How RPA is Helpful in Finance Industry?

In the last few years, RPA has gained much popularity in midmarket enterprises and today, we will explore other industries that have become leaders by using digital labour technology. One such industry is finance, where RPA has helped streamlining multiple processes, resulting in high productivity. Here is the breakdown of how Robotic Process Automation is helping companies of all sizes in the finance industry.

Who�s using RPA?

According to a 2016 PwC Survey, two-third companies in the finance industry are using RPA in their internal processes, while many amongst the rest have approached vendors to provide them the RPA benefits. Although automation is not new to the finance sector, RPA is automating financial services for more than a decade.

While the big scale companies in this industry are gaining the benefits of RPA, midmarket enterprises are also investing in it for their overall development. The RPA has helped mid-scale enterprises to boost their efficiency, gain a competitive edge, and stand aside the behemoth players of the industry.

Benefits of RPA in the Finance Industry

Automation of manual tasks

In financial sector, there are many paper-intensive jobs like reviewing, editing, comparing and matching customer�s data from one document to another and all these processes require a huge amount of time and manual efforts. Moreover, this disguises the talent of employees, as they continuously invest their whole time in doing tedious tasks � filling application forms, deeds, declarations, and endorsements. Manual processing of these tasks does not assure error-free outcomes, which ultimately become potentially dangerous for the growth of an organization.

RPA is the most suitable technology for rule-based tasks and thus, it makes the appropriate option for the finance industry, as there are a lot of paper-intensive and time-consuming jobs. RPA has streamlined the processes of finance industry that has ultimately made data retrieval easy. It also reduces mistakes, time consumption, cost and improves overall efficiency.

RPA is faster and cheaper

RPA reduces operational costs by replacing human efforts, repeatable tasks while reducing the processing time. RPA is useful for doing many things better, faster and cheaper in comparison to human workforce. Regardless of the company size, RPA reduces approximately 50-70% cost and also releases employees from the burden of doing repetitive tasks and let them focus on more cognitive organizational processes.

Accuracy is a crucial aspect for finance industry and expecting 100% accuracy from human efforts is not realistic because extracting, filling and comparing a huge amount of data without any error is not possible for humans. There you require a bot who could perform all these tasks without consuming much time and generating 100% genuine results.

Manage risk and improve compliance

RPA is very helpful in managing risks and meeting compliance requirements, which is very necessary for the finance industry. RPA�s efficiencies and cost savings over outsourcing may also enable companies to keep their data in house and under their direct control. The consistent RPA operations help in reducing risk and error that ultimately increase company�s credibility and authenticity in the market.

Embrace change and complexity

Robotic Process Automation enables midsize financial enterprises to embrace change and deal with complex situations easily. Due to the highly competitive scenarios in the financial industry, every enterprise needs to evolve as per the market conditions and bring something new regularly to gain a competitive edge over others. RPA is that new technology that can consistently bring new to the organization and help acquire desired outcomes.

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