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The Impact of Robotic Process Automation in Financial Services

September 11, 2017 By Umair Maqsood 6 Comments

Robotic process automation, or RPA, is software that uses artificial intelligence to handle tasks. Today, RPA is being used in several fields, including health care and telecommunications.

The Impact of Robotic Process Automation in Financial Services
Photo by Fabian Blank

But the use of Robotic Process Automation in financial services surpasses the rest of its uses. Take the example of approving and funding a home mortgage.

RPA can handle application processing, background checking, credit checking, assessment of the property, and approval. When we compare RPA handling with doing the same process manually, RPA offers much more accuracy and efficiency.

In addition to the above-mentioned example, people have used RPA for the following services:

  • Order-to-cash, record-to-report, and procure-to-pay services
  • Management of accounts payable, travel and expense processes, and vendor statement reporting
  • Journal reconciliations by accountants
  • Management of unapplied cash, intercompany transactions, and creation of consolidated reports

Table of Contents

  • 5 Phases
  • Various Uses of Robotic Process Automation
  • Take Advantage of It Now
      • Umair Maqsood
      • Latest posts by Umair Maqsood (see all)

5 Phases

But these tasks do not portray the actual potential of RPA. Forrester mentions five phases regarding the maturity of technologies.

These five phases are:

  1. Creation in the labs
  2. Survival in the market
  3. Growth as adoption takes off
  4. Equilibrium from the installed base
  5. Decline into obsolescence

FInancial Services

According to these phases, RPA is still in the first one, i.e., the creation phase. For example, we can use spreadsheets for diverse purposes, such as financial transactions, monitoring a recruitment pipeline, or planning a wedding.

Various Uses of Robotic Process Automation

Similarly, with more advancement, RPA will grow more sophisticated. It will employ (and in some cases is already employing) artificial intelligence, machine learning, cognitive computing, or a combination of all those abilities.

In the market, we currently have IBM’s Watson, which uses RPA related tools with cognitive capabilities. This computer is highly efficient in terms of sorting huge amounts of data, even unstructured data like emails.

Watson not only infers, reasons, and interprets natural language but also makes probabilistic determinations. Several organizations are now using Watson to look for lower cost, alternative vendors.

RPA in Financial Services

Moreover, such technology also can improve invoice processing. Using AI and machine learning, RPA can handle the verification of the business, the vendors, and the procurement organizations.

RPA will ensure the delivery of correct products and services to the receiving parties. With the ability to learn from its own decisions, it can also make fairly accurate future predictions about certain needs pertaining to products or services.

Credit card fraud detection is another common use of RPA’s machine learning. RPA can help detect when there is a suspicious use of a card.

RPA is also behind personal digital assistants such as Siri (Apple) and Cortana (Microsoft). These assistants have been open-sourced, allowing the development of advanced RPA capabilities that are based on speech-recognition technology.

Take Advantage of It Now

If you are wondering about how difficult it would be to learn about and utilize RPA, we should note that dedicated technologies are not necessary in order to accomplish the huge amount of tasks that RPA can accomplish in the area financial services alone.

RPA is our tomorrow and the sooner we benefit from the countless services it offers, the better it is for our overall progress.

Role of Robotic Process Automation Digital Transformation

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Umair Maqsood

Umair Maqsood is a Digital Marketing Consultant. Technology inspires him, Digital is his passion and writing is what he envy the most. He can be contacted via his LinkedIn.
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Filed Under: Programming, Small Business Advice Tagged With: robotic process automation, robotic process automation in finance, robotic process automation in financial services, rpa, rpa in financial services

Comments

  1. Sarah Hudson says

    September 17, 2020 at 2:23 am

    Great article on RPA, very educational and helpful in this modern age. Staying updated in this period is very important to stay relevant in this society. Recently, I found this website on MindFlex
    Sarah Hudson would love you to read ..Chinese Tuition in Singapore – 25 Top Tuition Choices For All LevelsMy Profile

    Reply
  2. tejal sharma says

    May 12, 2018 at 2:47 am

    Definitely, RPA is growing rapidly in different sectors like Health Care, Financial Services,telecommunications etc. Thanks for detailed article on how RPA’S role in Financial Services.Keep it up. Recently, my friend had completed
    RPA Training in Chennai and got the job in one of the top company in Chennai.

    Reply
  3. Addy Brown says

    April 10, 2018 at 12:05 pm

    Hi..
    Robotic process automation (RPA) is the use of software with artificial intelligence (AI) and machine learning capabilities.
    Today the demand of AI is increasing day by day.
    Thanks for sharing such information with us.
    Great Work!!

    Reply
  4. johnalbert says

    October 4, 2017 at 4:45 am

    RPA is the application of technology that give access to the Corporate employees to configure robot to interpret exciting apps for processing manipulating data transaction

    Reply
  5. ORIENIT says

    September 18, 2017 at 2:16 am

    Thanks for sharing such informative article on Robotic Process Automation financial services. If you are looking for more information on RPA visit our website.
    RPA Training in Hyderabad

    Reply
  6. Lucas Smith says

    September 17, 2017 at 10:28 pm

    Great article!

    Indeed, RPA is very helpful when it comes to repetitive and overloaded data processing. Large companies are actually utilizing them now, and is bent on research and development for a much more efficient RPA, since one of the most feared consequence would be massive data loss once a malfunction occurs.

    Cheers!
    Lucas

    Reply

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