Finance automation includes a bevvy of technologies ready to transform how bankers do business, with robotic process automation topping the list. Banks and financial institutions are the highest adopters of RPA technology, commanding 29% of revenue share in 2020. Robotic process automation deploys an army of apps and software to perform repetitive tasks. These bots are proficient in rule-based tasks, making them a prime candidate to take on tasks that take up a large chunk of staff hours. RPA helps shift the responsibility of formulaic data handling from human to machine, enabling back offices to run in a smooth, autonomous manner. Instead of handpicking one-off processes to automate, banks are looking to bestow the benefits of automation onto every line of business. What makes intelligent automation in banking so compelling for the financial sector?
- Higher accuracy mitigates regulatory risks and reduces the likelihood of steep fines
- Reduces costs of maintaining compliance
- Boosts productivity by unyoking high-value workers from time-wasting data entry tasks
- Increases the speed at which banks can serve customers.
Banking back offices are not just overwhelmed by a high volume of complex data, but its handling requires high speeds and a precise degree of highly regulated accuracy. What are the four most popular use cases leading the charge towards wide scale adoption?
Improved CX driving most finance automation
Since the onset of COVID-19, ATM use and in-person visits to banking branches have declined by 5% and 12%, respectively. On the flipside, adoption of digital channels like mobile apps and calls to service centers and remote advisors has skyrocketed. The concept of banking has shifted from brick-and-mortar to clicks-and-bricks, where physical locations still stand for customers reliant on old school techniques while the bulk of transactions occur online. Sluggish back-office processes delay the speed at which a bank can serve its digital customers. Financial institutions spend upwards of . Tech-savvy banks are turning to finance automation to flatten these administrative speed bumps so customers can open new accounts, refinance mortgages, and apply for loans at lightning speeds. What processes are they focusing on?
