RPA In Financial Services: Adding The Business Edge

A rather eye-opening report by Grand View Research revealed

"The global robotic process automation market size was valued at USD 1.40 billion in 2019 and is projected to exhibit a compound annual growth rate (CAGR) of 40.6% from 2020 to 2027."

That said, the finance sector is perhaps one of those sectors which seem to take taken technologies like RPA rather seriously, especially given the risk that always prevails in this sector. This is why RPA in financial services holds a special place. But, apart from security being a major concern for this sector, goals like improvement of operational efficiencies and customer service are also on the top list. And this is where RPA comes to the rescue.

RPA is now sort of a digital workforce for sectors like finance & banking and even healthcare. It is remarkable how the innovation in this technology has led to speed,growth and increased employee productivity. This blog post explores how robotic process automation plays a vital role in finance so much so as to add a business edge.

How RPA in Financial Services in Making a Difference

It is pretty much simple if you look at it from an uninitiated person's point of view. Innovation in RPA leads to automation of tasks that are repetitive and time-consuming for the only virtue of being repetitive. Even a half-decent tool from a decent robotic process automation vendor can free up your employees from these repetitive tasks and out them to those which need human discretion and expertise. In short, it can save you man hours and this time and cost.

From closing the gaps in legacy systems to spurringefficiency in operations and even audit; from saving hours per week of time to slashing the possibilities of human error, robotic process automation is making finance a better place overall.

Here are a few major business cases that prove RPAs capabilities in revolutionising the finance sector:

1. Reconciliation of Accounts

As the financial institutions juggle between managing account on physical as well as the digital sides, there is a lot to be done to ensure that there is accuracy as well as time efficiency. RPA consulting services in India are helping these institutions manage these processes with efficacy.

Reconciliation of accounts (creation, balancing, noting, and rectifying discrepancies in accounts, etc.) can be done wonderfully well with RPA. With the help of RPA bots, processes like uploading transactional data in various formats and from different, validating data, etc., can be automated to almost perfection. It also resolved the redundancy in posting data.

2. Regulation Compliance

Legal compliance has to be the number one consideration when it comes to the financial sector. No matter the size of the institution, the need for adherence to state and national laws is a given. And the fact that these differ from state to state and system to system, lawsuits and finescan come in easy in case of non-compliance. With sound RPA consulting services in India , compliance in areas like KYC and data protection is easy and accurate, thus saving the sector from a lot of trouble.

2. Data Management

Reporting is an integral part of the financial sector. Creating financial and operational reports involves a plethora of non-core yet vital activities of any financial organization. Activities like collecting, processing, sorting, formatting/reformatting, aggregating, and analysing data for procuring insights that make cogent sense to the business is done through reporting. Robotic process automation can manage all these functions in finance, thus offering a shorter turnaround time for reports and cleared business insights.

If you are a financial institution that is looking for automation, SynLogics can be a guiding force for your business. Simply get in touch with us and let us push you towards growth.