How RPA can benefit banking and the public sector
Robotic Process Automation (RPA), an increasingly popular technology, can lower costs and increase productivity, accuracy, data analysis, and decision-making. Convedo experts share how RPA can benefit two major sectors – banking and the public sector.
Robotic process automation is widely seen as an important factor in organizational transformation (RPA) is a process that uses software programmed to perform basic tasks autonomously across applications, reducing the burden on employees of repetitive, simple tasks. The cost-effective process can be developed and implemented within a few weeks and can usually demonstrate a return on investment within a few months.
Thanks to these factors, RPA is known to greatly improve the speed and accuracy of processing, resulting in faster, higher quality service to the public. So it’s no wonder that, according to a survey by Gartner, RPA was recognized as the fastest growing segment for enterprise software, with growth of 63% in 2018. While RPA continues to grow in importance in various industries around the world, it is not appropriate in every business case. Careful consideration must be given to whether this is not a unified approach.
RPA is ideal for companies that meet three general criteria. This includes, on the one hand, those that rely on manual labor, including any processes that require data entry, the collection of data from different systems, or even the validation of information on different internal or external websites. It also works well for repetitive roles that typically involve data entry and consolidation processes. Finally, RPA is better used in mature sectors than if the implementation process is not an efficient path, the return on investment will decrease. Two main industries that meet these criteria and where RPA offers clear advantages are banking and the public sector.
The banking industry is exploring the potential of RPA to cut bigger jobs and cut man-made labor. RPA has already proven to be efficient at dealing with work overflows this way, as well as tasks involving large amounts of data.
An example of the use of RPA in the banking sector is collecting and validating customer data for Know Your Customer (KYC). This has placed an enormous regulatory burden on banks and, as a result, has created high overheads for financial firms. RPA can reduce this by automating the collection and review of customer data against internal databases, external systems, and other criminal records reviews. This can help reduce the time it takes to verify each customer’s identity and improve customer service.
Then, automating the onboarding process of a new customer can save time and money and improve the customer experience. Using RPA in a retail banking scenario to collect information from the customer and provide data to the customer service representative at the bank can help consumers make decisions about opening an account, approving a loan application, performing credit checks, and more help more.
RPA has also been used to automate anti-money laundering checks and automate invoice processing. The implemented combination of optical character recognition (OCR) and RPA technology to automate end-to-end invoice processing. Robotics can also be used to manage exceptions, and human assistance can optionally be introduced if you still want some exceptions to be handled by humans.
RPA is a game changer when it comes to automating the public sector workload. According to the Reform, Work in Progress 2017 report, only 20% of public sector workers in the UK alone do strategic work that requires analytical thinking. This is mainly due to the large number of man-hours that are instead devoted to repetitive filing and administration.
In response, RPA enables the digital transformation of various high-volume processes that support citizen services in the public sector. RPA can be used to automate processes that need to process documents received from people and process the information, such as: B. Councils that process forms for changing addresses. Robots can be trained to read the information from the documents received and to modify the information in internal customer databases. This can significantly reduce the time it takes to answer questions and thus improve customer service.
At the same time, considerable savings can be achieved for local authorities in financial difficulties. By using RPA to tackle a variety of common tasks, the local government can cut costs and make employees more efficient and productive. For example the North Tyneside Council in Great Britain expects to save up to £ 56 million over the next few years by incorporating RPA into its workflow. The council has already deployed RPA agents to handle customer service issues, improve speed, and cut data entry times in half.