We have been talking about Robotic Process Automation (RPA) and its impact on the financial services sector. Most financial services companies have begun to explore how to use RPA – utilizing software to imitate human actions like how they do on a computer, and then surmount these actions as required. A lot of organizations have already automated many of the repetitive, pattern based processes that are the distinctive beginning points for RPA. Some organization has applied these tools and have already seen impressive decreases in average handling and cycle times.
Companies across the industry have been looking for ways to minimize high variable costs and how to address stagnant productivity growth against challenges. The surge in regulation, as well companies initiative to enhance security compliance to minimize risk, have peaked the cost of maintaining finance and risk talent. And, as it goes the need to demonstrate strong measures to comply with the security solution was the priority, which should be proven and robust.
Most companies have started to transform their finance and risk operation and find new ways to enhance productivity. This includes relocation, optimization, centralization, standardization and digitization. While these methods have their benefits, RPA comes as a huge potential for both short and long-term gains.
Return on Investment
Companies that implement Robotic Process Automation (RPA)-based solutions tend to see high returns on their investments. And quite significantly, the solutions are typically extendable – not calling for all procedures and systems to be converted simultaneously.
So having the option to select workers for a complex task is a major benefit, particularly those that require human analysis and judgement. This minimizes redundancy and error because the bots have replaced humans. So bots can do 24/7 transaction, which is not feasible by humans. This makes it easier for the organization to track and monitor without having to worry about compliance. The staff will be able to spend more time analyzing the data, based on which they will plan the work process. And that is the kind of returns that drives business.
The Robotic Process Automation Curiosity
RPA is bringing forth significant excitement in the world of finance and risk, and a lot of firms are moving in that direction with their RPA implementations. They generally commence exploring high-volume, low-complexity procedures such travel and expense management, auditing incoming payment of vendor invoices, and supervising of customer credit. RPA bots, can scan the bills and prepare payments, and validate bills and routing it to the appropriate teams for evaluation and approval. Leading firms are driving into new areas with prospective for further automation.
Among the most assuring areas for RPA deployment is in compliance works that require high regulatory initiatives like KYC (Know Your Customer), anti-money laundering (AML), and counterpart risk accounting. RPA bots can manage many of the actions affiliated with account openings, appraising credit limits, and identifying and detailing of changes in risk vulnerability. The use cases go on to expand.
Though Robotic Process Automation (RPA) is a proven approach to reducing overheads, quality betterment and productivity enhancement, we’re still in the early stage to realize its full potential. We anticipate even many more opportunities and transformation as analytics because what follows next to this is artificial intelligence and machine learning.
Companies should first start with the standard process transaction rather than trying to automate the whole process, this way you could render considerable impact quickly. This facilitates the purpose in two ways. First, the ROI is faster and helps more automation endeavors. Second, the workforce learns this faster and can engage their knowledge more rapidly to the other areas. Technology helps in transforming people to give them the space to think differently. The speed of impact helps accelerate this transformation of how people think
Vafion as an IT company, strongly believes in the power of technology. We help our clients have technology-oriented process. We make technology work for our customers so they can manage cost and complexity.
If you have a thought about Robotic Process Automation (RPA) and want to know more, call us or share your details below, and we’ll get back to you.
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