Robotic Process Automation in the finance sector

finance

RPA solutions (robotic process automation) have very much become part of the permanent strategies of each sector. The mix of predictive analytics, bots and artificial intelligence has made it possible to improve and speed up processes, provide quality service and free staff from tedious and repetitive activities, giving them the opportunity to focus more on complex tasks.

In the banking and finance sector, where precision and reliability are essential factors, RPA has found fertile ground. Software robots in banking processes speed up operations according to current regulations and improve the customer experience.

The IQ bot for example, able to understand and emulate human behavior through specific systems of artificial intelligence, machine learning and NLP, is designed to analyze unstructured data and simplify risk assessments. RPA boosts and enhances all operational back-office and customer service processes, such as opening and closing accounts, updating account holder data, and processing payments.

Indeed, in a recent article, we highlighted how RPA and artificial intelligence improve processes in finance and accounting.

The advantages of robotic process automation in finance

rpa finance

More and more companies are adopting robotic process automation systems in finance, exploiting the countless advantages brought about in economic, practical and functional terms.

Compared to traditional techniques, RPA automates and speeds up each business process. In practice, every financial manager is freed from numerous tasks, especially those that are repetitive and with little added value, so having time to perform the job better and faster.

However, the activities entrusted to RPA robots are not to be underestimated, as they include fundamental functions, such as checking invoices or the requirements to access mortgages, or dealing with requests for reimbursement.

The advantages deriving from RPA can be divided into two groups:

  • immediate, that is, those from which you benefit instantly;
  • cumulative, which has positive effects in the medium and long term.

The immediate advantages of RPA in finance 

We can identify the immediate advantages of RPA as follows:

  • automation of processes, or part thereof, thus freeing financial operators from the most burdensome and tedious manual commitments and making them focus on more strategic activities;
  • systems that generally do not interact with each other can dialogue with a view to immediate integration, eliminating the potential for rework in the standardization and code writing phase;
  • reduction of interruptions and resistance generated by change management.

The cumulative benefits of RPA in finance

We can summarize the cumulative benefits of RPA in the finance sector as follows:

  • better reorganization of the workforce, with enhancement of the most valuable tasks;
  • simplification of integration between systems without particular maintenance;
  • simplification of regulatory compliance processes.

RPA serving customers in the finance sector

RPA in the finance sector brings tangible benefits for your organization, but, of course, also for your customers. Users today are increasingly demanding. They want access to services quickly and therefore expect financial companies to be equipped with the appropriate tools.

If you haven’t automated your business yet and still use manual processes, your productivity tends to decrease as the number of processing errors grows. With robotic process automation, your services are available 24/7.

With the use of robotic process automation software in the banking sector, you can comfortably and quickly manage all those processes that generate large volumes of data in complex infrastructures, offering customers an adequate service that promotes loyalty.

How is change important when working with robotic process automation?

Today, all companies engaged in digital transformation have to deal with change management. The term refers to a structured approach to change that favors the transition from a current structure to a future one.

Unconsciously, all of us are reluctant to change, as we are afraid of moving away from our “comfort zone”. With RPA, this step is much more gradual, almost intangible, since no training sessions are required to enable employees to use the new tools effectively.

There are changes in the organizational structure, but they are perceived in a positive way by employees, who can dedicate themselves to more stimulating and rewarding jobs, leaving routine activities to software.

This change will increasingly affect the labor market in the coming years. If you do not wish to be left behind, contact us now to walk together along the path of success.

Contact us now!

Partner

Copy link
Powered by Social Snap