Robotics Process Automation is the next revolution worldwide. Adoption of advanced technologies like robotic process automation, machine learning is leading the banking and finance industry today. We are more focused on digitization and learning from user behavior based on digital pattern managing liquidity. A lot of companies in the banking and finance sector are adopting this technology as they have a massive amount of data as compared to other sectors. This sector has huge potential using artificial intelligence with innovative solutions. It allows organizations to work faster, accurately and scale their business in the market more efficiently.
The robotic process automation market is estimated to reach USD 2,467.0 million by 2022.(Source)
Without further ado, let’s find out more about RPA and how it impacts the finance and banking industry.
What is Robotics Process Automation?
Robotics Process Automation is the application that allows people to configure computer software that captures and interpret existing application, for manipulating data, processing a transaction, triggering responses and communicating with other digital systems using more technologies like machine learning and artificial intelligence. It helps organizations to achieve a fast return on investment and reduce human effort.
Let us elaborate on the complete process in the most simplified way.
- Robots are objects which imitate human action with utmost accuracy called robots.
- The process is a sequence of steps which leads to complete the task or activity.
- Automation is any process completed by a robot without human intervention.
Robotics Process Automation In Banking and Finance
- RPA is highly efficient, helping financial institution and support its digital transformation Initiatives.
- It handles high volume and repeatable tasks that were performed manually previously.
- Implementation of this technology brings flexibility in managing workload.
- The invasion of this technology helps in changing the entire landscape of banking and finance incorporating new technologies like artificial intelligence and machine learning.
- This prominent technology is bringing self-service banking while making required changes.
- It promotes error-free and transparent transitions.
- It follows a customer-centric approach and prompts satisfactory customer service.
How RPA Contributes to Make Business More Effective?
It has become essential for organizations to adopt technological advancement in order to survive in a competitive world. It promotes flexibility in managing the workload and increases productivity while generating a great return on investment. There are several advantages of adopting robotic process automation like they are cost efficient, increases productivity, deliver a great result, and eliminate repetitive work. Without human input, this technology can do wonders in this competitive world.
RPA helps in building a connection between the customer and in the banking sector. Nature of job changes with time and automation is the facilitator in the expansion of industry. It helps in managing an agreement and accomplish a prominent degree over end-user computing.
The Feature of Robotics Process Automation In Banking and Finance
- Cost Reduction
- Credit Line Organization
- KYC (Know Your Customer)
- Customized Efficiency
- Client Registration
- Legacy Mainframe Process
- 24*7 Process Execution
- Shared Services Solutions
- Accuracy and Flexibility
How RPA Mitigate Major Business Issues?
- Extensive learning: – Using extensive learning solution learning can be supervised, semi-supervised, and unsupervised. RPA helps in gaining extensive knowledge and implement it in the most effective way.
- Data Analysis: – Data analysis goes through with a variety of statistical techniques for predictive modeling, data mining, machine learning to past data and predictions to support business and automate operations.
- Add Transaction Records: – Add transaction records helps in following the interactive approach. It supports in analyzing the data and discovering patterns in large data sets involving methods of machine learning, statistics and database system.
- Predict Future Outcome: – This advanced technology is great at helping in finding a relationship between variables to predict future outcome. It provides with great service satisfaction while matching the standard of services.
The Benefit of Robotics Process Automation In Banking & Finance
- Provides With Cost-Effective Solutions: – Implementing a cost-effective solution is a daunting task for any organization. Bank and financial institutions emphasize saving cost by executing advanced technology like machine learning, RPA, and artificial intelligence to increase operational efficiency. Implementation of RPA saves almost 25-50 % of the overall cost.
- Increase Operational Efficiency: – By investing in this advance technologies banking and finance institutions brings function efficiency to their business. We all know its a humane society but bringing the technology and implementing it in today’s era will only help the institutions to bring advancement and efficiency in the business.
- Higher Adaptability: – Every now and then things change and bring innovation in the industry and by taking this advanced technology in place we only invite simplification in the process as it’s flexible enough to integrate the changes without taking much time.
- Minimal Coding: – RPA is an advanced technology which offers hassle-free integration and implementation. It requires minimal coding, making its usage and maintenance simpler. It is much easier and effective as compared to other technologies.
- Decision Making: – Emergence of technology helps in improving operational efficiency. It makes information transfer easy and overall functionality accessible. It helps to make dynamic, workable and result in orienting RPA solutions across the industry while giving beneficial results.
ATM is one of the finest examples of automation. It helps in all bank related processes such as deposit, money withdrawals, or different account inquiries with minimum human interventions.