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.
RPA is a highly flexible tool and businesses are starting to explore all the possibilities of automation. Here are a few things to take into account to obtain a successful RPA implementation.
Creating a useful RPA strategy
If your business carries out repetitive tasks, it is important for you to understand how RPA works. In order to implement a successful RPA strategy, you need to know about the different types of automation bots, and the added value it gives your company.
1. HOW IT WORKS
RPA software is capable of carrying out work in 1 minute that would require a person 15 minutes to do. The bots perform actions that an employee would normally do, such as opening files and applications, reading and writing to databases, and can process data in multiple ways.
However, through RPA, these tasks are carried out in an automated manner that is both time and cost efficient.
2. TYPES OF RPA
- Attended Automation
This type of bot is activated by the user through an RPA client tool, or runs automatically when certain conditions are met. Tasks requiring manual steps are completed by the RPA bot in an error-free and efficient manner. These bots can be implemented in areas where employees still need to face customers but need help to complete manual work.
- Unattended Automation
These are ideal for data processing tasks that occur in the background, and help to reduce the work of back-office employees. This type of RPA software can be triggered by specific data input, or launched by another bot. It can also be initiated by administrators or assigned specific times to be launched at.
- Hybrid RPA
Both attended and unattended bots are used in combination for front- and back-office tasks. These bots provide end-to-end automation of a process.
3. MAIN BENEFITS
RPA bots can complete many repetitive tasks, making them extremely flexible to use. Some benefits of implementing RPA are:
- increased productivity by reducing time required to carry out manual processes
- reduced errors and manual data editing, thereby increasing quality of data
- reduced costs through automation of time-consuming tasks
4. VALUE OF RPA
Businesses that have implemented an RPA strategy are seeing returns on their investments, some as quickly as within one quarter. Also, by freeing up employees of manual time-consuming tasks, they are able to focus their attention on more complex tasks. RPA bots also eliminate rework and errors, and can work 24/7 without taking a coffee break.
Robotic Process Automation in finance
There is a growing interest in RPA within the finance industry, and companies are exploring different ways to use this technology and exploit its potential. RPA is commonly applied to high-volume, low-complexity processes. These include expense management, payment of invoices, and credit monitoring, among others.
More recently, institutions are looking to implement RPA within regulatory and compliance functions such as anti-money laundering or the Know Your Customer initiative.