How Will Robotic Process Automation (RPA) Transform the Finance Industry?
Optimizing your business operations and processes with automation
Robotic process automation (RPA) is an application of software technology that automates high volumes of repetitive tasks and business processes. It frees humans from repetitive tedium and enables them to devote more time to higher-value work and innovation. RPA configures software robots that emulate and interpret human interactions with digital systems and applications, which include transaction processes, data manipulation, system integration, and other defined actions. The software robots can process these actions faster and more consistently than people to reduce manual errors. This technology applies to a wide range of industries and job functions, and any high-volume, rule-driven, or repeatable process can benefit from automation. RPA is easy to build and implement, which streamlines business workflows and makes enterprises more flexible, profitable, and responsive.
RPA software is fast growing and widely adopted despite economic pressures caused by the COVID-19 pandemic. The pandemic pushed demand for RPA, with many enterprises, especially in the finance industry, investing in the technology to optimize their business operations. Financial institutions have massive data, documents, and analyses that need to be executed every day, and RPA effectively improved the accuracy, productivity, and speed of their core financial processes. These benefits have become critical drivers of RPA growth as companies try to meet the demands for cost and routine labor reductions under current economic situations. Nevertheless, some people have concerns that RPA will replace human employees. While robots can replace humans in performing many jobs, the complete replacement of a human workforce is unlikely to happen. RPA will alter the way we work and contribute to job reallocation and even job creation, so that humans can focus more on innovation, interaction, and collaboration. With RPA, enterprises achieve higher scalability, resilience, and productivity while recalibrating manual efforts.
The biggest automation challenges of the finance industry
Challenge #1: Managing unstructured data
80% of financial institutions’ unstructured data come from various formats of emails, forms, and documents. To save organizations time and unnecessary manual labor, robots first collect the unstructured data, then apply optical character recognition (OCR) and natural language recognition (NLR) to transform it into structured data, and finally use automation technology to quickly analyze and accelerate operational tasks.
Challenge #2: Optimizing customer-facing functions
The financial sector has had to respond to enormous amounts of customer queries every day, and maintaining short response times is especially difficult. Customer request processing is also a drawn-out process as several documents require manual verification. Financial institutions can apply automation to customer-facing functions and their front offices to optimize customer interaction and improve employee satisfaction.
Challenge #3: Automating data-intensive processes
Many financial operations involve extremely data-intensive processes that require tremendous manual effort and time to complete. Automating and connecting these processes can benefit many financial organizations by improving operational accuracy and efficiency.
Where and how can I experience the benefits of RPA in the finance industry?
You can implement RPA solutions in numerous operational aspects in the finance industry, including compliance, account servicing, finance, accounting, and customer service. The power of automation enables financial companies to accelerate intensive processes, eliminate manual effort, improve productivity, mitigate risks, reduce operational costs, and enhance the overall customer experience. Moreover, RPA software is a low-code automation tool, which means no additional infrastructure is required for deployment, making financial institutions particularly suitable for automation. RPA adoption has rapidly become an essential investment to drive digital optimization initiatives in the finance industry.
Who can provide the best RPA solutions and services?
Cloud Interactive (CI) helps enterprises streamline core business processes and improve operational efficiency with successful RPA implementations. CI additionally offers licensing, consulting, and RPA development services for businesses and creates custom RPA solutions best tailored to your business workflows. The features and capabilities of RPA allow organizations to achieve success in their digital transformations and discover great, innovative opportunities in their respective industries.
About Cloud Interactive
Cloud Interactive is a design-centric software development and managed services company, founded in 2010.
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