In 2018, Robotic Process Automation (RPA) was projected to be one of the most important trends in the industry. According to a study by Research and Markets, Robotic Process Automation is expected to increase at a 31.5 percent compounded annual rate until 2026. Automation of human activity frees up employees to work on more value-added tasks, allowing for unprecedented levels of innovation and automation.
RPA allows you to create robots that can detect what’s on a screen, enter data, identify data, navigate a system, and do a variety of other tasks. These programmes automate specific processes in your organization, allowing you to increase production and efficiency.
Let’s look at a few examples of how technology is employed in the financial services industry:
Processing of claims
Loan and insurance claim processing takes a long time and is a manual process. It takes time and is prone to human mistakes, which adds to the workload and leaves staff with extra work. Automation reduces errors and time taken to complete the loan and insurance claiming procedures.
Data entry and integration
When it comes to data entry, RPA can help improve accounting by reducing human error and saving time. Employees no longer have to manually enter data into portals to integrate them. The utility of this technology will only improve with time as machine learning capabilities improve.
Service to Customers
RPA can be extremely beneficial in terms of increasing customer satisfaction. Chatbots are currently being used by many banks and financial service providers to increase consumer contact. Chatbots are available 24/7, and clients may get help at their leisure, even outside of typical office hours. Additionally, because automation lowers errors, consumers’ demands can be handled faster and more correctly.
RPA is used by banks to improve data security and operational visibility. Banks can use RPA to improve and streamline their compliance processes.
RPA helps in Intercompany reconciliations. It can check various orders and transactional data automatically. The bots can also approve matching orders automatically and notify the appropriate parties if any inconsistencies are discovered.
By automating the nitty-gritty processes of the verification process, RPA helps to streamline the KYC process. Optical character recognition can also be used to collect all required data.
Fintech organisations are now investing in FinTech in order to provide clients with a simple and user-friendly interface. Traditional businesses must increasingly invest in RPA and improve their systems in order to obtain a competitive advantage. RPA is thus the future and the next phase in the digitization process.