The adoption of RPA or Robotic Process Automation by the financial services industry implies that changing the face of the financial market industry is already underway, and we may expect to enjoy better and improved services in this sector. We have seen that the next level of automation, popularly known as intelligent automation, has also been adopted by many industries apart from the financial sector.
In this article, let us find out how incorporating the finer aspects of automation in this industry can benefit everyone on a larger scale. So, read on for better insight.
Automation in the financial services in India
Check out the way the financial services in India, which also includes how automation in banking operations has changed over time.
1. Save employees from repetitive and monotonous daily work.
With the help of RPA, employees are saved from performing the same monotonous and repetitive tasks that cause boredom. If automation can take care of all such tasks, employees can focus on other areas that can add value to the company’s productivity in different regions or departments.
2. Fraud detection is made more accessible.
As more and more organizations embrace automation and Robotic Processing Automation, the ability to detect fraud and undertake investigative activities has become more accessible. RPA, coupled with artificial intelligence and machine learning processing, has made it easier for the end-to-end processes to get implemented.
3. Better automated security
As per the Data Breach Investigations Report of Verizon 2020, 1,509 security instances were identified in the Financial Services segment, with confirmed data disclosures accounting for 448 cases. External perpetrators have inspired at least 63% of the attacks looking towards monetized data; as far as human error, that accounted for 9%.
With the help of automation, data security can be strengthened and defended the same from increasing cybercrimes and online data fraud and theft. A few examples that illustrate applying automation in protecting data include automating event management, reporting, vulnerability testing, automated health checks, and security patch management.
4. Swifter customer on-boarding
One of the main aims of RPA and automation includes improving and enhancing the quality of customer experience. For many years and companies, effective customer on-boarding has proved difficult; however, automation has changed the scenario.
As per a study conducted by Deloitte, it takes around 20 days to 29 days to on-board clients for commercial banking, and a revenue of $25,000 is lost to delays. Automation has to a great extent, done away with these obstacles. Automation in retail banking like KYC or Know Your Customer procedures, checking legal background, verification, carrying out risk analysis, and contract management are some areas that will be benefited from RPA and intelligent automation.