RPA in Finance
RPA in Finance
Banks, financial institutions and insurance companies are transforming core operations to address significant industry disruptions from FinTechs and digital. Optimizing operations and improving efficiency means more than just upgrading systems or outsourcing processes. The way to innovate is by using robotic process automation to improve the speed and accuracy of core business processes.
Automation in the finance sector is not new – RPA has been delivering automation benefits here for more than a decade. RPA is readily scalable to midmarket enterprises, where it delivers the same efficiencies and helps level the playing field between smaller firms and their larger competitors. RPA offers galore benefits with various use cases in Finance and Accounting, Sourcing and Procurement, Regulatory Compliance, Financial Risk Management and others.
Financial services enterprises are the poster companies for paper pushing. Their processes involve endless searching, matching, comparing and filing. Forms, applications, declarations, deeds and endorsements all must be reviewed for completeness, matched with other documents and files, have data harvested for entry elsewhere and ultimately filed for easy retrieval. Mistakes are costly, time-consuming and potentially dangerous. Enter the RPA bot.
Rules-based processes like those throughout the financial services operation are the sweet spot for RPA. If you can describe it as a set of detailed, logical steps, an RPA bot can do it, thereby saving the time of your human resources for the subjective, instinctive and interpersonal tasks that only we humans can do.
RPA is also an ideal tool for integrating legacy or inflexible industry-specific systems with newer applications, such as Cloud ERP. An RPA bot handles the data entry and reentry faster and more accurately than any human – and the RPA cycles can be set to run during non-business hours if desired, when server and network resource demands are minimal.
Robotic Process Automation is so attractive to financial services firms for the same reasons it appeals to enterprises in many other industries – simply put, RPA does certain things better, faster and cheaper than human labor.
RPA reduces operational costs by replacing the human workforce in high-frequency, repeatable tasks, while also reducing the processing time of those tasks.
Accuracy is important to companies in every industry, but highly-regulated, high-risk and high-return industries like financial services arguably are more reliant on the accuracy of their processes than others.
RPA technology is exceedingly accurate. Errors from mistyping or formatting are gone. As long as you document your workflows clearly and precisely, RPA will support consistent application of the rules and adherence to control frameworks every single time.
RPA helps financial services firms manage risk and meet compliance mandates common to the industry. Auditors and financial stakeholders appreciate the prescribed, replicable and accurate nature of RPA, along with the audit trail the bots keep of their work. RPA’s efficiencies and cost savings over outsourcing may also enable companies to keep their data in house and under their direct control.
Robotic Process Automation helps midsize financial organizations more easily accommodate change and embrace increasing complexity. As marketplace demands and the pressures of competition grow, your organization will need to continually change and evolve to remain in the mix. RPA is highly scalable, quickly deployable and rapidly adaptable to tackle ever more, and ever more complex workflows, without adding to your headcount.
RPA seems purpose built for the financial services sector, with its myriad of precision workflow processes, its subjectivity to compliance mandates and its need to mitigate risk. Properly planned and executed RPA solutions deliver finance automation for midmarket enterprises, saving time and money, helping to ensure compliance and reducing risk.