March 29th 2022, 7:01:16 pm
(about 2 years ago)
🤖 Does the RPA have any impact on financial services? 🤖
Robotic process automation is a type of process automation that uses software robots or digital employees to automate operations that would normally be handled by people. RPA has previously been applied in the financial services industry to reduce costs and increase overall organizational efficiencies. In addition, financial institutions have used RPA digital workers to automate a variety of back-end office tasks, including security checks, customer on-boarding, account management, and closing, trial balance, credit card and mortgage processing, and more. The main advantage of RPA is that digital workers can complete these activities more efficiently and rapidly, freeing up personnel at financial institutions to focus on other important areas such as customer service.
RPA will have a substantial influence on banks" compliance activities, which will be especially beneficial considering the escalating expenses of complying with mounting regulatory requirements over the previous decade or so. RPA can, for example, eliminate the need for manual processes like knowing your customer (KYC) and anti-money laundering (AML). Significant portions of these critical needs can be automated, which will assist to decrease human error, lower expenses, and increasing the speed of the onboarding process for new clients. Similarly, fraud detection will benefit from automation, especially given the constantly increasing number of cases that banks have faced in recent years, making compliance teams" jobs more difficult to manage. However, with RPA, a bot may be taught to recognize fraud trends and immediately escalate them to the proper departments within the bank.