In today’s technology-driven era companies face a common challenge – building responsive ultra-fast businesses while optimizing cost and customer service. This is where Robotic Process Automation or RPA can deliver substantial benefits. The core of robotics in finance is to act as a standard for carrying out operations after filling out predefined instructions. At present, such bots have exceeded performance expectations and, getting the power to make decisions using advanced AI and ML algorithms, they become even more effective.
Thus, to ensure unstoppable opportunities, financial sectors are encouraged to adopt RPA at scale. Although the industrial robot market is projected to reach 774,000 units by 2024, the market still suffers a severe shortage of use of automation. Considering that the projected revenue from RPA is $955.2 million by 2023, it is high time to invite some robotics into your team.
Advantages of RPA in Finance
Technological advancements have paved the way for automation tools to transform industries around the globe. The use of robotics in finance transforms the industry to the better too. Here are some of the most notable advantages RPA adoption brings about:
- Eliminating errors: Digital transformation in banking eliminates the human error factor. AI and ML are at their best with increasing the accuracy and quality of outputs from a number of banking processes. Since most banks are precision-oriented, using RPA backups will definitely do a great deal.
- Beating timelines: When compared to the time spent on manual procedures, robots are preferred in fast-paced operations. Robots are 500% faster than humans. Although it doesn’t eliminate the need for human-based supervision, it helps to speed up the work and keep organizations on track with key processes.
- Delivery: Robots have the capacity to sustain the compliance while collecting and processing large amounts of data. This feature is important for risk management as better compliance equals fewer risks.
- Cost efficiency: A ton of repetitive tasks can be completed by robotics in finance, which reduces the companies’ expenses on office maintenance, salaries, and other compensations.
- Better use of human labor force: If mundane tasks are automated using RPA tools, employees can have more time to contemplate creative ideas, strategies and improvement opportunities.
Areas Where Banks can Leverage Robotic Processes Automation
Banking and financial companies have a long history of performing repetitive procedures that negatively impact the overall profitability and customer satisfaction. Robotics in finance provide excellent outcomes in some of the vital banking activities such as:
- Customer Support
- Resolving daily IT team tickets
- Credit card processing
- Loan processing
- Automated auditing
- Customer onboarding
- Account management
- Management of financial statements
- Mortgage payoffs
- KYC and AMLs
Appreciating the demand for robotic processes automation, FPT Software developed a comprehensive RPA solution for enterprises working in Banking & Finance, Healthcare, Logistics and other industries – akaBot.
akaBot is integrated with FPT’s AI platform and built-in domain packages and receives worldwide round the clock support by domain experts. What is more, choosing FPT’s akaBot, you receive everything necessary for successful implementation of robotics in finance:
- Assessment and proof of concent (PoC)
- Development of the center of excellence (CoE)
- Implementation services
- Ongoing maintenance and support
Will Robots Replace the Human Workforce?
While PRA makes the work of the team easier, the team may actually oppose its implementation. Many people are afraid that automation and artificial intelligence will replace their jobs.
In fact, new technology does not wipe out jobs, it reinvents jobs and even creates them. For instance, when cars came along, the invention opened up an entirely fresh industry of employment in automobile gas stations, repair shops, manufacturing and more. Deloitte also predicts that in 2020, AI will create 2.3 million jobs as opposed to the 1.8 million to be lost. This means that those employed in the banking and finance industry will progress along with their jobs.
What is more, robotics in finance can’t replace every aspect of work. Only repetitive, non-creative tasks can be taken over and robots are still falling behind in attending to unique cases and making insights – this remains a human prerogative.
RPA is here not to take someone’s job but to help to build smooth, accurate and stress-free processes. FPT Software, named a leading company in robotic processes automation in Japan, is ready to help you leverage the full potential of RPA implementation in your business. Let the technology bring the best out of your team and open doors to new opportunities and success.