The new and emerging technologies expected to profoundly impact and transform the workforce of the future across the financial services sector. NanoBNK has the proper solution framework for Robotics automate and build an automation platform for the front and back office and support functions.
Robotic Process Automation (RPA) seems like the logical solution for banks, insurers, pension funds and other financial services institutions, which operate in a highly regulated industry and are faced with high demands for auditability, security, data quality and operational resilience.
How robotic process fit ins back office
The automation of a wide array of processes with robotics in the financial sector continues to affect the industry in often unanticipated ways. With Artificial Intelligence and cognitive technology being the core technologies behind RPA, cutting edge academic research plays a key role in exploring the potential and impact for society and businesses alike.
Machine learning, artificial intelligence and other technologies are coming to the rescue in the form of Robotic Process Automation (RPA), a technology that can be summed up as automated scripting driven by machine-based decisions. RPA holds a great deal of promise for businesses burdened with tedious and repetitive tasks, which in the past could have only been accomplished by humans.
Today, machines have gotten smarter and now have the ability to learn some simple steps based upon AI algorithms. Although machine intelligence can’t approach what humans can do natively, it has come pretty far in the last few years, making it suitable for many basic tasks that require some form of a decision to be accomplished. That is exactly where RPA comes in.
The Benefits of RPA
Although RPA may not be the cure-all for all back-office problems, RPA undeniably brings immediately recognizable benefits to most any business. Obviously, cost efficiency tops the list, but RPA’s many nonfinancial benefits include:
- processes that are more predictable, consistent, and less prone to errors than those handled by people
- decreased cycle times and improved throughput: Software robots are designed to perform tasks faster than a person and do not require sleep, making 24/7 operations possible.
- flexibility and scalability: Once a process has been defined, it can be scheduled for a particular time and use as many robots as required
- reassignment: Robots can be easily reassigned when more important processes arise because each robot is typically capable of performing many types of processes.
- improved accuracy: Robots are programmed to follow rules and don’t make mistakes. Robots only do exactly the defined job, but won’t apply intuition to problems and anomalies that a human would.
- strategic resource deployment: The tasks and processes suitable for automation are typically the most onerous and least enjoyed by employees. Employees relieved of these activities can be refocused on higher-value activities that are often more rewarding.
- detailed data capture: The tasks performed by a software robot can be monitored and recorded at every step, producing valuable data and an audit trail that enables further process improvement efforts and helps with compliance.
The benefits offered by RPA are clear, so it all comes down to whether your business is ready to deploy robots in the back office or continue to rely on offshoring tedious tasks to the lowest bidder.