The automation of financial services, especially at the banking level, is becoming more and more necessary, clients are more demanding in quick, effective, and accurate responses, the number of operations is increasing and varies every day, in addition to the fact that the number of clients is constantly growing; hence the automation process becomes an important step that financial institutions must take.

The administration department is a key office for any organization; many of the processes carried out there are done manually, slowing down work and reducing productivity. As for banks in a highly competitive market, they have had to explore emerging technologies to offer the best experiences to their customers. Process automation technology (RPA) has become a potent and effective tool for banks to optimize their resources and offer cutting-edge and competitive services to meet this requirement.

What is RPA?

It is a software solution based on rules for the automation of repetitive tasks and without the possibility of self-learning. Importantly, robotic process automation should not be confused with artificial intelligence, AI. Many people have already had experience with RPA without realizing it; an example of this is the automated private messages on Facebook or Messenger’s private messages.

These types of messages are actually pre-programmed robots, designed to give responses without human intervention. RPA enables customers to get answers faster than those provided by real people, giving humans more time to solve other nuanced and larger problems that robots cannot.

What parts of the bank should be automated with RPA?

This technology has the ability to automate the “front end” of the bank, that is, clients, sales, commerce, investment banking, wealth management, and private capital; the middle part, which is the office of a financial services company (which manages risk and calculates profits and losses) and lastly, the rear part, which is behind the scenes operations such as settlements, authorizations, regulatory compliance, accounting, records, and IT services.

In banks, there are a series of repetitive tasks that are attended by humans and that can be automated, such as opening emails and attachments, doing calculations, filling in forms, reading and writing in the database, extraction, and reformatting of data in reports or dashboards, transfer of files/folders, extraction of structured data from documents, among many others.

Advantages of automation

The benefits provided by solutions and technologies for the automation of processes are diverse, among the main ones we can mention:

  • Greater operational agility.
  • Reduction in customer churn.
  • Improved customer experience.
  • Better compliance with regulations.
  • Improvements in customer service level agreements (SLAs).
  • Increased income and cash flow.
  • Processing time reduction.
  • Promotion of customer loyalty and trust.
  • Reduction of the response time of companies.

RPA robotic process automation will allow banks to complete background tasks with more accuracy, precision, and efficiency without revising existing operating systems.

What do you think about this topic? What other advantage do you think the automation of the processes in the bank has?

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