Numerous countries have adopted a cashless economy and others are still in the process of doing so. The near future marks tremendous growth in the payment card industry.

However, currently, the industry has several roadblocks to overcome. This guide will give you a bird’s eye view of the impact of automation on the credit card process and overall business process.

The Existing Struggles

Most governments are introducing their economy towards cashless payments and develop a habit of using credit cards. An increased number of individuals prefer use of cards instead of carrying cash.

It has been observed that an individual has more than one credit card, and they make optimal use of it. A smooth and secure online payment has triggered the use of credit cards across countries.

The increasing use of credit cards has compelled the finance industry to switch to automated processes. Several financial institutions are in the process of adopting automated processes to streamline finances.

A traditional credit card process takes about a week to complete. Initially, the customer’s information is verified, followed by credit card approval, and several other processes.

The modern lifestyle demands quick transfer of currencies in a secure manner. Numerous financial institutions are in the process to eliminate fraudulent activities with reliable credit card transactions with Smart Credit monitoring.

This can be tricky as banks and other financial entities manage over million dollars regularly.

How Can Switch to Robotic Automated Process Help?

There is no doubt that this transformation is not a cakewalk. The presence of robotic process automation acts as a breather for several banks and financial institutions.

Robotic Process Automation is also referred to as RPA, and is a blend of machine learning and Artificial Intelligence capabilities. This blend of intelligent technologies makes it convenient to manage frequent mundane tasks.

Banking and financial institutions can manage many mundane tasks with the help of RPA. These tasks can be performed swiftly and without any mistakes.

Similarly, RPA can help amplify the entire credit card processing and reduce the lengthy duration. A lengthy credit card duration process is bound to upset customers and also cost a handsome sum to the institution.

RPA allows banks to issue a credit card for their customers within a couple of hours. RPA functions at a rapid speed as it can transfer messages to several systems at once. They can also run quick background checks, verify the necessary information, and help approve and reject applications based on preset norms.

The following can be obtained with the help of Robotic Automated Processes-

Customized and Quicker Process

Usually, the first stage of credit card processing is inclusive of KYC. RPA runs several checks whether that individual was involved in any fraudulent acts or financial mishaps. They are also allocated scores based on the check to avoid any further confusion.

The AI-based technology helps to run a quick background check about customers’ activities and their activities. Once the customer has cleared this test, they are sent an approval, a personalized card is delivered to their official address and gets automatically activated.

Monitoring

RPA also helps the institution to verify that the customer has successfully received the card. In case, the customer hasn’t received the card, RPA can notify the institution about the same.

RPA also keeps a constant tab on transactions made through the card. It notifies the customer about any transaction that is made through the card. This way, the customer can be alerted for any unwanted transactions.

This smart technology can track all transactions, monitor expenses, and enable secure credit card payments.

Customer Service

RPA can instantly halt a particular transaction if the customer reports that they haven’t initiated it. The institution can reimburse the required sum to their account within a couple of hours and set up an inquiry for the same.

Besides, RPA can send automated messages and mails to the registered number and email address on the customer’s birthday and anniversary. A customized greeting on Christmas Eve and New Year’s is an add-on.

All these activities help to trace customer behavior and expenses. This information can help you to offer customized services to your customers’ needs.

Final Words

A digitized internal process helps your staff to manage tasks and customers with ease. They can approach customers and help them resolve queries at the earliest.