With every wave, innovation speaks for the solution against the impending drama that the COVID 19 is here to bring to us. The need for transformation comes from a higher calling; consumer expectations & competitive landscape.
At the peak of the COVID 19, when businesses struggled to survive, the Financial Sector barely saw any disturbances. Reason being automation! Thanks to mobile friendly banking, APIs & financial advice that resonate with customer’s usage flexibilities. To know more challenges that the Financial Sector is facing, a survey was conducted. Per the data study, the challenges that came to be known were,
- Banks should continue to be customer centric
- Coin a more adaptive operating models to thrive & promote efficiency
- Wider bandwidth of risk management
Process Automation in the Financial Sector:
Customers are always looking for a better experience. In the banking or financial sector, frontline services play a major role in delivering the best customer experience. Automation has the power that can radically transform communication into unbiased & high-quality services.
Further, it has & will continue to develop & help customer touch-points to eliminate errors & pilot the operations towards excellence.
Robotics Process Automation (RPA) simplifies processes & in the case of financial institutions to increase efficiency with optimal real-time customer engagement. Banks need to encourage automation for better process execution & operational efficiency. Many of them have incorporated RPA & increased the productivity to over 60%, per the survey.
One of the experts from Mindset, speaks of the real deal breaker for businesses with the use of RPA, especially while reimagining finances for a better state economy. Meeting the right solution to help digitize your business process can pave the way for business development.
SAP iRPA is one of the solutions providing RPA tooling for customer implementation & has made time consuming operations more organized in many BFSIs (Financial Sector, Financial Services and Insurance). A pre-pandemic survey showed that the revenue share with BFSIs dominated the market. Thus, using automated bots in the place of repetitive manual operations can help in time & cost optimization.
In order to make the process more efficient, banks might want to cut loose the intervention of manual processes. RPA has innumerable applications to help with the above, a few familiar names are
- Customer Service
- Credit Card Processing
- Mortgage Processing
- Credit Availability
Starting from maintaining a general ledger to account validation, while processing the loan request for credit, process automation can multi-task simultaneously to validate information required for background checks, customer verification, etc.
Advantages of RPA:
- Can automate any rule based processes by reducing the turnaround time to reply for real-time queries.
- Produces high quality & round the clock support in compliance by improving to its highest accuracy.
- Helps validate information from the system & process the payment, in case of a monotonous manual process. Example, Accounts Payable.
- Ability to perform multiple tasks & carry the decision based on the pre-approved rules.
- In any statistical workbook, a small error can slow you down specifically. Since the process is based on rules & specifications, RPA can accelerate the process by avoiding such errors.
- More so, RPA is used in fraud detection transactions. It can easily flag one & further block the account from access.
- Can showcase data in multiple formats by creating reports that are error-free & in less time.
Besides the advantages mentioned above, the RPA best practices have plenty more benefits. Few of them are:
- Cost optimization
- Increase operational efficiency
- Agile processes
- Data mapping (old & new data) for business strategies etc.
Conclusion : Besides the advantages, the value delivered through SAP iRPA is 90% of manual tasks automated or 50% of manual operations freed. Personally, I feel RPA could turn the face of the Financial Sector to a more dynamic & resilient organization that customers can bank on. There are more reasons to look for iRPA, and look for steady ROI in your organization.
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