Today’s businesses are looking for ways to increase their competitiveness and reduce costs in order to stay in the race as long as possible. For example, let’s take a look at the banking industry where data management has always been one of the biggest expenses. One way to reduce costs would be to make greater use of robots, or robotic process automation, which makes it possible to streamline and improve processes without human intervention. In fact, there are 8 amazing facts about robotic process automation in banking that you should know! Read on to learn more about this promising technology and how it can help businesses cut costs!
1) According to IDC, Worldwide spending on robotic process automation (RPA) will reach $1.05 billion in 2018 and should more than double to $2.4 billion by 2020
This is more than just another automation fad. Based on growth patterns, IDC predicts that RPA will account for about 17% of all spending on IT robotic process automation by 2020. Based on our experience at Red Fusion, we predict that banks will adopt RPA faster than other industries because their desire to remove painful manual processes and get back to high value work fits so perfectly with RPA. The fact that it’s a software technology and not a hardware product means there are virtually no deployment issues or compatibility problems: if you’re ready to deploy something as soon as possible and see results immediately, then a solution like RPA is likely to be an attractive option.
2) RPA allows for efficiency, scalability, cost savings
RPA consulting services allow for increased efficiency, scalability and cost savings when dealing with large amounts of data. An added benefit is that users don’t have to learn an entirely new system, as RPA automates tedious and repetitive tasks based on defined business rules. This allows users to focus their time on more complex tasks while RPA software handles day-to-day processes. Overall, businesses can realize a 4x return on investment within 12 months after implementation of robotic process automation into daily operations. Robotic process automation (RPA) allows you to automate your organization’s digital workforce by leveraging technologies such as machine learning, artificial intelligence (AI), natural language processing (NLP), robotic process automation software, human-computer interaction (HCI) and others. With RPA consulting services , organizations can increase productivity through reduced costs and increased accuracy.
Robotics Process Automation (RPA) will be one of main tools for banking industry over next few years . Large financial institutions are expected to deploy approximately 40% of all robotic process automation by 2020 . According to Gartner research institute there will be over 25% ROI on robotics per year in banking industry.
3) RPA also allows for security, transparency, agility
When you think about automation of any kind, it’s easy to focus on one aspect: saving money. And there’s no doubt that RPA can streamline processes and make things more efficient for an organization. But RPA isn’t just about cost savings—it can actually be a strategic business tool. The best part is that if you want to put process automation technology to work without disrupting your organization, you don’t need experts or consultants. You can use software like Genfour RPA Studio, which includes out-of-the-box business rules and data triggers that allow users to create fully automated processes quickly and easily. In fact, with tools like these, you can achieve ROI in as little as two months. It’s also important to note that while many businesses are using RPA today, they may not even realize it. In fact, Gartner estimates that 85 percent of all organizations will have at least one instance of robotic process automation by 2018. That means more organizations than ever before will have access to tools and resources designed specifically for RPA—and with access comes innovation. While most businesses today are focused on automating back office functions such as finance and accounting (which makes sense), some companies are already looking ahead at what comes next: integrating their human workforce with robotic capabilities in order to increase efficiency even further.
4) RPA can be implemented regardless of the size of the business, it can be accessed from anywhere at any time
it’s suitable for small, medium and large-sized companies. Given RPA can be applied to a number of business processes, it offers businesses with a cheaper, scalable option for expanding their operations at lower costs and managing multiple tasks without needing additional staff. And since automation is happening everywhere in our lives from machines on assembly lines to smartphones – why not bring it into your business as well? It might seem like you need to hire extra staff or learn how to program but robotic process automation services can ensure these issues don’t become problems when implementing automation services. With automated processes delivering better insights into exactly what needs improving within your company and more effective ways of working alongside quicker implementation, you might find yourself thinking that RPA is worth taking out an extra loan for!
5) RPA provides flexibility as well as opportunities to create new products and services
RPA is not a one-size-fits-all approach to streamlining. It has enough flexibility that you can adapt it for your unique needs and then create new products and services based on what you have automated. Once you see how much time, money, and effort RPA can save you, your business will be able to take advantage of these benefits: lower costs, increased efficiency, higher revenues, improved customer service levels…the list goes on! Why not give it a try? If a CIO is still skeptical about adding RPA to their IT strategy, at least hire an RPA consulting services company like Apex Consulting Group to perform an ROI analysis for them. The results may surprise even them.
Robots are good with data but don’t know how to do soft skills: Many people think that robots cannot do any work that requires soft skills—things like communication, empathy, or understanding cultural differences—but they’re wrong. Robots can learn those things too (and they’re getting better all the time). But there’s no need to worry about replacing human workers just yet; most companies use RPA as a way to augment their workforce rather than replace it entirely. And since humans aren’t going anywhere anytime soon, why not use automation to make us more efficient? That’s exactly what RPA does best!
Conclusion
So, as we can see from these astounding facts about RPA and Business Process Management, Banks have a lot to gain by automating their front-end processes. The technology is affordable, secure and proven so there’s no better time than now to automate your processes. If you want to discover more about what process automation can do for your business then why not contact one of our expert RPA consultants today? We’d love to help take you one step closer towards using robotic process automation in banking!