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How RPA Can Help Banks Brace for the Impending Recession
The echoes of a global recession are growing louder. Every day, we hear of businesses making drastic decisions just to stay afloat. For banks, a slowing economy can be a major challenge as demand for loans and other banking services decline, leading to falling profits. While recessions are nothing new, the current global scenario makes this one unique. Unlike previous recessions, this time many industries are facing unprecedented setbacks.
Therefore, banks need to navigate the impending economic downturn with robust positioning strategies. Adopting modern technologies such as Robotic Process Automation (RPA) is a good strategy for banks to remain competitive.
In this blog post, let’s explore the reasons why banks should invest in RPA to weather the upcoming recession.
RPA and the Banking Sector
Processes That Banks Can Automate Using RPA
- Loan Processing
- Account Closure Process
- Know Your Customer (KYC) Process
- General Ledger
- Accounts Payable
- Report Automation
- Customer Service
RPA and ROI: Is RPA Worth the Investment?
How a Strategic RPA Implementation Helped Texas Security Bank Increase ROI
With Eleviant, Texas Security Bank has successfully integrated RPA into its existing banking ecosystem. Watch Scott Hester, VP & Director of IT at Texas Security Bank, discuss how Eleviant’s RPA has positively impacted Texas Security Bank.
5 Reasons Banks Need to Invest in RPA to Withstand Economic Challenges
Traditional banks are no longer just competing with each other. A recent market study discusses how young adults (Gen Z) are comfortable using FinTech services. The report states that Gen Zs prefer the latest technology trends such as digital wallets, Buy Now, Pay Later (BNPL) and cryptocurrencies. Banks need to look beyond this recession to attract Gen Zers. The following are a few reasons why banks should embrace RPA:
RPA Handles Repetitive Banking Operations
RPA Reduces Risks and Eliminates Errors
RPA Can Work Well with Your Existing Systems
RPA is a Scalable Solution
RPA Lowers Operational Costs
With RPA, you can measure the return on investment as early as a few weeks. In addition to the tangible return on investment, RPA provides intangible values such as boosting employee morale and improving customer service. Even if your employees resist automation at first, fearing layoffs, they will soon realize how RPA frees up their time for specialized tasks, empowering them to serve customers better.
Planning Your RPA Project
Identify Processes to Automate
Consult an RPA Vendor
After identifying the processes to automate, carefully select an RPA vendor who has first-hand experience implementing RPA for a bank. This way, your technology partner would be proficient enough to closely collaborate with your team in defining the project scope and creating a development roadmap.
Development, Release, and Maintenance
Unleash the Power of RPA with Eleviant
The benefits of an RPA in banking are multi-fold and too compelling to ignore in this economy. A good RPA vendor would work with you in exploring areas where you could begin implementing this technology and strategize for growth. Get in touch with us, to unleash the power of RPA in your organization and reduce your worries of a recession.