The Impact of Robotic Process Automation on Financial Services

RPA software development has had a profound impact on the financial sector of the economy. Successful robotic process automation examples in finance are not only about customer service but also about improving internal banking workflows. RPA in software development can also be applied, even on a single project, as part of the modernization of the financial sector. It is generally accepted to automate testing of a finished product or intermediate versions. But it also greatly speeds up the process of creating a program.

Benefits of modernization

Implementing RPA in finance allows you to solve several problems facing the management of companies at once. You can not only avoid human errors but also speed up work processes, avoid downtime. It is possible to decide on economic feasibility only after accurate calculations since the development, implementation and technical support of the software are never cheap. But you need to count on the future.

A smart approach to modernization

Step 1.

Identify the largest processes that can be robotized. Before introducing RPA into a business, you need to analyze the experience of competitors and identify common mistakes. For example, teams robotize local processes, while it is more efficient to work with the largest ones.

You always need to think about an integrated approach. We have segmented the processes by volume and identified the largest ones. We assembled a focus group and, together with the leaders, identified the processes that we can robotic.

How does it look in practice?

A team from one company provided us with four large processes and asked us to evaluate which of them could be robotized. We analyzed and realized that the robotization of these processes is unlikely. The reason is hand-written inscriptions on documents. The robot will not distinguish between them, even if you set up optical recognition. Another problem is the lack of integration between systems, which the robot cannot configure. This proves that benchmarking works, and learning from other people’s mistakes is good for business.

Step 2.

It is imperative to create the correct product requirements and prepare the team. The main task after the implementation of the project is to train the company’s employees to work in the system. Every RPA software developer should have complete information about the project while it is at the stage of creation. After the release, the team either provides technical support or transfers all documentation to the customer’s technical department.

Step 3.

It is important to implement the pilot project on time. To achieve results faster and show the benefits of robotization, development teams often start by implementing the simplest functions. This is the correct approach. If the customer does not see the result for a long time, he may begin to doubt the feasibility of the whole venture. A simple robot can be made in a month and a prototype that robots process in a few weeks.

In practice, there are issues

One of the most common problems is the limitation in licenses. If additional employees join the project, they are either forced to share access with colleagues, or the customer needs to purchase additional permissions from the provider.

Step 4.

Having achieved the first results, you need to immediately share the achievements with colleagues. It is enough to record a video about the created robots and organize an event with an explanation of the principle of work and its value. The sooner the customer implements the development, the sooner it will begin to bring him profit. Therefore, it is important to start training employees at the testing and implementation stage.

Findings

Excellent results can be achieved in six months. The main thing is to choose the right processes for robotization, train employees, and disseminate information about the results in order to launch a cyclical algorithm for finding new initiatives.