How can banks and financial institutions reduce personnel costs while increasing service speed? Use robotic process automation in finance! This kind of technology has been gradually introduced for many years. But lately, the speed of automation and development of artificial intelligence has boggled the imagination. RPA meaning in finance can hardly be overestimated. In this article we will tell you what new items in the field of IT technologies you should pay attention to. You will also learn about the main benefits of RPA in finance.
Definition of RPA
This abbreviation stands for robotic process automation. Financial services are required more and more by more and more people. Therefore, the traditional banking system can no longer cope with the growing flow of visitors. RPA can be implemented not only in the financial sector, but also in any area of business. Automation allows you to quickly and accurately perform routine repetitive tasks without human intervention. This frees up resources to perform more highly intelligent tasks.
The physical manifestation of automation is software. It can run virtually or be configured on the required hardware. Not all types of tasks are suitable for automation. Those cycles that rarely repeat or require analysis will be performed faster and better by a person. The simpler the operation and the more often it is repeated, the more efficient the automation will be.
By implementing RPA, business owners and financial sector leaders can look forward to the following benefits.
A computer is capable of performing simple, repetitive tasks not only faster, but more accurately than humans. Additional benefits include:
- Reducing the routine burden on employees;
- Employees get the opportunity to complete more complex and varied tasks to develop their careers.
Save time and money
Automation of business processes allows not only to speed up the processing of applications, but to exclude possible errors from fatigue or inattention. The automatic system also eliminates downtime due to the fact that documents have not yet been transferred from one department to another. Information is sent to all nodes of the system simultaneously. At the same time, access control is configured by the manager or system administrator.
Automation eliminates errors if the system is configured correctly and the information entered is correct. Also RPA can be configured to work around the clock. If a client is ready to submit an application via the Internet, he does not need to wait for working hours and call. The system will accept and process the application at any time. That being said, it is worth paying a lot of attention to security scanning and penetration testing. Usually, the security service works during the day, and a hacker can try to steal client data at night.
Increased Customer Service
All of the above benefits serve one common goal – to increase customer satisfaction. In the financial sector, clients receive faster service, no queues, the ability to apply for a service at any time of the day and any day of the week.