The advent of automation as a part of business processes has seen a direct spike in the effectiveness and efficiency of firms in all sectors. Automation in financial services is the focus of many fintech and banking industries. They are rushing to integrate the latest automation technologies in the financial services to improve productivity, save costs, and to improve customer experiences.
The rise in the number of fintech start-ups is proof of how the finance sector has realized the need for automation and embraced it to present customers a new way of operating in the field of finance. Banks are also developing new products and customizing existing offers by integrating automation in their array of services.
Integration of Robotic Process Automation:
Automation technology in financial services has the capability to unlock value across a range of business functions. Robotic Process Automation (RPA) can be especially useful in transforming complex and time-consuming back-office processes, which allows companies to assign employees projects that add more value.
RPA transformation has three main steps which are necessary for a successful transformation.
Step 1: Strategic fit
The first one is ‘Strategic Fit’ which simply means that RPA must be strategically appropriate for the company. It needs to be understood that automation in financial services should be viewed not as a process but as a strategic capability that helps to increase business value. This re-engineering will be key to increasing the impact of automation and maximizing ROI, and it is imperative to perform all the necessary due diligence.
Step 2: Buy-in
The next step is ‘Buy-In’ which basically means that it needs to be bought-in for transformation and automation from the C-suite for RPA to be a success. Adoption of the process may often require training and a thorough analysis of the potential benefits to the business. Lack of internal support at a senior level can be one of the major stumbling blocks to implementation
Step 3: Engagement
Lastly, the final step is ‘Engagement’ which means that to avoid potential opposition, it would benefit automation adopters to divert their focus onto IT engagement from the get-go. Inculcating the IT function at the beginning of the automation journey would go a long way in charting out a roadmap for further transmission and also take preventive measures against any roadblocks.
Benefits of integrating Robotic process automation in financial services:
- Higher quality of the business process by reducing human errors.
- Increased productivity through faster process and availability.
- Rapid return on investment as a result of lower process costs and easy scalability.
- Ease of implementation since the only minimum IT support is needed.
- Reduced risk and improved compliance.
The Financial Services industry has been always driven by the increased interest in the need to enhance the customer experience, achieve greater operating efficiencies, and to comply with regulatory and compliance requirements, and RPA makes all these possible. Like any transformation, it is important to view RPA as an evolving and expanding process that needs to be integrated with the growth and long-term goals of the financial services industry.
But, the integration of Automation in financial services is no small undertaking. As a Global Leader, Intone helps organizations implement effective RPA programs that include developing the RPA strategy, process evaluation, designing an effective Centre of Excellence (COE), and delivering support to end-users. The financial services industry has much to gain by integrating Robotic process automation and Intone enables them to integrate automation wherever appropriate. Thus, Intone enables financial services to strategically use technology and drive finance forward.