Top 10 RPA use cases by industry 
and their real-life examples

Top 10 RPA use cases by industry and their real-life examples

April 13, 2023

RPA adoption by industries

The BFSI – banking, financial services, and insurance sector – accounted for 28.89% revenue share, the largest among other industries implementing RPA solutions, according to Grand View Research. It helps to automate various business processes, including account and deposit opening, customer onboarding, know-your-customer (KYC), and anti-money laundering (AML) procedures. Pharma & Healthcare is the second largest segment due to the rising demand for RPA to automate hospital management systems and due diligence processes.

Robotic process automation in the communication, media, and education sectors is mainly used to facilitate connection and interactions across various channels, save costs, and improve customer experience. Meanwhile, the telecom & IT sector uses automation to support a product’s entire lifecycle and better cope with regulatory compliance. In general, RPA contributes to cost optimization, enhancing speed and operations efficiency. In addition, robotic process automation significantly contributes to overall enterprise digital transformation across different sectors.

Chart title: Global robotic process automation market by application, 2021 (%)
Data source: grandviewresearch.com — Robotic process automation market size, 2023 – 2030

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Top 10 RPA use cases and examples

Robotic process automation in the banking sector involves using advanced RPA tools to automate numerous repetitive and mundane manual processes. According to McKinsey, 43% of banking processes can be automated. RPA helps to increase productivity, reduce the number of human errors, and enable employees to focus on customer interactions. As a result, RPA can exponentially increase operational efficiency and become a first step toward digital transformation in banking. Everest Group revealed that 50% of surveyed financial enterprises got more than $1m in cost savings from automation.

RPA use cases in banking

Customer onboarding

Compliance

Loan processing

Customer service

Accounts payable

Credit card processing

Fraud detection

Know your customer

Account closure

General ledger reconciliation

Real-life example: Heritage Bank

UiPath, Itransition’s partner and leader in RPA implementation, built an RPA platform for Heritage Bank, the largest mutual bank in Australia. The solution helped to automate 80 customer-facing, back-office, and middle-office processes and 90% of the data mining transactions when generating living expense reports.  

RPA implementation best practices

What to do before starting? Although RPA can act like humans – even faster and better – to perform a wide range of repetitive tasks, it cannot think like humans. With these limitations in mind, we compiled a brief list of best practices for picking the right RPA use cases and preparing your employees for implementation.

Choose business processes worth automating

Traditional RPA lacks the analytical and cognitive abilities of humans or AI. Therefore, the best candidates for automation are rule-based processes, which follow well-defined patterns with relatively few exceptions. 

Another critical parameter when selecting RPA use cases concerns their potential ROI. Processes with a high FTE are better suited to be automated because this will ensure more significant savings. 

Also, consider the overall impact of these processes on your business workflow and performance and keep in mind their potential scalability to further enhance RPA benefits.

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A multifaceted tool for digital transformation

RPA is a multitasking tool that can be deployed for various applications in different industries. Although it lacks analytical skills in its pure form, it can cope with many repetitive tasks faster and more accurately than human employees.  Therefore, RPA can become an effective solution to boost your organization’s productivity and growth, allowing your employees to focus on developing purely human cognitive skills such as problem-solving, creativity, and critical thinking. RPA adoption could become a solid step in your digital transformation strategy, and Itransition’s experts are always ready to help.