The payment card industry is anticipated to grow substantially in the forthcoming years, as numerous countries promote cashless economies. Nevertheless, the present industry faces unique challenges, which are hindering its growth.
The continuously growing credit industry has become a burden for financial institutions that still depend on manual procedures. The conventional credit card processing method involves several steps, from validating customer information to approving the credit card, and requires various checks to be carried out, resulting in a process that takes several weeks. Consequently, the system has become ineffective, leading to a higher likelihood of errors and fraudulent activities. This outcome is reasonable, given that financial institutions manage numerous card applications daily.
These can be tackled by implementing leading technologies such as RPA, and AI that can streamline the entire credit card processing process, leading to increased customer satisfaction.
Here are some instances of how RPA can automate credit card processes
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