With the advances in artificial intelligence and robots adoption, there is a growing view that machines will begin performing a number of daily jobs. For the banks and financial services industry RPA is vital for 2020 and beyond success.
The potential of machines working with humans to produce better, faster and more efficient customer service is looming in the financial sector.
Robotic Process Automation (RPA) & Artificial Intelligence (AI) has already helped banks improve efficiency by up to 70% with little or no human supervision in the execution of repetitive tasks, decision making and other complex financial activities.
The future of digital banking and exceptional customer service lies on the shoulder of a fully automated and seamless system to be delivered by RPA & AI.
ROI And Cost-Effectiveness Win Out With RPA And The Financial Sector
To address the challenge of improving efficiency while ensuring a high ROI, the introduction of Robotic Process Automation has proven to be a smart strategic decision. RPA is changed the way financial services conduct business, it can produce large amounts of information, data analysis and workflow that have proven to bring tangible benefits to both banks and their customers.
The robots do better at iterative and high volume tasks than humans and the result is improved quality of service, faster turnaround time, higher accuracy, and enhances compliance.RPA cost-effective primarily because it can be extended to current banking systems and offers a measurable return on investment, and increases customer experience, which is the strength of any enterprise.
“2020 looks to be a breakout year for intelligent automation, as businesses combine robotic process automation with artificial intelligence and other technologies to enable new ways of working. By doing so, automation goes beyond the routine to the innovative, from collecting and processing data to predicting, analyzing, and making contextual decisions.”
Justin Watson, global robotics and intelligent automation leader at Deloitte.
Client And Bank Security And Privacy
RPA addresses the key challenge of achieving efficiency but minimizing costs. But this goal comes with an additional complexity within the banking sector of maintaining optimum levels of security. RPA has become an powerful tool in meeting those demands.
The financial industry has adopted RPA; most UK banks are now following a process of integrating RPA robs to make data more efficient and accurate. And all this while reducing costs and reducing the risk of infringements of non-compliance and security.
The security and privacy of customers is a significant factor. This is one of the biggest issues when clients choose a banking service.AI is now an effective tool for detecting and preventing cybercrime, using complex algorithms and intelligent teaching to monitor and protect client personal data and transactions against fraud and other cyber threats.
The Impact On Performance Output Is Transformative For Banks
The robot workforce has impacted the financial sector’s performance output and helped to greatly minimize the need for human interaction in performing tasks that were initially heavy on human labour, with faster decision-making & increased efficiency.
By automating a number of tedious tasks, banks can now, at every step of the way, significantly reduce the need for direct human engagement.
Banking reconsolidation, account matching, predictive analysis and other activities with high risk of human inaccuracy and error can now be effectively addressed using RPA software.
The Value Of RPA Makes IT A Necessity In Banking
RPA has become a force to be reckoned with ever since the introduction of RPA into the financial world. The virtual workforce has been successful in helping banks minimize and, in many cases, largely eliminate human intervention in the execution of earlier heavy human labour tasks.
Faster decision-making and better operating efficiency are enormous pros of adopting RPA technology. By automating much of this time-taking, tedious, manual tasks from people, banks and other financial institutions have been successful in significantly reducing every step of the way the dire need for human involvement. This has also led humans to focus on more value-added tasks like improving customer service. This has a direct and positive impact on everything including financial performance, cost management, staffing and efficient work.
Banking calculations, matching accounts, scenario analysis, predictive analysis and other activities involve especially high risks of human inaccuracy and errors. Those challenges are being addressed effectively with the help of RPA software. Using RPA in the banking, financial and related sectors has helped lower overhead and operating costs and dramatically reduced workload, which in turn has increased employee efficiency. Time-consuming and lengthy tasks can now be carried out in a very short timeframe.