Robotic process automation can profoundly impact the financial industry in the future. This technology provides more speed to the market while reducing overhead, but the benefits of today are not what will put today’s leaders on top in tomorrow’s world.
The financial institutions that are the first to embrace the next wave of robotics tech in the future are the ones that will drive the best business outcomes.
6 Benefits of Robotic Process Automation
Pension funds, insurance companies, banks, and anyone else in financial services must navigate a highly regulated set of circumstances to create successful outcomes. Robotic process automation works to reduce the administrative tasks associated with those requirements to achieve better efficiency rates.
Accenture notes that six critical advantages begin to appear when fintech applications get implemented at the organizational level.
1. It saves money for the organization.
Although robotic process automation can be a significant capital investment, it is one that typically pays for itself over time. Depending on the number of regulations they need to navigate, organizations can reduce their overhead by up to 80%.
2. It produces a better quality of work.
Automating the processes with fintech innovations can help financial services providers to produce a higher quality outcome. By taking the work out of the hands of humans, robotic process automation reduces the number of errors that can slip through each time.
3. It reduces administrative commitments.
Companies that implement the automation approach to their repetitive tasks can save a significant amount of time. This fintech option can reduce commitments by up to 90% for many everyday tasks.
4. It is a scalable solution.
Robotic process automation is an advantage that grows with an organization because it is a scalable solution. According to Deltec Bank, Bahamas- “Even if new financial services become available, the implementation of robotic process automation can reduce a company’s administrative commitments.”
5. It keeps control at a local level.
Applying robotic process automation at the local level means fewer third-party access points are necessary to control data. That creates better local competencies, improves security, and allows for more customization when compared to other methods of reducing overhead.
6. It can integrate almost anywhere.
This fintech innovation can run on top of the banking industry’s current IT infrastructure. It is not like a complete artificial intelligence makeover that requires a complete digital transformation of internal assets. Firms can invest in this option to start seeing benefits almost immediately.
Are Jobs at Risk with Robotic Process Automation?
One of the primary fears that the financial services industry has with robotic process automation is its potential to take away jobs. Anyone who has repetitive job duties could see changes happen – including layoffs.
Even though some jobs will be lost, there will be new ones that develop because of the efforts of the fintech industry. Automation requires human handlers to ensure the processes are correct. New opportunities and career re-training can work together to minimize individual hardship.
The benefits of robotic process automation are clear. There’s only one question to ask: what companies will have the courage to implement this idea first?
Disclaimer: The author of this text, Robin Trehan, has an Undergraduate degree in economics, Masters in international business and finance and MBA in electronic business. Trehan is Senior VP at Deltec International www.deltecbank.com. The views, thoughts, and opinions expressed in this text are solely the views of the author, and not necessarily reflecting the views of Deltec International Group, its subsidiaries and/or employees.
About Deltec Bank
Headquartered in The Bahamas, Deltec is an independent financial services group that delivers bespoke solutions to meet clients’ unique needs. The Deltec group of companies includes Deltec Bank & Trust Limited, Deltec Fund Services Limited, and Deltec Investment Advisers Limited, Deltec Securities Ltd. and Long Cay Captive Management.