The retail banking industry is faced with significant challenges to achieve optimal operational efficiency and profitability while providing the highest level of customer satisfaction. Financial institutions are also facing competition from new fintechs that provide online banking, payment services, and tailored customer experiences without being constrained by brick-and-mortar branches and legacy processing systems.
Robotic Process Automation (RPA), especially when combined with artificial intelligence (AI) to support intelligent automation, can accelerate the efficiency of retail bank processing, in addition to enhancing compliance, reducing fraud, and boosting customer service, according to a new report by the Everest Group.
