The BFSI industry is rapidly changing because of new regulations, digital economy, and millennial customers. This industry is under great pressure to cut costs while maintaining high levels of service and perfect regulatory compliance. However, it is becoming increasingly challenging as financial institutions have siloed systems and paper-intensive processes. Also, most of their employees are […]
March 27, 2024
The BFSI industry is rapidly changing because of new regulations, digital economy, and millennial customers. This industry is under great pressure to cut costs while maintaining high levels of service and perfect regulatory compliance. However, it is becoming increasingly challenging as financial institutions have siloed systems and paper-intensive processes. Also, most of their employees are focused on repetitive and labor-intensive tasks, & as a result, are unable to focus on other high-value client-facing services. As they face intense competition in the market, they need to find ways to nurture cost-efficient growth.
The solution to all these problems is Robotics Process Automation. RPA helps organizations to efficiently handle their operational tasks. The RPA robots (aka bots) are deployed to mimic the day-to-day and routine tasks that are performed by the employees following the same business rules. RPA bots can handle many repetitive manual tasks including copying, pasting, or entering data into forms and systems, or extracting, merging, formatting, as well as reporting the data. RPA has helped banks and financial companies reduce manual efforts (and associated costs), assure better compliance, increase processing speed & accuracy, as well as reduce risks while improving customer service. In the last few years, with cognitive automation, Artificial Intelligence, and Machine Learning, we are able to automate a wide variety of end-to-end processes in many operational areas, including loan processing, account opening/closing, and KYC.
According to Forrester reports, the RPA market is set to reach $2.9 Billion by 2021 and the expectations of the BFSI industry deploying robots are high.
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