Customers engage with a bank across institutional banks. But siloed systems and lack of transparency can create gaps in customer servicing. However, clients expect quick and tailored experiences, so banks are trying their best to eliminate legacy systems and manual processes and bring in automation in their banking operations.

The banking sector, through automation, intends to streamline its processes. As a result, some banks are looking at a new generation of regulation technology (regtech) solutions as a silver bullet to ease the log- jam of data and processes. But regtech must be supported by proven technology that is part of a larger fintech strategy.

When existing systems cannot be directly integrated, then RPA comes into play. The RPA can be fully embedded in the CLM and KYC applications of fintech organizations to coordinate and automate how KYC and CLM processes work. The main aim is to activate multiple data sources and applications in such sequences that help augment the work to be done by the client onboarding team.

RPA captures data from legacy systems and collates it to form a single customer view across geographies and lines of banking business. Banks are turning to the robotic approach as part of a cybersecurity setup to reduce FTEs, cut down errors to zero, and speed up the time needed to implement them as part of banking operations.

Automation within CLM and KYC applications enables the banking sector to intelligently optimize how the work is carried out by humans and robots. The use of a centralized and globally scalable end-to-end solution helps seamlessly infuse robotic automation within the banking operation for onboarding and KYC transformation.

Fintech organizations like banks and finance corporations can run tasks unattended, thereby ensuring that all extenuating risks are taken care of and that these meet all regulatory requirements as mandated by the government and regulatory authorities.

In addition, this automation helps banking and finance sector employees be more productive by freeing them from somewhat tiresome processes linked to KYC verification and focusing more on delivering better customer service.