Why Finance leaders are turning to automation for business process improvement
Using Intelligent Automation equips companies within the Financial Services industry for business process improvement, by lowering operating costs, increasing resilience, and delivering more with fewer people for 2020 and beyond.
The fourth industrial revolution is upon us, and software automation is adding tremendous value. The rules-based structured nature of work in Finance and Banking means that using robots for support will be essential. Teams will deliver more, with fewer people, make fewer mistakes and at a lower cost.
Intelligent Automation in Finance and Banking
Finance and Banking company leaders need to incorporate Robotic Process Automation (RPA) for business process improvement. Using automation is not only essential for growth now, but also for when the economy gets back to full capacity.
There is an investment to be made (E.g. RPA licencing, implementation, and support), however the tremendous long-term potential for cost-saving cannot be ignored. The alternative is inefficiency, and long-term inefficiency ultimately leads to business failure in a competitive market such as finance.
Think forward to a scenario where the economy is back at full speed, and you have not yet made this investment in automation:
- You have to re-employ people to replace those who have been made redundant during the pandemic.
- You will incur unnecessary ongoing expenses in the form of recruitment fees, HR, Legal, IT, PAYE, Pension costs.
- People take time to ramp-up to full capacity. They will also be a drain on resources for training.
- A proportion of new recruits will leave within six months and the cycle continues.
The reality is Financial Service companies that are using robotic process automation to support their teams and can often remove up to 70% of the work that people do.
The result is teams are being reduced in size or reallocate, and the business’s become more
That is why intelligent automation, robotic process automation and AI are commonly referred to as the fourth industrial revolution.
The impact is as monumental as moving from typewriter to laptop. Once implemented, you will never look back.
Once implemented, there is no further cost other than licence renewal, and it is not expensive!
Some areas where intelligent automation can be used in Financial Services and Banking:
- Customer & Client On-Boarding
- Accounts Payment & Processing
- All forms Bank Reconciliations/Intercompany Reconciliation etc
- Contact centre streamlining
- Financial Review
- Data Cleanse & or Migration
- Data for easier formatting between applications
- Updating/cleaning records
- Account Reconciliation
- All forms of Reporting & distribution including regulatory and business
- Download/Upload transactional data and action
- Financial Planning and Analysis
Increased profit, better service to customers, more internal capacity and reduced operating cost, are all achievable through Intelligent Automation.
To implement RPA, you must use an independent RPA consultancy. A specialist that will help you identify the best fit RPA software, guide you to where to start, manage licensing costs and roadmap how to manage and support your automation and the effect this has on your teams.
Together you will be able to maximise your workforce, people, robots, and intelligent RPA all working in tandem.
World-class business operations at a lower cost, who wouldn’t want that?