The role of Robotic process automation in finance

The technology is helping organisations to achieve faster, more accurate and more efficient processes, ensuring a secure, seamless experience for staff and customers. Robotic process automation may be a relatively young technology, but it’s already secured a firm foothold in the financial services industry.

RPA’s attraction for financial services firms is manifold. For one thing, the technology enables vast reductions in security breaches caused by human error. The personal data breaches across all industries were caused by human error such as sending data to the wrong recipient or in response to phishing attacks. Taking people out of the process can positively impact security while freeing those people to do tasks that create more value for customers.

But the benefits go beyond simple efficiency and security enhancements. Many financial firms also have to work with multiple legacy IT systems that find it hard to communicate with each other. RPA can control and monitor the interfaces between those systems and processes, closing the gaps between them and enabling seamless transactions across them. In doing so, it can improve accuracy and efficiency and reduce the potential for error to creep in while helping firms to deliver the seamless experience their customers expect. As well as enabling more security, it helps ensure compliant operation by collating data from multiple systems and running validation checks to prepare it for detailed analysis.

Creating a UI flow is a simple and familiar point-and-click, low-code experience that makes it easy for users to turn manual tasks into automated workflows by recording and playing back human-driven interaction with software systems that don’t support API automation.

By eliminating the gaps that exist in manual, paper-based and multiple system processes, RPA is enabling companies across the financial services industry to optimise their operations and transform their business. For example, let’s say you work for an insurance claims processing company, where clients fill out digital forms, paper forms, or communicate through email. The claim is processed on modern cloud services while staff also maintain cumbersome paper records and legacy applications. With Power Automate, this entire process can be automated. Digitised data from scanned paper forms is processed with AI that recognises forms, and old legacy systems can be automated with RPA – one platform that brings both worlds together seamlessly.”

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