5 Reasons to Use RPA in Financial Services
Robotic process automation (RPA) is the new digital workforce. From streamlining purchase orders and updating client profiles to reconciling financial statements, logic-driven software can handle repetitive, time-consuming tasks that previously required a human to perform manually. Simply put, it automates simple tasks so that businesses can increase productivity and improve quality of work.
In much the same way conventional robots changed manufacturing, RPA is the next innovative technology that will be a requirement for companies to survive. Banks, pension funds and insurers are looking for tools to automate activities without the need for complex programming and an enterprise-wide deployment.
RPA is the new virtual workforce that’s s set to become a differentiator in the finance world. Many of the large players are already moving forward with first implementations because of its ability to exist with third-party applications, capture data, trigger responses and talk with other systems.
As a provider of fintech solutions, we know that organizations that apply RPA will reap the following benefits
1. Cost savings
With automation, back-office functions like data entry and claims processing can be done onshore at a lower cost than offshore. According to the National Association of Software and Services, RPA implementation can reduce costs by 35 – 65 percent onshore, and 10-30 percent offshore in a short 6 – 9 months. Additionally, businesses can defer major investments in IT modernization because RPA works with existing systems, typically connecting older systems that don’t talk to each other. Small investments in RPA has immediate value benefits.
2. Enhanced productivity
The workday doesn’t end when staff goes home. With RPA, software robots can operate on a 24/7 schedule – completing repetitive tasks overnight. The number of transactions that RPA can complete in an hour is several times higher than what a human can accomplish, allowing your business to handle items at a quicker rate. You’ll have greater output and fewer errors with happier customers.
3. Upskilled human workforce
Service levels increase when team members can focus on more valuable tasks. By implementing automated processes to handle invoices, on-boarding and dispute resolutions, staff can upskill and shift to more rewarding, higher value work. Teams that are happier and motivated achieves more for your business, translating into greater productivity.
4. Ease of deployment
RPA does not involve a large-scale integration as many AI solutions because the algorithms are much simpler. This allows for a wide-scale deployment that can be done with tech-savvy professionals. Users can install RPA software on any desktop computer and be up and running within a matter of days, all without the aid of the IT department.
5. Reduction in human error
Financial institutions operate in a highly regulated industry where the demand for security, data quality and limited disruptions are necessary. RPA reduces human errors and the risks of transactional errors by improving overall accuracy. It ensures compliance and the best quality of work.
RPA is set to be a new breakthrough technology platform because of its scalability and adaptability across many industries.
Don’t get left behind. Learn how the right combination of RPA tools, talent and engineering can provide many benefits for your company.