The main features of finance and accounting demand high standards in accuracy and exactness, as the companies in the industry, deal with big coasters of personal information of the clients, different codes and formulas. In recent years software development for business has provided many new options to ease the processing of data, its analysis, and maintenance. Business automation in general, and Robotic Process Automation (RPA), in particular, is getting more and more popular as they allow decrease cost of data operation and raise the efficiency of the main related processes.
What is RPA?
RPA is a specific type of software where robots are given multiple routine tasks connected to any kind of data managing. It helps change the general concept of traditional working processes.
The data analysis, specific data structuring, and further usage of the data in specified mechanisms are the main functions of RPA in finance. It’s modern, user-friendly, has a high level of productivity, and reduces the workload on human employees.
Though being accused of replacing humans in finance and accounting, RPA, on the contrary, allowed professionals to spend much time on improving approaches in the field, as a reduction of routine tasks gives more time and space for creativity and systematic thinking.
Routine repeated tasks can cause burnout of your human employers because when the person gets annoyed performing some boring activities, he or she will need to put much effort to keep concentrated. That’s why, along with the general cost reduction, you can take care of the physical and mental health of your employees.
Accuracy in data entry and its further processing
Banks and other financial organizations usually need detailed information about their clients. Previously the process of opening a bank account would take a long time and make clients wait for their data to get entered into the databases, structured and processed.
With the help of Robotic Process Automation that allows avoiding manual data entry, the accuracy is higher, and data damage in the process of database formation or any type of improper data processing has significantly reduced.
As robots never get distracted or lose the concentration, sharing these repeatable tasks with them helps increase the speed of data processing, and fulfill multiple actions with the data simultaneously.
Constant upgrade of the information
Previously to provide around the clock customer support and information update, financial companies needed their employees to work in shifts. RPA can operate 24/7 with the same stable amount of accuracy, as robots don’t get tired.
Using multiple sources to upgrade the information always keep your database upgraded. In the process of RPA development, you can add some specific tasks, such as collecting client’s information from social media. Your clients might not tell you about their financial problems, but a post on Facebook “I am a bankrupt” might give you some hints on his financial status.
Minimizing financial risks
The origin of the money being transferred by your clients always matters in the era of financial frauds and money-laundering. So, to make sure the risk of unclear financial operations is minimized, banks and other financial institutions need to pay attention to the proper clients’ analysis.
Stage of the money transactions is the most vulnerable in the whole process of customer relations, so the proper control on the business contacts will provide you the safe side in means of suspicious financial operations. Here correct client authentication plays a great role as it gives a possibility to avoid needless financial risks.
High-quality customer support
No need to tell that robots type faster than human employees. On the other hand, the data analysis by artificial intelligence is performed fast, along with further data structuring.
That’s why applying Robotic Process Automation for customer support in finance will help companies process the requests of their clients immediately and provide general feedback within a short period of time.
You can add some general algorithms to the system, so having received general requests that don’t demand situational thinking or more sophisticated decision-making, robots can type the reply for the customer’s request almost immediately.
Cost efficiency
PRA helps save money, as it helps reduce the need for extra hours for human employees. At the same time, you might need to hire a group of professionals to fulfill the same task the robotic system can cope with on its own. Modern companies tend to get rid of many traditional attributes, such as big open space offices, expanded staff.
On the other hand, high general performance is the most important goal of any company. Once ordered a customized RPA, based on the certain needs of the company, will help them save money from a long-term perspective.
That’s why we can witnesses the occurrence of small companies that operate big market shares with a huge customer base and provide their financial services on a good level, saving time, money, and effort of their clients too.
If you have decided to order a custom solution on RPA for your company, look for a trustworthy developer, who’s got a proved experience with the robotic automation and pay attention to the followings:
- RPA is used to make the task management easy, so the demand from your developer a user-friendly, functional software, customized to the needs of your organization
- RPA must be easy to use, but it doesn’t need to be overloaded with needless functions. So, try to keep the balance between the ease of processing and functionality.
- Ask for a total cost before the beginning of development in order to make sure you have analyzed and compared your expenses and future benefits, and have a clear idea about the ROI of the project.
- Include the monotonous tasks that need accuracy and speed in processing to the system. All the other tasks, that might need creative solutions to be fulfilled, must remain for human employees. Although, we live in a century of innovations, in many cases, humans are still more efficient.
- Provide your RPA with multiple search mechanisms: social media, official databases, etc.
