RPA can digitize a bank's front, middle, and back offices. The technology is used with artificial intelligence to provide intelligent automation that can help with laborious, repetitive chores.
FREMONT, CA: To remain competitive in an increasingly crowded market, the banking industry is fast adopting cutting-edge technologies. The industry has come a long way from traditional banking to digital, but now banks must discover ways to provide their clients with the greatest possible user experience. This is where robotic process automation (RPA) comes in, helping to increase efficiency and drive ROI. According to industry estimations, RPA is rapidly expanding and is expected to be worth US$2.9 billion by 2021, up from US$250 million in 2016.
In order for financial institutions to maintain their competitive advantage in the race to digital transformation, technology has evolved into a powerful and effective weapon. Most large corporations have already experienced the potential of RPA. For instance, while a visitor is visiting a brand's page on Facebook, RPA is used to display automated private messages. These messages are pre-programmed robots that react to Messenger inquiries without the need for human participation.
How Does RPA Benefit Banks?
RPA can digitize a bank's front, middle, and back offices. The technology is used with artificial intelligence to provide intelligent automation that can help with laborious, repetitive chores. RPA is currently being used to automate routine banking processes such as opening emails and attachments, filling out forms, copying and pasting data, and then combining data from numerous sources, following decisions and rules, and hauling out and reformatting data into reports or dashboards.
It also automates the movement of files and folders, as well as the extraction of structured data from documents; connecting systems via APIs; reading and writing to databases; performing computations; scraping data from the web, and logging into web/enterprise applications.
RPA also aids in cost reduction, as financial institutions attempt to reduce expenses in a market where recruiting clients involves a significant amount of work. According to a study, technology often saves between 25 and 50 percent while improving the output metrics of applied functions.
Recently, one of Japan's top banks drew widespread notice for deploying RPA to reduce personnel expenses and improve operational efficiency. Other big banks have used this technology to automate their business procedures.
As a result, robotic process automation has been shown to reduce staff workload, costs, and other tedious duties. It also shortens the time required to execute manual chores.
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