Role of Robotic Process Automation (RPA) in Fintech

The term ‘robot’ conjures up visions of a human look-alike, performing all manner of tasks. However, in the world of information technology, it refers to a software program, chatbot, and the list goes on. Various industrial sectors use robots to automate their activities and processes as it enhances operational productivity and reduces the overall costs. As an example, let us explore its compatibility with one arena, Fintech. Today, there are various institutions and companies offering financial services. To make their work quicker and easier, they take recourse to mobile devices, cloud services, the Internet or software technology. Such establishments are tagged as ‘Fintechs’. Given the competitiveness for today’s financial firms, the idea is to enhance customer experience in handling investments, insurance, payments, through different applications. In turn, customers bond much better with the financial aspects of their lives. No longer does anything seem overly complicated or too complex for them!

An Introduction to RPA

The simplest explanation is that it is automation technology! With RPA, it becomes possible to configure (set up for a particular purpose) a robot or computer software. Engineers fashion it in such a way that it emulates the actions of a human being interacting with digital systems. As a result, it is able to handle business processes efficaciously. RPA is a wonderful mimic of certain human actions, however not all the processes or activities can be automated as they need human intervention. For instance, copy/paste tasks as well as extraction jobs from documents can be easily automated. It does not matter if the data is semi-structured or complete in nature. Similarly, filling of forms and moving files and folders are some of the redundant tasks that can be automated to save effort, time and cost. Other functions include logging in to applications, scraping browsers, and more. Anything that is repeatable, redundant and doesn’t involve much of human “intelligence”, can be automated through RPA.

Use Cases of RPA in FinTech

People are increasingly turning ‘digital’ in their mindsets and actions. They want to invest money, make payments, transfer funds or obtain loans, as quickly as possible via hassle-free ways. Fintech firms prove highly useful here, guiding traditional financial establishments in the usage of robotic process automation.

Improved Customer Service

RPA is a tremendous boon for this arena! Banks and other financial companies may set up 24 x 7 chatbots to interact with customers, who can seek comfort in the fact that someone is there to answer queries or deal with their concerns at any hour of the day or night. As a result, they remain loyal to their respective banks/companies. Customers also love the fact that RPA software reduce the time spent in processing. Additionally, there are less errors that crop up in the processes. Thus, financial interactions are comparatively faster and more accurate.

Enhanced Productivity

Human beings cannot match the speed of RPA. For instance, RPA platforms undertake tasks, such as garnering accurate data and communicating with legacy systems and complete them at much faster pace. RPA helps in identifying and removing ‘pain’ points, and the businesses can always look for upgrading themselves from legacy to new-gen tech. Talking about another aspect – employees waste plenty of time on repetitive tasks. This does not allow them to put their skills into effective use. It also proves a hindrance for professional and personal growth. A good example that can be quoted in this scenario is the handling of basic insurance claims. If RPA takes it over, underwriters can spend their valuable time on tackling complicated claims. RPA cannot make mistakes or circumvent traditional processes. It follows, therefore, that there are no delays and verifications become easier. Thus, consumers remain happy.

Improved Accounting Process

Since RPA is compatible with diverse applications, it helps in streamlining the process of collecting data. There is no need for employees to log in and enter anything manually. Everything is automatic, such as creation of invoices, maintaining of balance sheets, etc.

Improved Investments

People are keen to invest in the stock market, mutual funds, etc. and RPA provides information and values regarding diverse investments. It helps investors to keep track of their respective portfolios. Similarly, people do not have to pay any fees to access financial advice. In this manner, RPA comes out to be fruitful for building a healthy customer base.

Authored by Admin