The financial services industry has various labor and time-intensive processes, thus making room for opportunities to improve employee-efficiency. Besides, the hyper-competitive environment pressurizes the companies to look for intelligent ways to increase productivity, cater to increasing customer needs, and remain profitable. Implementing robotic process automation in financial services company is therefore a sustainable option to survive in the cut-throat marketplace competition and optimize costs.
The Paradigm Shift
Adoption of RPA in a traditionally conservative industry like the financial services itself states the importance of this new-age technology. Besides, many growth-focused industry leaders have already implemented or are planning to implement RPA. It is due to the fact that automation has become a differentiator in the market with the potential to revolutionize the industry. It aids the leaders by making the processes simpler, easier, and faster.
Unparalleled Advantages of Implementing Robotic Process Automation in Financial Services
The data sourced from Gartner states that a single bot can execute the tasks of 30 human resources efficiently, thus freeing them to perform core business activities requiring creativity, planning, and experiential expertise. However, for companies to enjoy the benefits of robotic process automation in financial services the key lies in exploring and finding the right modernizing opportunities. Below mentioned are 5 key advantages.
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Assured ROI
One time investment in robotic process automation leads to immediate as well as long term benefits. Businesses can gain assured return on investments in terms of improved risk management, cycle times, and efficiency. The skilled bots supplement core teams spanning across various business processes such as marketing, sales, HR, IT operations, office management, administrative management, R&D, legal, etc.
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Amplified employee productivity
Employing RPA and AI across financial services institutions has assisted the accounting and finance professionals to automate their time and labor-intensive tasks. Instead, they can better focus on core business competencies that require consultative skills as well as human judgment. Right from automating invoice validation to customer acquisition, a majority of the finance processes have the potential to save valuable man-hours with the implementation of RPA.
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Reduced stances of offshoring
Reaping the benefits of automation in financial services is directly proportional to exploring and finding the right opportunities in existing business workflows. Organizations can automate processes of varying subtleties – from complex to simple and get their tasks done onshore, thus leading to reduced stances of offshoring. As a result, this leads to optimized technological investments while being at pace with the latest market trends.
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Improved accuracy
The figurative bots are specially designed to accomplish no-brainer tasks such as data entry, KYC, customer services including answering calls or general queries, accounts reconciliation, and many more with minimal or no human intervention. This also leads to reduced chances of probable human errors and therefore resulting in improved accuracy. Besides, they free human resources for more core business processes that require their expertise.
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Cleared compliance backlogs
As a people-driven business, the financial services institutions deal with a lot of data and consequently need to strictly adhere to the compliance laws. Otherwise, they can end up with permanent closure or facing serious lawsuits or fines. The digital workforce can match customer data with their data records in real-time and inform the compliance manager about discrepancies if there are any.
Bottom Line
The financial services industry is highly-data intensive and operates in a highly regulatory environment. Automation can therefore help them to clear the compliance backlogs and focus more on their customer-centric activities rather than looking after managerial processes. Implementing robotic process automation in financial services is a sure shot way to achieve operational excellence since the new digital workforce can efficiently execute no-brainer tasks. They bring in a unique set of capabilities for organizations, thus helping them to explore new business opportunities and scale greater heights in the industry.
