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Financial Services Consulting – Introducing RPA

Is your company looking to improve productivity and reduce costs? Then robotic process automation (RPA) may be for you. RPA helps improve speed, quality and efficiency of your complex back-office operations by using robots to automate complex processes, acting as virtual workers able to complete tasks usually performed by people. Robotic Process Automation can be deployed across multiple systems and platforms.

What is RPA?

RPA robots can automate many of your repetitive rules-based processes, and it is an innovative IT solution that doesn’t need integration with your tools. By “mirroring” the activities performance by your staff, you can free up personnel resources for more high-priority tasks.

Robotic Process Automation robots are sets of software that are configured to capture and interpret applications, capable of processing transactions, manipulate data, trigger responses, and communicate with other digital systems. RPA is not simple screen scraping or application macros, nor is it a solution that needs to be integrated with every single application in your organization. As well, RPA could be augmented with machine learning or AI, but it is governed by set business logic and structured input, and cannot be trained to make decisions on its own.

Applying RPA to Financial Services

RPA can be used throughout financial services systems, starting at the front end where it can be used for client onboarding, setting up and processing new products, and doing customer data entry within hours rather than days or weeks. In back-office operations your organization can use Robotic Process Automation for regulatory and compliance checks, settlements and account reconciliation and recordkeeping. For core functions of your organization, RPA can be configured to perform pension benefits administration, trading and institutional accounting. As well, Robotic Process Automation robots can be used for your company’s finance and accounting, HR processes and tax preparation.

Why Use RPA

By deploying RPA, you could reduce your company’s operational expenses by up to 85 per cent and cut your delivery times drastically. RPAs can often be deployed rapidly and transform your enterprise-wide operations, and since it doesn’t need integration, it can use existing systems already in place. Robotic Process Automation being managed by very strict operational rules helps eliminate errors that can occur with human work, which minimizes rework in your organization. As well, RPA robots can be configured to inform your organization of potential fraud, since it is using strict rules for the data it is expecting and processing. RPA is also highly flexible and scalable since it can use your existing systems.

Executing Successful RPA Project

When deploying a successful RPA project within your organization, you’ll want to identify points in your organization’s system where Robotic Process Automation would be most beneficial. Often these points will be bottlenecks in your process, as well as high-value processes, high-volume transactions, and processes with manual components that would benefit from RPA reducing human errors.

Once the locations have been identified, you’ll have to decide what RPA software will be most effective at that process. Each Robotic Process Automation robot has different strengths and weaknesses. To ensure smooth deployment, you’ll want to employ accredited developers with extensive experience and knowledge in RPA solutions. You can also contact an RPA consulting company to decide whether it is most beneficial to build in-house or to use an RPA consulting service provider who will have more up-to-date skills.

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