With technologies streaming in with latest versions swiftly and automation playing significant roles across industries, especially in banking and financial services, it is time for institutions to adopt and implement technology solutions for quicker and seamless flow of operations. Out of the many technologies controlling finance and accounting (F&A) processes, Robotic Process Automation (RPA) is one of the finest solutions for its abilities to reduce the cycle time, enhance accuracy and productivity, and better regulatory compliance.
As the finance and accounting processes are complicated and reliant on precision, it can create a liability on the department when relying on human labor completely. Hence, RPA proves to be a perfect solution for F&A processes that increases productivity, averts delays while dealing with accounts, and reduces inventory turnover.
However, before moving ahead, we need to have a basic idea of RPA and top RPA service providers to understand its complete benefits.
What is RPA?
RPA is a technological solution for automating manual business procedures to allow banks to stay competitive and flourish in the financial landscape. RPA financing allows customers to automatically process payments, deposits, withdrawals, and other banking transactions without manual intervention.
By combining automation with artificial intelligence, financial organizations can restore numerous rule-based, repetitive, and human operations. With the financial industry expanding rapidly, technology will lead to faster, more secure, and more dependable services. To answer the mounting data road-blocking challenges, there is no better option than RPA in the current scenario.
How Intelligent Automation (IA) augments RPA?
RPA offers the staples required to systematize the processes. To further enrich RPA, the finance and accounts processes have already been carrying out Intelligent Automation (IA) technology as IA improves RPA through Machine Learning (ML) and Artificial Intelligence (AI).
RPA in Financial Services
No New IT Infrastructure Needed
The standout aspect of RPA is that it can take advantage of the native user interfaces of existing legacy systems to perform its ‘minimally invasive’ solution that flows smoothly upon the existing infrastructure.
Save Time and Money
Cost savings initiatives have been a primary focus for the financial space to be competitive and provide better user services. Implementation of RPA within different processes makes the institutions execute procedures faster while improving the productivity and quality of the employees.
The RPA software allows them to minimize their paperwork. Additionally, the IA processes can swiftly scan the relevant information by leveraging the RPA tools that furnish the drag-and-drop technology to automate processes with little to no development.
Improved Regulatory Compliance
Financial institutions should abide by legal and financial regulations. A recent report suggests that over 70% of compliance officers believe that automation tools like RPA could significantly enhance the usage of compliance resources.
Improve Customer Experience
RPA solutions can help banks improve their customer experience as the customers can reach out to staff to get answers to many common problems. RPA tools can promptly scrutinize the doubts of customers and provide solutions to their queries.
‘Accounts payable’ is a time-demanding process. It instructs the staff to automate vendors’ invoices and then authenticate the data in each field before administering it. Intelligent Automation, which includes Optical Character Recognition (OCR), can systematize these tedious processes by mechanically reading the invoices and crediting the payments after rectifying errors and validating data.
Credit Card and Mortgage Processing
The implementation of RPA software has enabled banks to go through credit card applications and dispatch the cards promptly. For approving a mortgage loan, banks need to go through various stages – credit checks, employment verification, and inspection, before granting the loan. However, the perfect answer to such issues is RPA solutions.
RPA software can use algorithms to identify fraudulent transactions, flag them, and pass them on to the proper departments.
Know Your Customer (KYC) Process
Banks are accountable for collecting Know Your Customer (KYC). Banks employ hundreds of FTEs to validate the accuracy of customer information.
Banks have enormous amounts of data to deal with and update essential information like revenue, liabilities, and expenses that RPA can authenticate.
RPA can help banks to prepare financial reports with correct data.
Account Closure Process
With RPA, banks can send automated reminders if customers have not provided the necessary proof for account closures.
There are numerous RPA service providers in the market, but we would like to highlight some of the best ones based on the reviews and effective features they offer.
Top Service Providers
EdgeVerve Systems’ AssistEdge RPA offers end-to-end automation with related intelligence and OCR resources. It predicts alerts about bot performance and service level agreement (SLA) failures that allow businesses to stay ahead of any issues. The business intelligence dashboards consist of data on both historical performance and forecasting with actionable insights. Additionally, it also incorporates enterprise-grade security and access features, together with GDPR compliance and assimilations with CyberArk’s Credential Vault. AssistEdge has over 120 operations, including the blend of RPA with email bots and chatbots.
UiPath provides a service by mechanical scanning and finding out the best options available for automating. Besides a submission hub for requests submission, the solution is also ingrained with low-code, no-code, and full-code that allows the users to implement the automation to their service.
Automation Anywhere provides a cloud-based RPA tool which automates the processes in legacy applications and software-as-a-service (SaaS). It is the Automation 360 platform (end-to-end automation) that highlights the processes with simplified workflows, fewer errors, and quicker response times which gives the highest ROI from the service.
Blue Prism, a low-code automation platform, allows employees of all competence levels to add automation to their plans. It comprises a ‘drag-and-drop’ process automation builder that makes it easy to tailor tasks and add automation AI capabilities wherever required.
WorkFusion, a cloud-based RPA solution, analyzes a company’s processes to find the best ones for automation. The solution includes pre-built packages which swiftly power the most time-exhausting processes. The bots are pre-trained to lower the number of errors. They contain advanced analytics to deliver insights into how automation is affecting the most important key performance indicators (KPIs).
The NICE RPA solution works on the back-end servers that take over the recurring organizational processes countless employees deal with daily. The bots work in unison with human employees on their desktop so that it is easier for the employee to intercede if the task does require human effort. Moreover, the platform incorporates some leading AI capabilities, including Optical Character Recognition (OCR), chatbots, and machine learning to extend automation even further.
Kofax is a codeless RPA solution tailored to automatize labor-intensive tasks across numerous data sources and systems. The end-to-end automation includes Artificial Intelligence (AI) that allows the bots to elucidate data and act accordingly to minimize the errors during data entry and document processing. By incorporating the RPA system with a business process management (BPM)/ case management platform, companies can enhance their existing technology investments and see higher ROIs.
With the automation industry expanding quickly, the application of RPA solutions will lead to faster, more secure, and more dependable business services. RPA application maximizes efficiency and keeps the costs grounded and maintains extreme security levels. If implemented, the financial services industry is destined to flourish with modern-day customers looking for flawless, secure, and faster solutions.