To effectively manage mundane tasks and focus on better customer experience has become a necessity for financial institutions. Organizations are in dire need to enhance efficiency and optimize operations more than outsourcing and upgrading systems. There is a surge of innovation. The new digital workforce and RPA (robotic process automation) is the most innovative way to improve speed, growth, and increase employee productivity.
Role and need for RPA in finance
RPA allows businesses to embark on digital transformation journeys. Automation reduces redundant tasks such as data entry, data capturing and verification, KYC, financial reporting and closing, etc. It performs tasks much more efficiently than manual operators. Businesses embrace automation and have brought sustainable revolution at every level of working, and enables human resources to focus on creativity, planning, and decision-making. The technological advancement helps in providing exceptional customer experience and meeting the other business challenges smartly.
The future of robotic process automation in banking and finance
Since we can do all the transactions online, only a few people visit banks. Now it only makes sense to build a virtual bank with RPA and complete mundane tasks. In the finance sector, automation provides multiple opportunities.
It’s time to capitalize on RPA and get the best possible outcomes through the RPA initiative as a finance company.
- Credit card approval
We all know getting a credit card is a cumbersome process, and we can eliminate the time taken in this process through RPA. The bots in RPA can verify information through a rule-based approach. This process will help banks to issue credit cards in less time. With a fixed set of rules in RPA, we can set our own parameters and fill customer’s needs as per requirement. RPA bots will confirm and verify and issue a credit card.
- Closing account
Account closure is an extremely dull and tedious task for bank employees. By setting a few parameters using RPA in the finance industry, banks and financial companies can execute account closing tasks quickly by applying rule-based approaches.
RPA bots track such accounts and send notification of low balance and account closure. One of the parameters for this task is the inactivity of the accounts.
- Improved customer service
There are tremendous opportunities in RPA and especially in banking and finance. It improves customer service and delivers better outcomes to customers. From balance enquiry to processing reports, all tasks can be performed using finance automation. RPA bots can complete a redundant and routine task. It will help employees to personalize the other services for customers and will result in a high-quality experience.
RPA use case in finance
Automation has brought numerous opportunities for organization and individuals. Leveraging RPA in finance bridges the gap in legacy systems and provides greater efficiencies in operations and audit areas. It enables the business to accelerate time to value and increases throughout, and decreases human error possibilities. Here we have listed some use cases of RPA in finance.
- Data management
It is often challenging for businesses operating in the finance sector to deliver financial and operational reports regularly. These reports include various non-core activities such as data collection, data processing, cleaning, formatting, aggregating and analyzing and preparing business insights reports. RPA takes all over this task and results in better turnaround time and efficient business insights.
- Account reconciliation
The bots include processes such as uploading transaction data, various system formats, data validation and executing exceptional research. We can assign an RPA account of reconciliation, which includes creating balance, noting and remediating discrepancies. RPA also moderates the repetition of data and applications from excel to sub-ledgers. Automation also helps businesses with financial closing and reporting and creating and delivering compliant financial data to regulatory bodies.
Being a financial institution, the nature of the company demands banks and insurance to be legally compliant. Every trade union, company, state has different rules and standards, and it is very challenging to adhere to its laws. Failing to comply with these rules and regulations can cause serious lawsuits and fines. The virtual workforce and RPA address the inconsistencies in real-time and strictly abide by the law. The smart bots of automation ensure the accuracy of bots and boost the reputation of the company.
The way forward- RPA is a boon to the financial sector
RPA in the financial sector is the only sustainable way for business to cope with rising cost and shrinking budgets. We can integrate the virtual workforce with existing systems and thus gain quick-time-market efficiency. It helps alleviate customer experience, employee experience, and eases the procurement process. Thus it makes sense to implement intelligent automation in both financial institutions and the employee. It also enhances the bottom line of business and supports rules-based decision-making tasks. RPA is a miracle for the banking and financial sector, and it has huge unexplored potential.