Robotic Process Automation in Banking and Finance Sector for Loan Processing and Fraud Detection

The world is evolving into a digitally advanced environment. Transformation is a constantly evolving process where Robotic Process Automation or RPA came into the process of renovation. RPA has recently become a valuable tool in banking and financial institutions. RPA has shown a lot of various benefits for different organizations. The primary intention of Robotic Process Automation in banking is to reduce repetitive tasks in the bank. In banking and various other organizations, RPA has helped reduce the operational costs by 30% - 70%; RPA helps reduce the workforce by employing Bot workers in charge, which later saves the operating costs and increases efficiency and accuracy of the tasks. Lenders are regularly facing pressure to reduce the prices as well as to reduce and save time. Lender hence switches into automation for better efficiency and accuracy of service. With automation bots, lenders can automate loan processing by collecting customer information, loan approval, loan monitoring, and automatic loan pricing. This can be achieved with the help of rule-based software bots. Also, many of the lenders do some part of the process partially automated and some part manually. Banks and financial institutions are switching to automation and training to stay on top of the latest security developments. This helps to keep an eye on the evolving trends in the payment space. Fraud for instance, is an ongoing threat. All major finance domain are looking forward to implement the concept of RPA technologies. Which help in preventing the possible frauds and also helps in mitigating the other human errors. The paper talks about how RPA can mitigate fraud risks through various methods such as reassessing current processes, eliminating human errors, enhanced trade monitoring, automated threat detection, and searching for anomalies and much more.