Robotic Process Automation in Financial Industry

Robotic process automation (RPA) is quickly evolving to a new hot topic in the Finance world. Automation has been around for a while, but RPA is deploying logic-driven, configurable software-robots to capture and interpret primarily structured data. These robots can learn from prior decision and patterns to make decisions on their own.  The financial industry is ideal for automation with the need for compliance and 24/7 accessibility.  McKinsey estimates machines will do up to 10-25% of work across bank functions within the next few years. Activities like general accounting operations, cash disbursement, and revenue management are all prime for automation.

Here are 4 ways the financial industry is making automation the new standard both internally and with customers:

• Increased Capacity: Help employees increase productivity by reducing the time spent logging into multiple portals, interpreting complex regulatory rules, or performing repetitive tasks.  

• Cost Savings: When the amount of data consumed is increasing, banks can support decreasing margins by combining data from various sources and processing outside of traditional banking hours in a way that can easily scale.

• Customer Experience: Customers expect their bank to securely deliver personal information faster than they can order a coffee.  Through automation, requests can be processed in real-time and provide up-to-date information conveniently.

• Risk Reduction: With tightening regulations, you can maintain quality data by reducing and removing hand offs between employees and systems. Automation can completely remove errors associated with mistyping and formatting to improve controls through many transaction types.

If you are looking for a partner in robotic process automation, contact us to learn how you can see these benefits throughout your organization.