Robotic process automation (RPA) provides an autonomous way for companies to automate, streamline and digitalize their backend processes. RPA can be utilized in any industry that requires repetitive tasks already scripted or documented.
The finance industry is one of the most significant users of RPA across the globe. This is because bots have made it easier to execute specific tasks within this particular sector. These tasks are:
- Executing transactions with speed and accuracy:
RPA for finance and banking has reduced human error which can be very dangerous for financial services. An automated process ensures that all transactions are executed at maximum speed with accuracy. This reduces mistakes in the finance industry, which can lead to losses if not detected early.
- Rapid scaling across all departments
RPA makes it easier for software robots to perform repetitive tasks in a short period, making it possible for organizations to scale operations quickly. In addition, bots free up employees that used to do redundant tasks to work on more important matters. For instance, a bank can use RPA for finance and banking to automate 45% of its processes and let bots run those tasks instead, freeing employees to make more critical decisions.
- Disburse loans faster
In this sector, bringing downtime taken from loan applications to disbursement of the same is possible. In addition, automated processes can be used to automate data collection and collation, which helps in bringing down processing time significantly.
- Increase client satisfaction with faster response times
RPA increases how companies provide their services and thus enhances customer experience. This also ensures that customers get a timely response to their queries, which leads to improved customer satisfaction.
- Decrease the time it takes to make decisions
RPA allows the automation of repetitive decision-making tasks, which helps managers and decision-makers make more informed and better decisions. This makes management and decision-making faster and better than ever before, enabling organizations to keep pace with the competition.
RPA used in different areas
The banking and financing industry uses RPA extensively due to the number of rules involved in customer service functions. As a result, the industry requires a great deal of customer service, along with regulatory compliance and security.
RPA for finance and banking can be used in areas such as the following:
Regulatory compliance
Regulatory compliance is a massive task for the financial industry. Any manual completed by employees must be documented, which regulators can then audit. For example, if an employee uses a calculator to perform arithmetic, they must document this activity against the bank’s internal control. RPA for finance and banking can reduce this burden by automating manual activities and can use AI to make sure no mistakes are made.
Self – service
This refers to allowing customers to do something they usually need a bank representative for. An example could be an application that allows users to check their balance without calling customer services.
Fraud detection
RPA can detect illegal activity such as fraud for businesses that use credit cards. The software would monitor the users’ habits and flag any abnormal transactions. This may include purchasing more fuel than usual or travelling to more remote locations. Another example would be monitoring behaviour, where the software would check for things like whether a user is logging in at unusual times.
Data entry
The finance industry handles large amounts of data to make informed decisions. However, manual data entry takes up time and resources allocated elsewhere. RPA can automate this process.
Customer service
The finance industry requires a lot of customer service, especially when asking for sensitive data or verification. RPA for finance and banking can automate these processes with AI to make the user experience better.
IT/ISR
IT/ISR refers to information technology and information security. RPA can reduce these costs by automating repetitive tasks while also improving security.
For example, if a system crashes, you need to set procedures to prevent it from happening again. You may have an RPA software running multiple tasks back to back before stopping for the night after testing everything. This way, you reduce the cost of having staff work overtime.
Conclusion
The finance industry is highly competitive and requires a lot of customer service. This means that companies need to reduce costs while still maintaining quality. RPA for finance and banking can help achieve this by automating repetitive tasks to increase efficiency and productivity. Contact Silver Touch to get more information about it!
