Robotic Process Automation has made a significant impact on the efficiency and accuracy of the BFSI sector. Q3 Technologies has enabled many banking and financial companies to automate their processes.

Robotic process automation or RPA is a technology, which mimics the work of a human worker such as logging the details, entering data, carrying out calculations, and logging out of the system. Robotic process automation for the BFSI sector has been a recent development. This sector has come a far way and is doing well.

This sector needs to keep good profits, and also, provide maximum security to their customers. To do this, they need better technology. This is where robotic process automation comes into play. The banking sector has to carry out many tasks such as keeping records of customers, managing deposits, withdrawals, and loan accounts. Some of the main applications of robotic process automation in BFSI sector are providing customer service, making compliance easy, credit card, and mortgage processes simple and accurate.

Robotic Process Automation for BFSI

Before RPA was used, it was very difficult to keep all the data intact as there was a chance of it getting misplaced. But this technology has bridged the gap between the legacy systems creating a much better database. Some other applications of robotic process automation in the BFSI industry are fraud detection, KYC process, account closure, report automation etc.

With the help of RPA, all these processes can be carried out easily. This technology needs minimum human involvement, and hence, the human errors can be eliminated significantly. It creates a transparent environment in which the data for every transaction is recorded properly.