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[BLOG] Will the growing relationship between robotics and the financial services sector last?

  • Publish Date: Posted almost 3 years ago
  • Author:by James Freeman

It would not be the first time we have seen a piece of technology strike up a promising connection within the financial services industry. Banks, insurers and asset managers leading up to 2019 successfully piloted robotics programmes, but few have succeeded in implementing a permanent structure into their business. The benefits from doing this in terms of industry transformation and cost savings, places software robotics on the priority list for the C-suite of most financial services organisations.

How far have we progressed in robotics?

It is not all success stories and this a fundamental truth behind implementing robotics, it will be a case of trial and trial again for real world stability. The financial sector faces ever-evolving challenges and it is continuously faced with the changing demands of its customers along with keeping a watchful eye on regulators and their requirements. To remain successful and ahead of the competition, organisations are required to offer an innovative, streamlined customer experience, at the same time as reducing costs, expanding the visibility of what is on offer and enhancing efficiency.

This is where Robotic Process Automation (RPA) comes into action.

How are we going to see RPA benefit financial services?

Financial services is a market that becomes more saturated each day, so to stay competitive, it is no longer beneficial to produce a staggered review of what is being delivered to clients and customers, but there is a need for a continuous assessment of a company’s place amongst its competitors.  

Robotic process automation utilises user friendly computer software that allows for an effortless integration without touching underlying programmes in place. RPA has become an invaluable aspect to the banking sector, assisting organisations to transfer processes from human labour to software.

The moment RPA and the financial world met this virtual workforce has minimised the human element in the completion of tasks. By transferring tedious, smaller jobs to machines, banks have created a direct impact on efficiency to staff retention and expenses.

Although RPA is not limited to just banking, it can benefit all across the financial world including its ability to manage collections, account closures and service desk enquiries. It is an all year-round investment that allows companies to use RPA as a guaranteed accuracy system. Using it to reduce error and protect customer data, additionally limiting the exposure to regulations such as GDPR.

Is there anyway to stop this seemingly essential force?

Technology has firmly established itself as revolutionising financial services. However, although many banks already have some form of RPA in place, it is safe to say it is not being used to its full potential. What is clear and vital even before considering RPA, is to think of the vision and scale of where it can be used in an organisation and to ensure it is scaled for maximum success.