CIMB’s latest introduction of Robotic Process Automation (RPA) in its banking operations have proved efficient. The bank noted reduced turnaround time, faster processing and improved customer experience.
Implemented in September this year, the RPA enables the automation of selected banking operations covering financial, reconciliation, maintenance, e-banking, audit confirmation and auto checking/reminder follow-ups. This has contributed to enhanced services by the bank, allowing for faster processing of customers’ transactions and requests, improved quality and accuracy, as well as better productivity and staff efficiency.
Ramesh Narayanaswamy, Group Chief Information & Operations Officer, CIMB Group said, “With RPA taking over tasks such as generating statements, sending reminders to customers, as well as balancing and reconciling transactions, CIMB has enhanced and simplified banking operations to provide our customers with faster and more seamless banking experience, and this is just the beginning. Customers can expect increasingly better banking experience with CIMB as we continue to leverage on RPA further to take on more automatable processes.”
Improvements have been observed by credit card customers, with processes such as changes to credit limit or address completed within a day instead of 48 hours. So far, 47 processes have been automated; in November alone, 9 out of 15 banking processes have shown significant reduction of up to 90% in turnaround time. With the RPA’s ability to process 8000 requests per day efficiently and accurately, it has also improved the bank’s compliance, helping to fulfil regulators’ higher expectations and tighter standards.cimb