More and more banks and financial institutions are starting to use robotic process automation (RPA). This technology is helping companies to reduce many of the tedious, manual processes that were previously taken care of by human employees. Robotic process automation (RPA) software helps banks and financial offices to become more efficient.
The use of this type of technology can lighten their workload, provide more accuracy, and provide a wide range of benefits, as seen below.
Benefit #1: Scalability
This is one of the biggest benefits. The technology is easily scalable, which means that it’s possible to use the technology even with a smaller bank or in a smaller capacity when you are getting started. The technology is instantly scalable, so it can be increased when there is a greater volume that needs to be handled. This helps to ensure that your customers and employees will not have to wait as long.
Benefit #2: Better Overall Efficiency
After the system has been set up and fully implemented, you will find that it can make operations at the bank faster and more efficient. Your employees will no longer have to worry about all of the tedious and mundane tasks, as they will not be handled by the bots. They can instead focus on other aspects of their job, which might include improving customer relations, for example. They can work on tasks that could help to grow your business rather than taking care of things like data entry from loan applications.
Benefit #3: Reports – Risk and Compliance
You want to be sure that your bank is operating without undue risk, and that you are in compliance with regulations. Generating and researching these reports manually can be time-consuming. However, with RPA, it can happen instantly. It will help you to develop reports and audits for all of the processes you handle. This will help you to reduce the risk in your bank, and it will ensure that you are complying with the processes.
Benefit #4: Available Around the Clock
Your human employees have lives outside of work and they can’t operate 24/7. However, when you have bots that are handling many of these mundane and repetitive tasks, you don’t have to worry about the bots clocking out at the end of the day. They are available and are working around the clock for your financial institution.
Benefit #5: A Cost-Effective Option
Naturally, you want your business to save money and cut costs whenever it is possible. Banks and financial institutions will find that using robotic process automation can be a wonderful way to save a substantial amount of money since their employees won’t be spending their days with mundane tasks. It is estimated that finance businesses could end up saving between 25% and 50% of processing time and costs. Even with the cost of the software implementation, this makes it a good way to save money and time at your financial institution.
When it comes to the cost, you will also be happy to know that there is no added infrastructure cost with implementing the bots. If you were to hire more human employees to handle these tasks, you would need to have more room in your building. Since the bots are in the computer software, you don’t have to worry about any infrastructure changes.
Benefit #6: Fast and Easy Implementation
Another reason that you will want to consider RPA is that the tools are fast and easy to implement. It’s often a matter of installing the bots. You can then use them to automate the various processes quickly and easily in your business. Of course, you will need to be sure that you and anyone who has to use the software knows and understands how to use it properly. Additionally, implementation is non-disruptive, so there will not be any downtime.
These are some of the most prominent benefits of using RPA in finance today. You’ll find that even though finance companies are making good use of RPA, other types of businesses might be able to benefit, as well. Some of the other industries that are using RPA today include healthcare, telecom, manufacturing, technology, hospitality, and retail.
The RPA Technology Is Used in a Variety of Ways in Finance
RPA is used for a wide range of business processes in finance. It’s possible to automatically generate reports for things like fraudulent activity and compliance. The technology is also used for better customer onboarding, as it’s much faster than manual verification of documents. In addition to the know your customer (KYC) data, it can help with anti-money laundering, which is also data intensive. Banks are using RPA to help with account opening, mortgage lending, loan processing, and more. Please read more about When and How to use RPA in Finance .
As you can see, it can provide help for a wide range of processes and it could be a good solution for your financial institution. If you are considering to implement robotic process automation (rpa) for finance and banking, the first thing you need to do is check to see which processes you have that will be most suitable for RPA.
You will then want to compare the metrics to ensure that adding the bots will make sense in terms of the cost vs. time, effort, resource utilization, and efficiency. You can then determine which vendor you want to use for the service and begin implementing and using the robotic process automation tools.
With all of the benefits that come from RPA, along with the variety of uses, it is easy to understand why so many financial institutions are using it today. If you are on the fence, check out what some of the vendors have to offer to see how it could benefit you.