Though they might seem similar at first glance, macros and robotics are not one-and-the-same. While it is possible to "automate" tasks with macros, they are not 100% automated and their scope is relatively limited to one application and one specific task.
Identifying the correct Key Performance Indicators will not only help you measure your organization's performance, they also assist in developing goals and strategies and point out where technology can assist in automating business operations.
BeeckerCo founder and CEO, Fernando Leibowich had the chance to be in the conference programme of this year’s edition of bpmNEXT, an event that gather the most influential insiders of the BPM industry.
The biggest technological trend in the financial sector is undoubtedly Robotic Process Automation. Quite simply, RPA software employs "robots" to carry out rules-based processes in a more efficient, secure and effective way than performed by their human counterparts.
While they may be related, RPA and BPM are not to be confused with one another. Sure, both technologies have to do with automation, but their scopes of application are very different. They are not mutually exclusive and can often be used in combination, but how do you know which technology to use, and when?
Robotic Process Automation in finance is an emerging technology that seeks to automate repetitive and time-consuming tasks. Many financial services institutions are turning to RPA strategy as a way to reduce costs and improve productivity.
The implementation of Robotic Process Automation (RPA) within the finance industry over the past decade has been on the rise. Experts argue that in the near future RPA will no longer be considered a competitive advantage, but rather an industry standard and necessity to survive.
In simple terms, RPA software executes labor-intensive actions normally carried out by humans in a more efficient and accurate way. Not only does Robotic Process Automation in finance increase productivity by saving time, there is less room for error, and it is cost efficient.
In order to reach growth goals, financial institutions and credit unions are turning to automated workflow technology. One example of these type of innovation is loan process automation, an option that provides improvements on efficiency and gives customers a transparent follow-up of their application.
Digital banking seems to be the boost financial institutions need to secure their place among the services used by a new generation of tech natives, who expect the industry to mold towards their interests.
In recent years, the banking ecosystem has changed towards a digital approach, mostly because customers have engaged with banking tools as they give them more control of their personal finances.
Also financial institutions have come to realise the contribution these innovations have to offer in their daily activities. For example: remember how tedious processing loans used to be? Now with loan automation it is possible to follow-up on loans virtually in a faster and efficient way.