Five Innovative Ways Financial Services Companies Are Using Automation
Even though the whole concept of Robotic Process Automation deals with minimizing the costs and boosting efficiency if we analyze the practical side, we need to accept the reality that the practical application is still a question. But, there are a few firms in the financial sector. Financial services firms using RPA have started including automation by using chatbots and also in gathering accounts related information.
1) Automation taking pace in Zurich:
The firm had released the works of its underwriters by automating issuance's and hence getting them to devote most of their time to complicated policies. The automation has been developed and implemented by Capgemini. The system was implemented in five countries, and there has been a fifty percent reduction in cost.
2) Shorten the time required to process payment claims:
Kryon systems, another provider of RPA tools has implemented a system to shorten down the time taken to process claims in hours which had earlier taken a lot of days to get processed! The whole process of identifying a client by name, then going through their respective bank websites used to take four days in total, not only had they boosted the efficiency but saved a lot of employee hours.
3) Automation of accounts receivable:
A lot of banks have come forward to be a part of this revolution. A lot of banks in Canada are and financial services are implementing RPA into their strategies. The Royal Bank of Canada is one of the institutions that have started using chatbots for more than a year of now to improve customer service and responses. In the states too, banks like KeyBank are automating invoices, accounts receivable and optimizing operations. These RPA tools have helped to automate the mundane tasks and thanks to the machine learning technologies, this process is estimated to improve with time.
4) Bots used in investment portfolios!:
It is not just Europe and North America, rpa tools and automation has been employed by one of the largest banks in Colombia, BanColombia to help them manage the investment portfolio. It helps to get real-time data about the performance of the portfolio with respect to the varying market conditions. The tool was designed to interact and get feedback from clients and is also possess an interface with the stock exchange of the respected country. This has helped the firm to improve its client base, for more consultation services.
5) RPA employed by Guardian groups in partnership with Sutherland:
This digital transformation has helped to position automation as the core of the strategy designed. This RPA service has helped Sutherland to use data effectively in core enterprises.
These RPA tools have helped staffs to concentrate more on high-level tasks. Based on a survey, it has been noted that nearly fifty percentage chief financial officers are planning to implement automation to make efficient use of opportunities and are in the verge of adapting themselves to the RPA revolution!