May 21, 2024

Automation-transforming financial services to a more human-focused Industry


Between sharp customer service expectations, and rigorous regulatory requirements, it is often hard for banks and financial institutions counting on disparate legacy systems to stay up with the competition, including get ahead. This pressure has pushed organisations within the financial services sector to focus efforts on digital innovation, where Robotic Process Automation (RPA) technology plays a critical role.

According to the PwC Global Fintech Report 2019, within the UK alone, 37% of monetary services firms have implemented software robots which automate repetitive actions. And it’s easy to ascertain why.

RPA has myriad benefits for financial services companies. Providing customer service representatives with real-time information about their customers and merchandise needs, compiling and distributing reports, publishing outcomes of investigations, supporting account management, and requesting collaborative input between teams are often administered far more quickly and effectively.

Across services including loan fulfilment, wealth management, customer service, compliance, data management and more – the utilization of software robots, or ‘digital workers’, can relieve the pressure banks find themselves under by breathing new life into legacy systems, driving operational efficiency, and giving workers longer for the human aspects of their job.

Leaving the legacy systems behind: –

Since the dawn of monetary services software, the requirements of both service providers and their customers have changed. The birth of contender banks, for instance, as natives during a more connected, mobile-first world has left traditional institutions behind. Total digital transformation is often expensive and disruptive, and as more tools and software get added to form up the technical deficit between newer banks and more traditional ones, the gap between them only widens.

Capable of quickly and seamlessly interacting with desktop software within the same way a person’s worker might, RPA can often bridge this divide. Data entry and reporting between systems are often administered by digital workers, instead of through the utilization of varied supplementary applications, or time-consuming human labour.

The alternative, rolling out fresh software that gives a spread of functions, should not meet every need that a business has from its software. RPA can help augment these solutions, with specifically tailored robotic workers that do precisely what’s asked of them, and are agnostic to the platform they’re presented with – if a person’s could perform the work on a desktop, a digital worker can carry it out accurately, quickly, and consistently, and sometimes for a significantly smaller cost.

Operational efficiency: –

Tedious, manual and administrative tasks are often the primary to be automated – but digital workers are often a valuable addition to front office teams too. Compiling and distributing reports, outcomes of investigations, taking care of account management, and requesting collaborative input between teams are often administered far more quickly and with less reliance on human staff to delegate and execute these tasks.

Better still, overworked staff find their digital co-workers can lessen the impact of administrative tasks. consistent with Automation ‘Making Work Human: 5 Challenges’ report, 57% of workers agreed that their productivity would increase long-term if RPA was implemented in their work. In turn, they find greater satisfaction in their roles, contributing to reduced staff turnover and successively ensuring operational consistency.

As customer expectation moves to demanding real-time deciding and support, systems that don’t process information in real time can cause dissatisfaction and frustration for human workers and customers. RPA can ensure data is maintained so far, systems remain connected, and knowledge is quickly retrievable and accessible at any time, bringing financial services companies a step closer to real-time response to customer needs.

The operational efficiencies of RPA aren’t exclusive to the financial sector, but given the especially heavy administrative load of monetary services staff – up to three .05 hours each day– it’s easy to ascertain why the world has so readily adopted RPA to drive operational efficiency.

Fraud detection: –

A more specific application of RPA to the financial services sector is in fraud detection. When investigating fraud, often longer are often spent entering data into reports and overseeing case management than actually drawing conclusions that help prevent fraudulent activity.

By deploying bots which will perform many of the manual tasks involved in creating reports, fraud investigations are often administered more quickly, using more accurate data. Sharing the result of the investigation are often automated, to stay stakeholders up-to-speed and what is going to happen next.

By reducing the executive workload that surrounds fraud detection cases, there’s greater opportunity to avoid loss by exploring cases which may otherwise are delayed or overlooked – the edge at which a case is investigated, or the urgency with which it’s reported, can both be improved by the augmentation of fraud detection teams with digital workers.

Similar benefits are found by businesses using RPA in similar ways in loan fulfilment, mortgage appraisal processing, and other crucial tasks that have historically required significant human input.

Focus on act: –

The PwC Global Fintech Report 2019 showed that improved human contact was ranked more highly than improved personal digital contact for UK financial services executives when considering customer retention. the necessity for human workers is clear within the desire of consumers to possess some level of human oversight to key decision-making.

By liberating human workers from repetitive tasks, RPA can provide longer for human workers who got to make important decisions. But the benefit doesn’t just stop with time-saving – RPA can help speed up deciding, pulling key insights and data to present a more connected view a drag and its potential solutions.

Human workers are empowered by RPA to focus their time where strategic or empathetic thinking is required to form crucial decisions – and this is often perhaps the strongest benefit to the financial services sector that RPA offers. Making customers feel heard and valued, and making workers feel respected and engaged, are two of the best challenges for any business – but they’re also signals of success.

By being an industry so wanting to adopt automation, the financial services sector is provided for the longer term of labour, and therefore the future expectations of workers.



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