01/23/2023

10 Ways Financial Services Companies Are Leveraging Robotic Process Automation (RPA)

Author Image by Raul Ramirez

 

Robotic process automation (RPA) is an unstoppable digitization trend within financial services organizations, but its complexity is frequently underestimated and often misunderstood. In this latest Innovation In Action article, we'll explore ten ways that RPA is  being leveraged by financial services companies to help them innovate faster and ultimately drive better business outcomes.

WHAT IS RPA?

RPA in financial services industry means using advanced business process automation tools to automate many mundane and repetitive tasks, allowing employees to focus on more value-adding and customer-centric activities. In a nutshell, RPA mimics human actions interacting with the software while exponentially increasing efficiency. 

Mulesoft RPA Gif

WHY IS THE USE OF RPA IMPERATIVE WITHIN FINANCIAL SERVICES INDUSTRY?

Within most financial services companies on a given workday, an average employee performs more than 10 repetitive, manual and data-intensive tasks that require maximum concentration with no room for mistakes.  RPA is poised to take the robot out of the human, freeing the latter to perform more creative tasks that require emotional intelligence and cognitive input. 

10 RPA USE CASES IN FINANCIAL SERVICES INDUSTRY

Robotic Process Automation (RPA) can be used in various ways within financial services companies to improve efficiency, reduce costs, and enhance the customer experience. Some examples of use cases include:

  1. Back office operations: RPA can be used to automate repetitive tasks such as data entry, account reconciliation, and compliance reporting. This can significantly reduce the workload of employees and improve accuracy.

  2. Customer service: RPA can be used to automate the handling of customer inquiries and requests. This can improve response times and provide a better customer experience.

  3. Fraud detection: RPA can be used to analyze large amounts of data to identify patterns of fraudulent activity. This can help financial institutions detect and prevent fraud more quickly and effectively.

  4. Risk management: RPA can be used to automate the monitoring of financial markets and perform risk analysis. This can help financial institutions make more informed investment decisions and manage risk more effectively.

  5. Compliance: RPA can be used to automate compliance-related tasks such as monitoring transactions for money laundering and terrorism financing, and to ensure compliance with regulations such as Know Your Customer (KYC) and Anti-Money Laundering (AML)

  6. Loan processing: RPA can be used to automate the loan application process, including verification of income, credit history, and other relevant information. This can improve the speed and accuracy of the loan approval process.

  7. Investment management: RPA can be used to automate investment management tasks such as portfolio rebalancing, trade execution and compliance checks.

  8. Bookkeeping: RPA can be used to automate the bookkeeping process, including data entry and account reconciliation.

  9. Payroll: RPA can be used to automate the payroll process, including the calculation of taxes and the generation of paychecks.

  10. Billing: RPA can be used to automate the billing process, including generating invoices and sending them to customers.

These are just a few examples of the many ways in which RPA can be used in financial services companies to improve efficiency, reduce costs, and enhance the customer experience. It can be implemented in various departments and processes, the key is identifying the right use case and implementing it in the right way.