Can RPA help financial services?
The role of RPA in the financial services industry.
Robotic process automation tools continue to make the news in various industries. Many businesses use robotic process automation technology and leverage its ability to take over certain areas and procedures. One place RPA is making an impact is financial service businesses. Here are some ways that finance services have adopted and applied robotic process automation.
The Role of RPA in Finance
There are several ways that robotic processes have improved the financial service sectors.
Improved compliance: Financial sector businesses are under many strict rules and regulations. In a highly regulated industry like banking, mortgages, loans, and investments, a system that allows for enhanced compliance is highly valuable. Because of the accuracy assured by RPA, many financial industries have incorporated it into their practices to improve data accuracy and compliance.
Reduced risk: Related to increased compliance is reduced risk. Robotic automation in in financial services can support the “increased risk, increased reward” nature of financial services. Great accuracy of data entered through robotic processes with the reduced risk of human error means that businesses have less risk in their records, less risk in their transactions, less risk in their files, etc.
Reduced cost: Because of the speed at which robotic processes are able to complete tasks, many financial services businesses have found that they are able to save money. In addition to being able to save money by automating tasks that were formerly handled by paid employees, the reduced number of errors in certain transactions has been able to improve profitability as well.
Increased business: Increased transaction speed can lead to better, quicker response times to clients and faster turnaround on projects. This can lead to better customer loyalty or an increased edge over competitors.
What are the best RPA tools for financial services?
Selecting the appropriate tools is one of the most important ways to truly find success with robotic processes automation. Here are some tools to consider or research.
Pega: This system helps businesses understand which processes can be automated and how these automation can increase a business’s ability to be flexible, scale, and grow.
Appian: This is an entire business platform to help organizations understand how to make their processes faster and more effective, as well as more highly integrated. Businesses have found that this tool is seamless enough to help them start making changes right away.
UiPath: This resource is great across many different industries and has been effective in many different businesses, helping them incorporate RPA into their business model.
RPA is most effective when the RPA platform provider is willing to partner with your business and help you both understand your goals and meat them.
Robotic process automation in finance is still being tested for overall viability, as well as in what areas it can make the most important impact. Do you believe that RPA processes are important for the finance industry? In what ways do you think they’ve made the biggest impact? In what ways do you think they have the potential to make a difference?