How well do you know automation robotics?
Most especially in the field of banking and finance, RPA plays a huge impact. Gone were the days of manual delivery of services. Also gone were the days of ledgers and physical sheets. Because automation brings banking and finance to its next optimum level.
Well, you may be surprised that in this digital era, there are still unknown facts that you may know little about automation.
So in this post, we will be tackling the following points:
- What is RPA?
- What does RPA have to do with banking and finance?
- Bonus part: uncover major facts about automation robotics implementation in finance
What Is RPA?
You may have heard of RPA a million or double times lately. RPA stands for robotic process automation.
RPA works by streamlining the workflows. For instance, it does so by automating repetitive, rule-based, and often time-intensive tasks.
How does RPA do this?
RPA is a combination of cognitive and artificial intelligence (AI) technologies. As a result, it can work on its learning and mimicking what humans intend to do.
RPA In Banking & Finance
So how does RPA work in the field of banking and finance?
Customer service, data entry, and security measures, for example, are some of the examples of rule-based, manual, and repetitive tasks.
However, with RPA, these tasks can be handled by trainable bots. So on behalf of human workers, bots can do these tasks. Even in lesser time without compromising accuracy and precision.
As a result, employees are taken away from these tedious workloads. So they can now focus on more complex tasks that require human creativity and mission-critical duties. Lastly, turning to automation have greatly increased work accuracy in less time.
In line with this, financial institutions are now on their way into automation. Moreover, in 2023, it is expected to reach up to $1.2 billion of RPA revenues in financial services.
Bonus Facts That You Should Know About Automation Robotics Implementation in Finance
So here are two bonus and must-known facts about automation robotics that you should know in finance.
You Should Start Slow, and It’s Okay
Automation should have an easy gradual flow on a business. However, most of today’s stakeholders believe that it should also be automatically integrated into all business procedures.
This can be, but a partial start can be a good start. By doing so, the organization and its employees can slowly adapt to change. Thus, better adopt for the whole digital adoption culture in the long run.
How can you do so?
Perhaps you can start with data entry and RPA bank reconciliation. Thereafter, security checks or report creation may follow.
Automation Bots Are Visual Learners
To integrate automation more effectively, know how it better adapts. Generally, step-by-step guides are often done.
But in the case of RPA for finance, the bots can better learn by watching someone perform the task in a graphical user interface (GUI). Thereafter, it then creates a list of activities to replicate the whole process.