Implementing RPA in Finance
Robotic Process Automation (RPA) is the latest trend in the financial industry, bringing about some jaw-dropping benefits. Many finance firms have realized the true power of RPA and are already using it to digitalize many aspects of their organization and dramatically boost operational efficiency. For example, a Pittsburg-headquartered finance firm in Pennsylvania decided to employ RPA to simplify processes for its over 50,000 employees. The business specializes in providing retail banking services such as deposits, loans, cash management, and investment services for over 6 million customers across 19 states in the US.
Before RPA implementation
Before the implementation of RPA, it was necessary for the staff members to encode rules and strategies into Java and Microsoft programming software. This made it quite difficult to make certain modifications when needed. Moreover, business departments needed to ensure their conduct adhered to the relevant laws and regulations such as finance, corporate banking, and medical insurance.
In addition to the above, the staff was required to review each and every single closed-end loan, which drained significant time and resources.
After RPA Implementation
RPA was implemented seamlessly without impacting the existing IT architecture used by the firm as the RPA bot exists outside the IT software and is operated in a non-invasive manner.
The implementation of RPA meant that the staff was free from engaging in the tediously repetitive data entry tasks, consequently reducing processing time while increasing efficiency.
The staff was further empowered to work in an intelligent manner, utilizing the regular pre-installed modules in the RPA module resource base which saved them from having to spend time writing code from scratch.
Most importantly, RPA dramatically minimized human errors and made it easier for the firm to comply with financial regulations, consequently improving the quality of compliance processes.
The Overall Effects
RPA was a worthwhile investment for the firm as through its deployment, the company managed to automate most processes of individual loans with the staff needing to review only special loans (10% to 20% of total loans). This meant 80% of manual review work had been successfully automated, leading to employees using their time on higher-value tasks.
About Laiye
Founded in 2015, Laiye helps businesses achieve more, reach their full potential, and transform into smarter, more effective, efficient, productive enterprises. Laiye helps businesses and people realize their full potential by optimizing the human-machine collaborative alliance with sophisticated, dynamic, productivity-enhancing digital "workforce solutions". Laiye delivers the deepest, most advanced AI/RPA/NLP solutions to help businesses become more efficient, effective, agile, and successful. And it frees people to focus on meaningful, innovative, mission-critical initiatives.
Core technologies include robotic process automation (RPA), process mining, natural language processing (NLP), conversational intelligence, text recognition, and image recognition.
