How can Banking and Financial Institutions Withstand the Impact of Conoravirus

Like many other industries impacted by the COVID-19 crisis, the financial and banking sectors are facing a time of uncertainty. Faced with an unstable economy caused by the pandemic, banks and financial businesses have to give out more loans or process more requests. Meanwhile, banks and financial institutions have to fight against an increased amount of suspicious activity: 

while a report made last year by the AFP (Association for Financial Professionals) states that an already shocking 81% of surveyed companies have been targeted by fraud attacks, the pandemic has increased the amount of fraudulent activity, with ACI Worldwide claiming that the average value of attempted fraudulent purchases has increased by 13% in the US.

During this time of transformation, the banking and financial sectors need more than ever to gain a competitive edge to ensure security, efficiency, accuracy, and cost-effectiveness. RPA (Robotic Process Automation), software that can emulate human operations on PC, has enormous potential to automate tasks in the banking and financial spheres. Here at Laiye, we offer Laiye UiBot, an RPA product that can help.

Does your banking or financial institution spend too much on these tasks?

From servicing customers to verifying transactions to protecting against scams, banks and financial institutions need to make sure their services are secure and of high quality. However, doing so often means spending a lot of time and money on tasks like those listed below:

1. Meeting AML (anti-money laundering) and KYC (know your customer) guidelines.

Whenever a banking or a financial institution needs to adhere to AMC and KYC policy guidelines, compliance costs are incurred. The banking or institution needs to manually check data and verify information about their clients or their transactions. Meeting these regulations is extremely costly: 

according to LexisNexis Risk Solutions, global financial services are expected to spend $180.9 billion on financial crime compliance, of which 57% of costs are spent on labor. The time and effort needed for this tedious task also translate into employee dissatisfaction, as the report states that 67% of compliance decision-makers are concerned with job satisfaction. Staff productivity and retention, therefore, are in jeopardy.

2. Fraud detection.

Part of the incurred compliance costs come from manually checking suspicious transactions, which not only takes a lot of time and effort but can also lead to fraudulent activity slipping through the cracks.

3. Reporting fraudulent activity.

Banks and financial institutions need to fill in SARs (suspicious activity reports). Doing so means manually extracting, compiling, and filling in financial data, which is a lengthy process that is susceptible to error.

4. Mortgage and loan processing.

Mortgage processing can face many unnecessary delays due to the number of checks that are required. A mortgage consultant must verify assets, income, and employment, as well as run eligibility and compliance checks. The process is wearisome for both the employee and the customer, and requests can quickly pile up on the queue.

5. Maintaining a general ledger.

Banks and financial institutions need a record of all financial statements, assets, liabilities, revenue, and so on. Undoubtedly, creating and maintaining this ledger manually entails accessing various databases and systems, which is a meticulous task that is very error-prone.

6. Customer onboarding, account opening, and card activation.

Onboarding a customer, opening an account or activating a card often comes with enormous time pressure from impatient customers. However, all of these tasks involve more tedious processes like compliance verification and data collection. Additionally, time pressure may lead to mistakes, especially if data must be transcribed into a digital system.

How can Laiye help your banking or financial business?

Laiye UiBot, an RPA product that can help banks and financial businesses save time and money, improve security, and increase customer and employee satisfaction. Able to work 24/7 tirelessly and with over 98% accuracy, Laiye UiBot can create robots to do the manual labor so that the employees can dedicate themselves to more fulfilling responsibilities. With processing speeds eight times faster than a human's, RPA can save up to 400,000 working hours.

Applicable across different computer applications, Laiye UiBot can simulate almost any task, helping ensure the utmost security and efficiency. For example, Laiye UiBot makes protecting against fraud much easier. Capable of extracting data from both structured and unstructured information, the robots can scan KYC documents, collect customer data, screen it, and catch suspicious activity. Laiye UiBot also can verify information by cross-checking with other documents and even generate SARs seamlessly, reporting problematic transactions to the appropriate authorities. Doing so would eliminate human error and also reduce time and money costs significantly. The same technology can be used also to maintain the general ledger, by extracting and compiling data.

Laiye UiBot can also expedite mortgage processing, as it can streamline loan initiation, credit checks, compliance verification, and so on, reducing the number of delays. Doing so not only frees up staff from manual work but also improves customer satisfaction, as they stand to benefit from having their loans processed more quickly. What also improves customer satisfaction is improved customer onboarding, account opening, and card activation, which Laiye UiBot can similarly automate. Faster resolution of these problems means more can be processed, increasing the volume of business and improving customers' impressions.

Even if the bank or business's documents are paper-based, Laiye UiBot supports OCR (Optical Character Recognition) and can scan paper files, converting them to digital ones for further processing. This also helps reduce the need for paper documents, which waste paper, take up a lot of space, and are easily lost or disorganized. With Laiye UiBot, all files can be kept and processed in an organized fashion.

Start your free trial of Laiye UiBot right now!

Because of how accurate, efficient, and cost-saving RPA is, it is a popular choice for finance leaders everywhere. In fact, Gartner reports that around 80% of finance leaders have implemented or are planning to implement RPA. Laiye UiBot is already servicing clients such as SPD Bank and CIB FinTech. With training from our professional team, you too can learn how to use Laiye UiBot to build your own robots, which will appreciably improve your banking or financial business and give it a competitive edge during these trying times.

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+AI Solution, including UiBot (an RPA product), Wulai (an enterprise chatbot platform) and Xiaolai (a companion robot). Join us on LinkedIn, follow us on Facebook, or visit us at laiye.com/en.