Robotics – How it is driving the financial services industry

Robotics process automation is also known as RPA is now considered as an essential technology in providing the best possible user experiences to its customers. With the financial sector dealing with voluminous transactions and complex regulatory mechanisms enterprises are forced to revamp operations and rethink control strategies.

RPA comes in handy by offering the capabilities to perform a diverse array of high volume tasks from fixed asset accounting to data repository maintenance. RPA is being leveraged to audit budgetary reports, manage invoices, and in resolving vendor disputes.

In addition, RPA is also being used to help scrutinize employee disclosures concerning individual accounts in addition to automating the account opening process. RPA speeds up the review of disclosure attestation and transfer disclosures, allowing for the early detection of abnormalities.

The benefits of capital market process automation – Overview

In order to boost profits and to promote overall growth in the longer term, the organizations continuously work to extract cost benefits from their business operations.

Robotic automation provides three significant advantages to business operations operating in the financial sector such as –

  • Cost cutting
  • Improved control and
  • Data analytics, without any impact on service delivery quality

In high-frequency activities, RPA removes manual involvement, leading to large savings through wage reduction. Expenditure on high-volume processes can actually be cut by 50% to 70%. These duties can also be accomplished over weekends or vacations without any additional resources being required.

RPA also invites regulatory reforms and considers cost-effective tactical solutions. As a result, there is less urgency to upgrade business systems and match them with new regulatory requirements.

Robotics supports innovation through tactical integration because of its faster response time to market challenges. As a result, new products and services are developed, integrated, and implemented without the need to upgrade old systems.

The different applications of Robotic Process Automation at a glance-

Customer onboarding, which is a crucial part of customer relationship management, can be made easier with robotic process automation. Customer retention, satisfaction, and profitability can all benefit from a smooth onboarding process.

RPA can automate procedures and integrate multichannel capabilities to speed up onboarding. Similarly, mortgage processing, claims processing, and customer service can all be automated to gain further benefits.

Robotic process automation will improve capabilities and produce significant cost and saving of time for any firm that uses human labor on an industrial scale for universal knowledge process work where employees conduct high-volume, highly transactional process operations.

RPA – How companies are using it across sectors

Leading companies are already considering alternatives to RPA. Others are investing in start-up / incubator funds for cutting-edge research in this space, while others are cooperating or collaborating with prominent universities for the design of machine learning and AI technology.

Companies are now delivering entire automation solutions on one platform, including all key features required to digitize complicated business processes. BPM, RPA, workforce orchestration, cognitive learning, and machine learning are all merged to provide a comprehensive robotics platform that can cut across various levels and provide a cohesive solution to today’s digital clients or customers.