Application of Robotic Process Automation (RPA) in Financial Services
Applied Tech Review | Tuesday, October 19, 2021
Robotic process automations often improve the efficiency and the speed of core business processes, posing as an affordable option for improving the agility of a business.
FREMONT CA: To address the distractions caused by the covid-19 pandemic, several financial institutions, banks, and insurance companies are digitalizing their core operations. One way that is proven to be very efficient and innovative is the employment of Robotic Process Automation (RPA).
Robotic Process Automation can drive up to 50% cost savings by automating repetitive and data-intensive processes, improving the accuracy of their execution. Since RPA is a software-based approach, it can replicate several user actions and eliminate mundane human interventions. Also known as smart automations, RPA could be customized to perform specific tasks and ensure their successful completion. This technology has been at the forefront of human-computer technology and provides several businesses in the financial industry with a virtual workforce that substantially improves their efficiency. Some of the key benefits include time-saving, improved efficiency, elimination of human error, scalability, and higher volumes of tasks completed.
RPA technology is also finding exciting applications in mortgage and lending. Considering the number of routine processes involved in buying a house, such as employment verification and credit checks, RPA could substantially take over several of these tasks. Another interesting area of application is compliance. RPA could significantly eliminate manual processes associated with know your customer (KYC) and anti-money laundering protocols. Automating a significant portion of such repetitive tasks minimizes human errors and dramatically improves compliance. The technology could also be implemented for fraud detection, where a bot can be programmed to simply identify fraudulent actions and instantly escalate such issues to the appropriate divisions within a bank.
Considering that the RPA market is expected to hit a double-digit value by 2024, its potential to transform the financial industry is limitless. Financial services will significantly benefit from the RPA and also accelerate the development of other innovative technologies.
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