Process Automation (RPA) in Financial Services

Automation technology has begun to support banks, insurance companies transport/logistics, manufacturing and health care. Here in which areas Robotic Process Automation (RPA) can be used. Even if a fully automatic work area is still far away, some areas of automation are becoming more and more available, even to small businesses on a budget. One of these technologies is Robotic Process Automation (RPA) – another step in transforming the digital enterprise. RPAs are software tools that can perform tasks that people generally perform on input masks on the PC. These tools can perform relatively complex operations by following predefined rules. For example, they can compare invoices and make decisions, capture information from e-mails and phone calls in an ingenious way, or retrieve information from the database.
In order to pave the way for the robots for tedious routine tasks, no special changes to the IT infrastructure are usually necessary. Software robots are connected to existing systems via interfaces. Algorithm-based, the robot analyzes data, assigns it, detects process deviations or abnormalities and initiates measures.

 

Advantages of RPA systems for financial service providers

 

Employees spend a lot of time controlling transactions. Many of these tasks are repetitive and error prone. People do not enjoy doing these unnecessary and arduous tasks. Even the most dedicated employees can easily make mistakes that require at least a 4-eye principle. RPA systems are much faster and less susceptible to errors, which frees up the capacity for higher-quality tasks with colleagues.

 

When process changes occur, re-training employees can be costly and time-consuming. This can make the implementation of new processes considerably more difficult. RPA centralizes business operations to improve flexibility. As a result, processes can easily be adjusted to uncertain external factors or regulations.

1. Keep it simple – the wrong entry-level process : The most common mistake in implementing an RPA project is choosing the wrong process. Wrong means too complex or too specific for the beginning. It is recommended to choose a simple process for the RPA entry. This turns the success more.
2. Need input! But please digital : When choosing the right process, the first look is at the data. In order to minimize human interaction, the underlying data should, of course, be as digital as possible.
3. Structured data : What a company gets when it digitizes a semi-optimal process, the then the organization goes before automation, so the data should be as structured as possible. Text and number-based data are easier to process with RPA than image information.

 

The advantages of standardized IT processes are manifold. Keywords are cost efficiency, secure IT in high quality, transparent monitoring and reporting, etc. The more standardized a process is, the better it is suitable for RPA entry.

Stability should not be confused with stagnation. For RPA, stable processes are extremely important. The software serves to process structured business processes. It works off the process just as a person would do it. If the process is stable, human interactions are rarely or not necessary.

The more frequently a process occurs, the greater the relief from RPA. Since employees are usually skeptical about the first use of RPA, a process that has a high volume helps, even with the acceptance of robotics by the workforce.

Error-prone processes are often monotonous activities. But for RPA there is no monotony. Automations follow a strategy in most companies. This should be tracked with a central team that bundles information and introduces RPA across business units. An automation strategy has clear advantages: as soon as Robotic Process Automation is well established, new application possibilities will be taken for granted.

 

Bottomline

 

An advantage of RPA is that it can be initiated by the department. But automated shadow IT can not be the goal. Even if the project is managed by the department, the implementation of the RPA requires IT support. Regulatory bureaucracy through the necessary implementation of regulatory and legal requirements burden the cost structure and increase the pressure on process digitization. Companies are constantly complaining about compliance costs with high personnel costs to execute manual processes. Here standardization can take place through end-to-end process optimization. The costs for manual work steps, long process times, faulty information and frequent media breaks between the information procurement and processing processes are increasing. With the right planning and implementation of the use of a software robot as a digital assistant significant cost savings can be achieved.

Illustration credit : Dynatrace

This Article Has Been Shared 323 Times!

Facebook Twitter Google+ Pinterest