Malaysia's CIMB Bank is the latest financial institution to sing the praises of robotic process automation (RPA) as a means to significantly reduce turnaround times for manual back office tasks and deliver an improved customer experience.
CIMB's RPA, implemented in September 2017, enables the automation of selected banking operations covering financial, reconciliation, maintenance, e-banking, audit confirmation and auto checking/reminder follow-ups.
So far, 47 processes have been automated, with vast improvements in turnaround time noted in processing requests by credit card customers such as changes to credit limit or address, which can now be completed within a day instead of 48 hours.
Ramesh Narayanaswamy, group chief information & operations officer, CIMB Group says that so far nine out of 15 banking processes have shown significant reduction of up to 90% in turnaround time
"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," he says. "Customers can expect increasingly better banking experience with CIMB as we continue to leverage on RPA further to take on more automatable processes."
CIMB's experience is in line with the positive improvements witnessed by other banks through the automation of routine back office tasks as reported recently by Credit Suisse, OCBC, and Japan's Sumitomo Mitsui.