banks automate risk management. For instance, if a transaction checks against certain criteria, the bot can automatically mark it as suspicious and put it on hold.

Another concern for banks is complying with the relevant regulations. It involves considerable manual work and reconciling tonnes of data. A bot can help reduce this workload. The bot can compile the data from different sources, carry out an analysis, and then create a standard report.

Account Management

RPA can be beneficial in maintaining customer accounts. For instance, RPA can automatically issue new cards when due or update the customer’s information. Another way RPA can help is by reconciling the customer’s bank statement. It can even initiate account closures or compare customer data against several sources.

Loan Processing

Indeed, loan processing is a tedious exercise which involves considerable manual work. The bank must first obtain the information from the customer, process it into their system, and then the application moves to different tiers in the bank’s hierarchy. Unfortunately, the entire process takes considerable time and can negatively affect your customer.

RPA can help reduce the time it takes to process loans. The bot can automatically enter the information into the system and decide if the application should move forward or reject it. The bank is responsible for entering the acceptance and rejection criteria into the bot

Conclusion

These are only some ways RPA can help transform the UAE’s banking system. Agile Managex Technologies can help create banking bots that comply with your organisation’s and the regulator’s requirements to automate key processes. Contact us for further information.

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