5 Ways RPA Can Automate Banking Workflows


Banks and other financial institutions have to handle various administrative tasks every day, whether it is maintaining the general ledger or processing loans and mortgages. Though these tasks are essential to a bank's operation, most of them are repetitive and tedious. As a result, having employees manually perform these assignments is not only inefficient and error-prone but also a waste of human talent that could be useful elsewhere. Finding a more efficient and accurate alternative to manual labor is especially critical now with COVID-19 disrupting the economy.


More and more banks are turning to RPA (robotic process automation), software that can emulate human operations on a PC. Working 24/7, all year round based on predefined rules and logic, RPA robots can automate many of a bank's repetitive tasks with much higher efficiency and accuracy. As a result, banks can save labor costs while also enabling their employees to pursue more productive work. Here at Laiye, we offer Laiye UiBot, an RPA product that can help banks create robots to automate a wide variety of tasks. In this article, we will look at five important banking industry processes that Laiye UiBot can automate, among many.




Scenario 1: Bank declaration of VAT (value-added tax)


This process would require collecting and computing each agency's quarterly tax data and generating a tax distribution table:

1, Log into the bank's internal system

2, Download the input transfer table

3, Download the sales table

4, Generate a report using the information from these two files

5, Process the data

6, Create a tax distribution table

Manually completing this task would require data collection, computation, and entry. This is tedious and repetitive. Moreover, human error is inevitable, meaning there could be problems later in the process. With Laiye UiBot, however, the only human intervention needed is to activate the robot. From there, the robot can automatically log into the bank's system, download the required data, and quickly generate a tax distribution table. This is not only efficient and accurate but will also prevent errors from trickling in.


Scenario 2: Reconciliation between the head bank and its branches


Bank reconciliation is important to make sure that individuals branches and the head bank have the same information in their bank statements and records. Performing this manually would require the following lengthy process:

1, Log into the BI (business intelligence) system

2, Log into the general ledger system

3, Download the head bank report

4, Download the head bank's consolidated report

5, Collect each branch's reports

6, Conduct data analysis

7, Generate a summary table for the individual branches, and a verification report for the branches and head bank


This process requires logging into various systems on the browser, downloading multiple files, comparing the files' data with one another, and then generating many reports. This process is cumbersome, and employees may be careless and overlook discrepancies. With Laiye UiBot, all employees need to do is to upload information into the system before the work process begins. The bot can then log into multiple systems at once, download and organize files, extract relevant data, perform data analysis and comparison, and effortlessly generate reports, saving time and money.


Scenario 3: Mass querying of account balances

Banks often need to check their customers’ accounts to monitor their account balances. 

1, Log into the core bank teller system

2, Carry out various transactions

3, Continuously query account balances

4, Generate a report

Although the four steps seem simple, such a process quickly becomes tiresome given how many customers a bank may have. A bank has to pay a lot of workers to complete this task; however, it is incredibly easy for employees to make a mistake, double-count, or miss an account, resulting in an incomplete report and unnecessary delays. Laiye UiBot can automate this entire process: all it needs is the system's login credentials. The rest can be performed in the background while staff members pursue more meaningful work.


Scenario 4: Mass uploading to CRM (customer relationship management) system


Employees often have multiple files that they need to upload into the bank's system.

1, Log into the bank's CRM system

2, Enter various pages in the system, such as System page, Deposit page, Loan page

3, Upload the appropriate files

Due to the large number of files that must be uploaded into the system, repeatedly opening pages in the system and dragging in the files is burdensome. Moreover, it is very easy for files to become disorganized, which requires even more effort to ensure the proper files are uploaded. However, if these files are not uploaded promptly, the bank's system could be incomplete. Laiye UiBot can solve inefficiency and accuracy problems by automatically logging in and uploading the necessary files. 


Scenario 5: Credit verification


Like several of the processes above, credit verification requires data migration processes.

1, Download the attachments in a customer's email

2, Log into the bank's FTM (financial transaction manager)

3, Process the information in the downloaded attachment

4, Input the information into the FTM system

5, If the information is correct, generate a report and send it to the responsible personnel. If the information is incorrect, send an email to the customer notifying them of the error.

Done manually, this workflow requires communication, verification, and data input. Employees will have to manually process and input data and then determine if the data is correct. Then, the employee has to send an email. With Laiye UiBot, the entire process can be automated from data collection to entry and verification. Furthermore, Laiye UiBot supports email automation and is compatible with many inboxes, meaning human labor can be freed from this task.


Get started today

These five cases are only a few out of the endless possibilities RPA brings to the banking industry. In just one or two hours with the help from our professional team, you can start building your Laiye UiBot robots and explore their full potential.


About Laiye

Laiye, founded in 2015 by Ivy League Ph.D. graduates, is committed to being a leading Smart Robot platform with global influence in the era of human-robot collaboration.

Our portfolio of high-quality, secure products and services covers RPA Solution, including Laiye UiBot (an RPA product), Laiye Wulai (an enterprise chatbot platform), and Xiaolai (a companion robot). Join us on LinkedIn, follow us on Facebook, or visit laiye.com/en.


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