Operating in Financial services industry, has never been an easy game. Now more than ever, this industry is faced with great challenges far more significant. Challenges such as technology disruption, fraud and cybersecurity, stricter regulations from the regulators, compression in fees, competition from fintech companies and greater transparency are factors that the financial sector is facing today. To combat these challenges, financial services firms can no longer just speed up their back-office operations. Being innovative is more than just updating systems, optimising processes and improving efficiencies. To keep up these challenges, they have to go one step further.
Boosting the level of productivity through automation has been considered as one of the main goal of the industry. A lot of companies in the financial sector are facing strategic problems such as cost efficiency, good quality of information and also designing systems and processes. Automation provides a means to address these challenges in a more cost effective way and also enables better control and compliance. It gives firms scale by allowing them to better serve existing customers and address new segments of customers by allocating resources to areas in which they can make the biggest difference. Eliminating manual and tedious processes which leverage high cost resources is where automation can be very advantageous and is often one of the first places to which financial incumbents look for quick wins.
While many banking organisations offer their clients digital access panels, several processes in the background still run manually. This is where RPA comes in. With the implementation of RPA, manual processes can be automated even if the underlying IT systems lack the necessary state- of – the- art technology. According to the CEO of CIT Group, it has been claimed that through automation Financial companies are making technology and operational improvements, such as reengineering some processes and automating certain functions. This may include some investments, but will help the companies to drive lower costs in the long run.
An example would be from a publicly traded financial services company which has businesses in banking and wealth management. It identified automation as the mechanism that can help it become more productive throughout its operations. Credit process was the first process which they tackled, from application to approval. With the use of digital technology, the company was able to automate the entire process, from collection of information, to its analysis, to its storage. The result obtained after automation was that those mundane tasks were reduced. Employees were more focused on value enhancing tasks and a better overall customer experience. This will help in overcoming the issue of having greater demand from the customers.
The employees of the financial institutions will be relieved from the strenuous tasks of handling huge amounts of mundane processes. For instance, implementing RPA in finance can notably optimise the credit card application processing. RPA has the ability to interact with various systems at once, and validate different types of data. It can allow financial institutions to monitor the behaviour of customers, workforce efficiency and also time taken to complete the various banking operations from anywhere. Banks have put RPA as a key element of routine operations and also believe that RPA is the key to enhancing customer experience.
RPA has the potential to completely transform the sphere of the financial services. It provides exceptional opportunities to speed up several business processes and exclude tasks which are time consuming. This technology creates a prominent competitive advantage, which will therefore result in the growth and prosperity in financial institutions.
Partnering with NanoBNK
Anglo NanoBNK is known for being keen on innovation and has always been up-to-date with the latest trends in the financial sector. With its expertise, NanoBNK provides tailor made RPA solution for Financial Institutions. Having all the required resources and also its expertise in Financial Institutions, Anglo NanoBNK is able to provide proper guidance to its clients throughout the whole process workflow. Our company partnered with WorkFusion and Automation Anywhere for Robotics Process Automation.