Robotic Process Automation (RPA) is an innovation that emulates the manner in which people collaborate with programming, to perform high-volume, repeatable tasks. RPA use cases in banking and other sectors have been increasing at a fast rate.
The RPA technology creates bots that can sign into applications, enter information, compute and complete tasks, and duplicate information between applications or work processes as required. RPA can be used to automate various business processes.
It is being adopted by more and more industries due to its cost-saving and time-reducing properties. Over the last few years, many top MNCs have integrated RPA into their workflow, thereby streamlining their processes and services.
Let us look at some prominent, leading industries that have adopted RPA and achieved better results.
Here are some Best Robotic Process Automation examples:
1. RPA Use Cases in Insurance
Business and Process Analytics
Insurance agencies can further develop their cycles if they can check and measure their workflow. The execution of RPA makes the measurements a lot simpler. All work-related processes and cycles can be recorded and analyzed, which can give the insurance agency statistics like, the exchanges handled, the exemptions experienced and so forth. These results can help them in working on their interactions, staff responsibilities, and increasing client satisfaction.
Manual Data Entry Process
There are many cases in the insurance business where information is entered physically into the framework, like citations, protection guarantees, etc. This is a tedious and costly task. Physically doing it can result in irregularities and blunders. RPA can finish the work instantly with accuracy.
Use of Legacy Applications
Many organizations in the insurance industry depend on heritage (outdated) applications for taking care of a significant number of their business capacities. When new ERP or BPM arrangements are carried out, insurance agencies consistently face challenges in syncing them with older applications. RPA can assist the firm in such tasks and make data available across applications easily.
Insurance agencies depend on various laws and norms. These norms continue to change with time. These laws must be followed for the efficient working of the company, but many times employees find it truly difficult to adhere to them. It is extremely simple to adhere to the ever-changing laws and norms with the help of RPA.
2. RPA Use Cases in Banking
The RPA use cases in Banking are multi-faceted. Debit and credit cards are being lost or stolen almost every day across the world, RPA can uphold processes like their replacement, blocking, and unblocking as per customer demands. As these cycles are frequently monotonous, Automation helps decrease the load on employees, reduce total process time, and improve client experience.
Know Your Customer (KYC)
It has been found that banks spend millions of dollars each year to maintain and uphold KYC standards. It is wise to utilize RPA bots to mechanize parts of the KYC cycle. For the cases that require human intervention, they can be sent to a representative. For normal cases, RPA bots can accelerate handling times, further develop security and consistency, and reduce mistakes.
Reacting to Customer Requests
Conversational AI can be installed into RPA bots. Conversational AI frameworks, likewise called chatbots, can assist clients with finishing their solicitations naturally. In the event that client demand isn’t clear, it can be sent to a human for its redressal.
3. RPA Use Cases in Finance
RPA can continuously monitor and check usage patterns of suspected accounts and can help in identifying and preventing fraudulent activities from happening. It can also be used to identify accounts and customers using banking systems to launder money. The suspected account can then be reported to a human associate for further action.
Maintaining Consistent Data
RPA helps in keeping track of ever-changing customer information and getting it regularly updated in the database. Moreover, it minimizes risk and space for human error, which helps in maintaining a smooth flow of financial services and transactions.
Quicker Billing, Card Activation and Account Opening
With more and more people getting access to financial products and services, it is very important to make sure that the new customers face very almost no problems in setting up their accounts and other services. RPA can help in making things easier, by speeding up billing processes, activation of credit/debit cards, and the opening of new bank accounts.
4. RPA Use Cases in Healthcare
Making Appointment Procedures easier
When making an appointment through an app or the Internet, the patient needs to fill in numerous details, such as the concerned department, medications, and insurance paperwork. It can become a huge task to utilize this sensitive information to make the right appointment with the right healthcare professional.
RPA can speed up things by using its algorithms to make correct decisions in very less time, thereby improving the health and welfare of the patient.
Maintaining Patient Records and Databases
Hospitals gather enormous volumes of patient information. Additionally, the volume of information continues to expand each day with newer patients. Consequently, the healthcare databases need to be regularly updated and maintained.
RPA programming can record and screen increasing volumes of patient data easily
With the assistance of RPA in medical care administrations, medical clinics, and facilities can streamline and review their information to come to conclusions and decisions. Using these means of compiling and reading patient records, Healthcare providers can provide speedy diagnoses and create custom-made therapies.
Faster Insurance Claims and Bill Settlements
Hospitals and clinics must constantly monitor the services administered to the patients, to provide transparent billing mechanisms. This can be an arduous task, both for the hospital and the patient.
RPA can help in easily calculating bills by using absolute referencing values and patient databases. It can alert and notify the patient of their pending bills and speed up the bill settlement process. Moreover, it can monitor the insurance claim status of the patient continuously, to speed up their insurance claim process.
5. RPA Use Cases in Telecommunications
Efficient Billing Cycles
RPA robots can constantly monitor dues and bills pending for a customer account and can help in faster notification and settlement of telephone and internet bills. This helps in maintaining a regular billing cycle, minimizing losses, and preventing breaks in customer service.
The automated bots can help in connecting customers with the company representatives, and help in faster resolution of a customer’s complaints. It also helps in providing the service representative with the relevant customer data so that they can address their complaints in a faster and better manner. This helps in increasing customer satisfaction.
The bottom line is, RPA is making things faster and easier for companies and their clients across the world.
Want to be a part of this Revolution? You can become an RPA Developer or Programmer and help in making the world a more efficient place.
ImaginXP is currently running full-time Courses on Robotics Process Automation in association with JNU and Sandip University, with renowned academicians as faculty, Industry-led curriculum, and hands-on learning experience.