1) What is RPA (Robotic Process Automation)?
The term RPA is an acronym for Robotic Process Automation, which refers to a combination of software bots that automate repetitive tasks and, with the help of artificial intelligence (AI)-based bots, can make real-time decisions and create predictive analytics.
2) How can it be practically useful in the financial sector?
According to various industry studies, 60% of business sectors have 30% of their operations that can be automated. These repetitive processes can be delegated to automation to free up employees from simple tasks and free up time for complex tasks.
Some areas of implementation include the back office, customer service, payment processing, and data updating. For example, during the loan or mortgage application process, bots are useful for analyzing unstructured data from a large number of files, highlighting only the evidence that deserves attention.
3) Can RPA and legacy work together?
Certainly, our bot can draw on various data sources to obtain all the information needed to complete the established process. This not only simplifies regulatory compliance thanks to precise and timely process tracking, but also saves 60–70% in costs.
4) How does this new way of operating impact customer satisfaction?
Given that financial institutions’ processes are generally very slow, this implementation saves time because the bot allows for continuous, uninterrupted operations 24/7, and also eliminates the possibility of errors. Customers can therefore complete transactions and submit requests quickly and easily without waiting.
5) So can bots completely replace human labor?
No, this is not the goal of Robotic Process Automation. Instead, the use of automation enhances and enhances human intervention, allowing employees to finally focus on non-repetitive tasks, giving them access to all the data they need to perform analyses and complete more complex processes.
So, to summarize, the advantages of Robotic Process Automation are:
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