The advancements in the IT sector and emerging technologies have made it possible for machines to perform tasks more efficiently, than a human. It’s just not limited to the performance but has also moved ahead to intelligence and intellectual caliber as well.
Now when we talk about artificial intelligence and robots, you might have thought about the ones you’ve seen in Star Wars or the ones found in daily life having mechanical components and whatnot. But when it comes to FinTech, the robot is not a humanoid. Here, we are talking about chatbots and ad hoc software that automate the activities in financial institutions. Curious to know more? Let’s find out!
What is Robotic Process Automation(RPA)?
Robotic Process Automation is the use of automated software for executing tasks. Within the digital systems, the ‘robot’ takes over the actions and the processes carried out by humans. RPA software is designed to increase productivity, provide real-time customer solutions, and reduce the time wasted on repetitive and unnecessary activities. In FinTech and other financial institutions, RPA works on the pre-determined configurations and set of instructions on what should be done on each and every step. Once the necessary roadmap is fed into the RPA software, it can perform all the functions and carry out tasks as per requirements.
Gartner predicts that within the next two years, over 72% of the organizations will be working with RPA.
Why Robotic Process Automation for FinTech?
- Incisive Insights
On implementation, FinTech can generate comprehensive insights into customer’s needs and the evolving market trends and patterns. Owing to these insights, developments, and modifications can be made in the product and services to provide better customer satisfaction.
- Lower Operational Costs
RPA can perform all the iterative tasks, right from extracting and entering data to generating financial reports with negligible errors in minimized duration. The manually repetitive and time-consuming tasks are easily done and the extra costs on the labor are thereby reduced to a great extent.
Did you know those top performers earned nearly 4X on their RPA investments, while other enterprises earned nearly double?
- Higher Productivity
RPA allows financial institutions to brainstorm more on developments, innovation, and strategies, as the employees no longer have to spend hours on their daily mundane tasks. This generates a scope of improvement in the employees’ morale and creativity, and brings the best out of them. Not just that, it also improves operational efficiency by making the processes faster and much efficient.
- Better Compliance
RPA reduces the business risks and sustains high process compliance by maintaining audit trials for every single process. The automation framework can be of great use in customer-facing compliance such as KYC and AML procedures.
As per a survey, over 38% of the respondents listed compliance improvement as the leading benefit of RPA implementation.
Which Robot Archetypes can transform FinTech operations via automation?
- Verification & Validation Robots
An employee has to spend a tremendous amount of time collecting and validating the data received from customers, partners, companies, banks, and numerous errors too are generated during this. Validations RPA tools can authenticate information during KYC by verifying it with the real-time data available in the systems.
- Scheduled Robots
Daily events, coffee breaks, unexpected holidays can cause a delay in completing the tasks within the deadline. But not when someone can complete the work for you in a jiffy! The scheduled robots are hardcoded to deliver the required tasks and projects in time. The automation solutions thereby make the work easier, efficiently, and save up time as well.
- System Interoperability Robots
For development, most of the resources and configurations in FinTech are outsourced and are built on agile future-proof platforms. When such financial institutions are merged or acquired, the basic systems are critically affected and there’s much of manual work. But with automation robots, all the available systems can be integrated easily- lessen much of the complicated work.
- Data Input Robots
The entire process of copying data and entering into some other app is always time-consuming, much expensive, and full of errors when performed by humans. The integration with the legacy systems can also prove to be costly and might face several difficulties too. So, these data bots can skip most of the unreliable steps which consume the time of most humans, and are cost-effective as well.
Even Deloitte claims that RPA will achieve ‘near-universal adoption’ in the next 5 years.
Robotic process automation is indeed playing a crucial role in the FinTech industry these days. RPA not only deals at delivering exceptional customer experience at lower costs but also provides lean management to the operations. With its implementation, financial institutions have been able to minimize eros, human efforts, frauds, and have automated security and compliance too. With the industry being highly data-intensive and flexible operations-oriented, the need for more RPA models is surely going to take a leap in the near future.
But why should you wait for the future when you can automate your financial operations today?
Yes, with WebMob it’s possible. Make the best use of advanced technologies, cut down your costs, and unnecessary efforts with Robotic Process Automation.
Step ahead of your competition. How? WebMob is here to satisfy your organization’s FinTech requirements. Are you ready to upscale your financial infrastructure?