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RPA in Banking Industry: The Future Roadmap into Digital Transformation


RPA in Banking Industry: The Future Roadmap into Digital Transformation

The banking sector has become increasingly saturated, and in this competitive market, it is difficult to stay a leader in the banking market. This demands the banking sector stay focused on the challenges, improve productivity, and have 24×7 availability to stay ahead in the competitive market. Such financial services are witnessed and transformable only through RPA(robotic process automation) in banking; this will allow the bankers to rapidly improve their operations and stay ahead in the competitive market.

RPA in Banking sector uses software bots, streamlines banking operations, and allows the employees to focus on other tasks by automation process. These bots can mimic human actions and even interact with users and provide them the solutions for the same. 

The key area where RPA can significantly impact and change the banking sector is manual data entering; as every banking sector deals with huge data daily, RPA bots can extract this data faster and in less amount of time. To implement this automation service, leveraging an RPA developer in the firm can free up human tasks and allow them to focus on other responsibilities.

* Key Areas Where RPA Can be Implemented in Banking Sector

There are various areas where implementation can be done successfully by using RPA in the banking sector. Here we will see key areas where the banking sector can implement.

Customer Onboarding

There are many errors faced while onboarding customers, RPA can quickly streamline the processes by OCR( optical character recognition) automation, such as KYC documents. This will improve the banking process and provide customer satisfaction.

Accounts Maintenance

Maintaining an account is quite difficult for humans; errors often take place. RPA has the ability to maintain the accounts, the activity that follows accounts closures, data updation, and address updation. This information will be processed promptly.

Fraud Detection

Fraud activities in the banking sector are very sensitive. Over the past years, there have been billions of cases filed. RPA can stop such fraudulent activities; it can even track these activities and help the cyber departments in the investigation.

Loan Processing

Processing of the loan services take months to close the deal. By leveraging the RPA, the overall time process is saved, the efforts of booths the parts are improved, and less chances of errors to take palace.

Customer Service and Support

Customers expect better service from any firm or organization, and providing better services can make them loyal customers. RPA can improve customer services with automated bots providing quality services related to balance inquiries, transitions failer, and account status.

*Benefits of Implementing RPA in Banking Sector

Here are the top four benefits of RPA. Moreover, you will find numerous other benefits that you can avail for your sector. For good, connect to the best RPA Consultant and activate the services by implementing RPA in banking sector.

Improved Accuracy and Compliance

RPA enables accurate and reliable process execution by doing away with human error. It follows established guidelines, regulations, and legal requirements, lowering compliance risks. RPA also keeps track of all automated activities, which helps with transparency and regulatory reporting.

Cost Savings

Implementing Robotic process automation in the banking sector can save maximum cost, even track unwanted transactions spent, reduces errors, and allows employees to focus on a higher task.

Enhance Efficiency

With RPA, 24×7 work process is accessible and provides quality work, and improves multiple processes in the sector. This makes the chances of error become less and allows the employees to work on other tasks.

Data Accuracy and Analytics

Humans may sometimes fail to provide accuracy for data. RPA ensures to provide data accuracy by reducing errors. Also, providing quality data will help the bank’s management make actionable decisions and identify opportunities for future improvements.

Also Read:

RPA in healthcare Industry

RPA in Pharma Industry

*Future Roadmap of Banking Sector Using RPA

The RPA is expected to have a disruptive impact on the banking industry in the future, which will bring the banking sector numerous advantages. RPA is the process of automating and helping in rule-based tasks and procedures within an organization using software robots or virtual assistants. The following are some significant ways that RPA will change the banking industry:

1.Customer service

2.Fraud detection

3.Compliance and regulatory reporting

4.Risk management

5.Intelligent process automation

6.Seamless integration with digital channels

These are the core areas, where RPA in banking sector can support and help them to stay ahead in the competitive market.

According to Statista, the size of the pharmaceutical industry is anticipated to be USD 745.4 million in 2021 and to increase to USD 7.1 billion by 2031, rising at a CAGR of 25.7% between 2021 and 2031.

Overall, implementing RPA in banking sector has numerous benefits where the sectors can streamline the maximum work process with fewer errors and walk towards successful Digital Transformation.



Is Saudi Arabia Leading the Race for FinTech Financial Inclusion?

It can be hard to keep up with Fintech. Just as the sector appears to be settling into some form of pattern in the UK and USA, where the next notable round of innovation is widely expected to be the automation that is changing the industry, new markets and new centers are emerging. 

One of these – and one that was thought to be rather unlikely until fairly recently – is Saudi Arabia. Though the Middle East has long had a promising fintech sector, this has largely been confined to Saudi’s smaller neighbor, UAE. 

Now, a range of Saudi startups have raised large sums in seed capital, and seem poised to make a major impact on the industry. In this article, we’ll look at these recent success stories, and explore when they mean for Saudi’s nascent fintech sector. 

Saudi Arabia: A New Frontier?

First, let’s take a look at those recent headlines. Back in April, a promising but relatively small Saudi fintech startup, Tamara, announced that it had raised $110 million for its Series A funding. This came as a real shock to industry, and with good reasons – not only was this the largest level of Series A funding ever raised by a Saudi startup, but it was the largest Series A ever raised by a middle eastern startup.

Perhaps the news shouldn’t have come as much of a surprise, though. Observant investors noted that the Saudi fintech sector has been growing steadily over the past few years – from just 10 startups registered under the Fintech Saudi initiative in 2018, to a total of 155 in 2020. And with extra companies comes extra funding – from January to May this year, fintech startups based in Saudi Arabia raised almost $130 million, a whopping jump compared to the $23 million raised by the sector from 2015-2020.

This growth is also likely to continue in the medium term. This level of investment is proving to be an incentive for Western fintech startups, as well, who are now looking to the Middle East as a potential new market for their services. Whether they will be able to take advantage of the size of the market in the region will, however, depend on a number of factors.

As we will see, the biggest problem standing in the way of creating a dynamic Fintech sector in Saudi is not the demand for innovative banking services – that is certainly strong enough. Rather, it is a somewhat traditional banking sector that may be reluctant to open up to technology companies.

Growth Across the Region

Saudi certainly has some well-established models to follow when it comes to catalyzing fintech growth. Bahrain, for instance, is widely regarded as having some of the most fintech-friendly banking regulations in the world, and the sector in that company is growing rapidly. Similarly, Egypt is seen as a real growth market for the sector, given the country’s huge population and a government that seems to be supportive of novel approaches to small business finance.

In both of these countries, government support has been key to encouraging the fintech sector, and Saudi Arabia appears to have recognized this. The Fintech Saudi initiative is the flag bearer for this support, and was launched back in 2018 by the Saudi Central Bank. The bank partnered with the Capital Markets Authority (CMA) in the kingdom, which has played a pivotal role in providing investment funding for fintech startups. 

The goals of these investments are certainly ambitious. The mission statement of the CMA states that it is tasked with “transforming Saudi Arabia into an innovative fintech hub with a thriving and responsible fintech ecosystem”. As part of this wide mandate, Fintech Saudi facilitates the licensing process for startups, connects entrepreneurs with investors, service providers, and banks, and has an accelerator program run by Flat6Labs.

This government support is, in turn, part of a broader change across the region, in which governments who were previously averse to change are embracing new ways of doing business. Just as the oil industry is changing, and becoming more transparent, so is the financial sector. And that will have impacts far beyond investors and bank staff because fintech might just be able to make banking truly inclusive.

Open Banking and Inclusion

If, as seems likely, Saudi Arabia becomes a leader in the fintech space, it will act not just as a catalyst for the development of fintech solutions across the region. It will also be the biggest test run yet of one of the central promises of fintech – that this technology can open up banking in a way never seen before.

On the one hand, Saudi Arabia seems like an unlikely place to be at the forefront of inclusive banking. The country is still very conservative and has some of the most secretive banking practices in the world. However, there are signs that the kingdom is open to change – both socially and in regard to the way it does business.

This has been overtly stated by Fintech Saudi, which is developing an open baking framework for the kingdom. Their aim, they say, is to force Saudi banks to be more open, and to share data about their activities more widely. This, in turn, will likely make it easier for under-represented groups in the country – women, most of all – to access banking services. 

At the moment, many guest workers and women in the country are under-served by financial institutions, and by allowing them to open accounts it is hoped that the country can become more open generally. In addition, fintech can help these workers to make international payments more easily, sending money back home and sharing the benefits of the strident Saudi economy.

The Challenges

Of course, changing the way in which a conservative country runs its banking system is not going to be easy. The Fintech sector in the country, while attracting a lot of funding, will have to overcome some real challenges if it is going to succeed.

One of these is a skills gap. A recent report from Fintech Saudi, for instance, shows that hiring qualified talent was the primary challenge for 40% of startups in the fintech space. Without qualified workers to power the work of startups, it’s likely that these will either stall or be forced to move their activities (and their profits) elsewhere.

Secondly, there is the issue of cybersecurity. Saudi has been a major target of cyberattacks in recent years, many of which appear to have originated in Iran. While the average fintech startup might not be a target of global cyber-weapons, the sheer number of common cybersecurity risks that the average Saudi company experiences every year could be enough to deter some startups and investors from working in the country.

The Bottom Line

That’s not to say that these challenges don’t have solutions, of course.  Open banking has progressed in two ways around the globe in recent years, either via regulators forcing traditional banks to embrace it and work with fintech startups (as is the case in the European Union) or (as we see in the US) incumbent banks opting to partner with open banking providers to keep pace with innovation.

If Saudi Arabia can do the same, while also recognizing that both talent acquisition and customer service are key to success in Fintech, there is no reason why it cannot emulate the success of its neighbors, and become the next global fintech hub.


Blockchain: Everything You Need to Know

Blockchain has transformed the way information can be shared on the internet because the data can’t be modified or deleted. Blockchain is also the foundation technology that manages the transaction entries for bitcoin.

Blockchain technology hasn’t yet been universally adopted, but it can be used to reduce expenses, speed up transactions, and improve safety for financial institutions, health care providers, companies, and more. It has the potential to dramatically change the way we do business by offering a trusted system for exchanging information.

Bitcoin is probably the most widely known application of blockchain, however, we can call that just the beginning.

But What Is Blockchain?

From the way the Blockchain stores transaction data – the name came in. Blockchain and bitcoin were first introduced in 2008.

Blockchain technology might as well be called a “book” that contains a list of transactions that should be viewed by a group of people of a network. This way, every member of the network or group has a copy of the book. Each page of this book could be called a “block” of data, and “hash” is what you could call a whole page of that book. “Hash” is a unique number. So, the “chain” links all the pages of transactions together.

But Bitcoin currency and Blockchain technology are two different things. The first one is a type of digital currency that is still uncontrolled – and those transactions are maintained by blockchain technology.

But How Does Blockchain Work?

-Every copy of the blockchain is the same or must be the same – that means members have the same information.

-New information can be added if all the network members agree that the block that is shared is valid. ‘Consensus mechanism’ is what this is often called.

-Once a new copy of the blockchain is added, all the members can see whether it matches with the old copy. If it happens that the old blocks don’t match, the current members won’t accept the new copy.

The members constantly process transactions into new sections of data. When a new section is filled, each member in the network has to verify if the block is valid by using a mathematical formula. Only when all the members agree that a certain block is valid via a consensus mechanism, then the new block is added to the chain. This process, which by the way is very complex, is the reason why blockchain transactions cannot be changed.

This complex process is the reason why blockchain transactions can’t be changed.

Blockchain technology prevents what is called “double-spending”. This is one of the reasons why it is used by most cryptocurrencies, and especially Bitcoin. No one can keep a bitcoin once they have spent it; The hackers can’t change the data blocks – as the transaction can’t be changed too.

To make data more useful, Blockchain works with protocols. The protocols are used to automate the transactions, like payments and invoices.

To reduce transactions possible errors and processing time is used a tool called ‘Smart Contracts’. That means lower costs and higher profits.

Types of Blockchain 

There is one important thing for public blockchains: anyone can join the network and can process their transactions anonymously. So, the data will be visible to all members of a public blockchain.

Using the ‘miners’ mechanism is the thing that characterizes members of a public blockchain network. The so-called miners are members who constantly validate data blocks on the public networks. They are always competing with each other to validate data blocks.

Public networks are used for cryptocurrency because transactions are direct between individuals without needing a financial bank. But since the transactions are anonymous, they are a subject of attracting criminal activity.

Once they have validated the transactions, Blockchain miners are awarded in bitcoin of another relevant cryptocurrency.

On the other hand, a private blockchain requires members to be identified. Credentials are what they need in order to validate data blocks and submit transactions. Data might be limited by a private blockchain. But this only will occur to some users and at times it could give access to other members. Private blockchains are proven to be more suitable for an individual business.

Can Blockchains Be Hacked?

Since every member has a copy of transactions, it’s proven that Blockchains are very difficult to hack, but they are still not completely secure.

To create false transactions and having them accepted – hackers should have access to multiple members – that is why is so difficult to hack.

One thing that is considered a flaw: protocols. Hackers can potentially use a weakness in the way protocols are operating, and ‘hack’ the system, but still, it is very difficult.



The term “FinTech” continues to saturate the news and financial institution reporting in recent years. It’s not surprising that streamlining financial services in the age of automation is something traditional banks struggle with adopting as global markets capitalize on technology. The trade sector on a high level is already purging antiquated, traditional processes involving paper, phone calls, Excel spreadsheets and tedious, unreliable methods of tracking and invoicing.

Now that FinTech is part of the bigger financial picture, it only makes sense that more companies in the global trade market are adopting FinTech as the norm rather than an option. This presents its own set of challenges for banks to overcome as much as it presents opportunities in optimization and risk mitigation. FinTech has its own challenges to overcome as well before it can successfully replace the traditional financial processes currently in place.

To understand exactly how FinTech fits into the bigger picture, we must break it down and evaluate all angles. To start, trends in emerging finance technology include variables from governments and dominating players to emerging acquisitions positioning big tech as a disruptor and solution to trade finance. So, what are some of the top emerging trends currently found in the financial technology space? According to experts at Azlo, a no-fee digital banking platform, government regulation will weed out fly-by-night FinTech while ownership of a self-sovereign identity will become more prevalent for risk modeling. Additionally, FAANG companies are currently positioned to become major players in the FinTech space as they continue to raise the bar for consumers and businesses alike.

Azlo also maintains that banks must adopt FinTech and emerging tech to remain a relevant part of the financial industry, warning that if they don’t, European, African and Asian markets, which possess less regulation and oversight, will own the space very soon. Additionally, optics, trust and inevitable obsolescence will ultimately serve as supporting reasons behind the adoption of emerging tech in the banking space in the near future.

From a safety and risk mitigation point of view, cybersecurity requires a sophisticated and advanced system to combat various strategies hackers utilize to disrupt the financial industry. Cybersecurity goes hand-in-hand with the recent surge in FinTech and will present itself as a challenge for financial companies to mitigate. How will this risk impact banks from a cost perspective? Think of it in terms of compliance and regulation. Circling back to Azlo’s expert point that once the government starts implementing harsher regulations, the days of FinTech will take a different stance in the financial industry. An example of this is found in Mexico’s FinTech law that took full effect this year and in the Latin America markets. As noted in a November Nasdaq article: “The goal of the FinTech law was to help bring more people into the formal economy. Additionally, it would help to reduce the amount of cash in circulation, which would cut down on money laundering and corruption as well.”

Nasdaq experts also point out the significant progress FinTech has made within the Mexico and Latin America markets. “In January 2019, Albo raised $7.4 million, sparking a surge in investor interest in Mexican neobanks,” states the article. “In March 2019, Mexican neobank, Fondeadora, announced a $1.5 million round of investment, and in May 2019, Nubank, Brazil’s largest neobank with over 15 million users, announced its plans to expand into Mexico.”

Considering the reputation for cash dependency in Mexico paired with the more than 273 FinTech ventures operating in the country, it’s no surprise that FinTech is disrupting and recreating opportunities for global markets while changing the way cash flow is approached.

FinTech will not necessarily hurt the traditional banking model, as it does offer an automated and sustainable approach for customers while keeping up with what is expected of companies on a cultural scale. To remain relevant, banks should consider what customer generations are emerging while maintaining the changing ecosystem supporting efficiency, sustainability and cost-savings.

Furthermore, FinTech is changing the way investments and lending are assessed. FinTech allows for much larger sets of data, providing a new level of visibility. Possessing the ability to manage multiple information streams that reflect the health of a company is found as an unmatched solution provided by FinTech, according to Azlo. With this information, companies can further evaluate next-step approaches and what actions in place need to be revisited, revamped or completely eliminated. The name of the game is data visibility, folks, and that is exactly what FinTech is doing to redefine how finances are approached.

“FinTechs are relying on different information when underwriting consumers, looking at things traditional banks have never considered and providing more people with access to personal and business capital,” explains Donna Fuscaldo in her blog, “The Rise of Fintech: What You Need to Know & Financial Services Now Offered.”

“Traditional financial institutions may be late to the FinTech party, but they haven’t missed it altogether,” Fuscaldo writes. “Many of them are creating their own services or partnering with established FinTechs to bring services to their clients. It’s happening in every aspect of FinTech from robo advisors with Charles Schwab’s Schwab Intelligent Portfolios to digital payments with Visa’s Visa Pay digital payment service. Even heavy hitters like JPMorgan are turning to FinTech’s data to evaluate applications for loans, and Quicken Loans, the online mortgage lender, launched its Rocket Mortgage app that can churn out mortgage approvals and rejections in minutes. All of this action on the part of the traditional financial services industry make for more choices beyond just the startups.”

With cybersecurity and automation consistently creating new ways for companies to optimize their payments while maximizing data and integration, only time will tell how much regulation global governments will impose and whether that reshapes the FinTech marketplace. One thing is certain: Traditional banking will continue to be challenged to redefine how customers are served, transactions are protected and how the investment and lending sectors approach opportunities throughout the international and domestic markets.

marco polo

Marco Polo Network Welcomes BNY Mellon

The Marco Polo Network, a trade and working capital finance network powered by blockchain technology, welcomed The Bank of New York Mellon (“BNY Mellon”) onboard to conduct an evaluation program. BNY Mellon’s collaboration is aimed at developing a more open and connected trade finance environment that powers global trade and economic growth.

Marco Polo is a consortium working to make international trade more efficient. The network includes financial institutions, their corporate clients, service providers and the blockchain technology firms TradeIX and R3, leveraging R3’s Corda blockchain.

By engaging with Marco Polo, BNY Mellon is positioning itself to explore trade financing powered by blockchain, in an industry where many participants still rely on costly and inefficient paper-based systems to conduct trade. 

“We recognize tremendous potential to harness digital, data and advanced technology capabilities to transform essential trade finance processes to make them more efficient and secure. Collaborating with Marco Polo members is one more measure of our commitment to provide innovative opportunities to improve the client experience throughout the transaction lifecycle,” said Joon Kim, Global Head of Trade Finance at BNY Mellon. “To achieve our goals, we seek to work with forward-looking organizations, like the Marco Polo Network, that are harnessing digital to truly transform industries,” he added.

The move reflects BNY Mellon’s focus on fully digitizing the business to deliver new capabilities faster, unlock the power of data and put clients at the center of their ecosystem. BNY Mellon remains dedicated to broadening the scope of its digital ecosystem both by actively advancing its own products and services as well as seeking opportunities to collaborate with best-in-class external companies. 

Already strong in Europe, Asia and the Middle East, the Marco Polo Network now bolsters its U.S. presence with the addition of BNY Mellon. “We are accelerating the network’s growth and reach while our members are preparing and running programs with their corporate clients,” said Daniel Cotti, Managing Director, Centre of Excellence, Banking & Trade at TradeIX. 

 BNY Mellon joins Bank of America, BNP Paribas, Commerzbank, ING, LBBW, Anglo-Gulf Trade Bank, Standard Chartered Bank, Credit Agricole, Natixis, Bangkok Bank, SMBC, Danske Bank, NatWest, DNB, OP Financial Group, Alfa Bank, Bayern LB, Helaba, S-Servicepartner, Raiffeisen Bank International, Standard Bank, Intesa Sanpaolo, MUFG, National Bank of Fujairah PJSC, National Australia Bank, and Bradesco as a member of the largest network of financial institutions leveraging blockchain for trade finance.


About BNY Mellon

BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries. As of Sept. 30, 2019, BNY Mellon had $35.8 trillion in assets under custody and/or administration, and $1.9 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on Follow us on Twitter @BNYMellon or visit our newsroom at for the latest company news.

About TradeIX 

TradeIX, is an award-winning technology platform provider driving innovation and driving change in facilitating the flow of goods, money, and credit in the $8 trillion trade finance market. Its TradeIX Platform is delivered to banks and their corporate clients via ERP-embedded applications. The TradeIX Platform is integrated with the Marco Polo Network, the world’s fastest growing trade finance network.

Some of the smartest financial institutions and companies in the world work with TradeIX, including ING, BNP Paribas, DHL, AIG, Oracle, and many other Fortune 500 companies from various industries. TradeIX is headquartered in Dublin with offices in London, Kettering and Singapore. For more information visit:

About R3

R3 is an enterprise blockchain software firm working with a broad ecosystem of more than 300 members and partners across multiple industries from both the private and public sectors to develop on Corda, its open-source blockchain platform, and Corda Enterprise, a commercial version of Corda for enterprise usage.

 R3’s global team of over 180 professionals in 13 countries is supported by over 2,000 technology, financial, and legal experts drawn from its global member base. 

Learn more at