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Five Ways (Or More?) to Use RPA in Finance

19.01.2023

#Fintech

Those who follow technology development are already used to terms like Artificial Intelligence, cloud environments, and robotics. However, if you are not as actively following developments in the digital world. In that case, you may need to be aware of the opportunities becoming available to you and your company. For example, one of the trends in the fintech sphere now is finance process automation, which can significantly improve the performance of businesses that use this technology. We decided to make a small excursion, especially for you so that you could understand what it is and determine whether your company needs this technology.

What is robotics process automation in finance?

The first thing that is important to understand is that RPA in finance and robots are two completely different concepts as we used to see them in science fiction. When we talk about financial business automation, we should not imagine android robots that look like humans and can talk and function almost like living beings. In such cases, we are talking about software that can automate processes based on the rules and algorithms you specify.

Moreover, if you conduct a study, you will find that the lion’s share of businesses already involves RPA in their processes in one way or another. This has its benefits, which we will tell you about later.

What are the benefits of using RPA in finance?

Why should you be interested in RPA for finance if you are a manager or owner of such a business? There are the following advantages of using this technology:

Reduced workload on employees.

Let’s imagine the total amount of work as 100%. At least 50% of the work, especially when it comes to accounting and financial accounting, is the same type of work and almost machine work. Such work requires a high concentration of attention and significant staff time. And in fact, such work can be easily entrusted to the software simply by specifying specific parameters and rules that it should be guided by when making decisions. This will significantly reduce the workload on your employees and free up their time for more effective work with clients and other tasks.

The amount of data that can be processed in a certain period of time increases.

Of course, finance robotics process automation is not a time machine, but such software can impressively increase the efficiency of your company. That is, at the same time, you will be able to process more documents/reports/tasks/etc. This, in turn, will reduce the waiting time for your customers and increase the throughput of your business.

Staff involvement in secondary tasks is reduced.

Are you looking for new team members but need more time to process hundreds of emails with resumes? Need to send an email newsletter to your loyal customers or send a letter with a payment receipt? You can use RPA tools for all these tasks. The technology also works with tables, can organize data or search for them according to specific criteria, create and send invoices, and perform a lot of mechanical work.

The level of data security is increased.

We do not urge you not to trust your staff. But if you work with finances or securities and documents, there are always risks that competitors may try to get hold of such information through your employees. If you entrust some data processing to software, the chances of data loss due to human error are significantly reduced.

Speaking of the human factor…

Another advantage of RPA financial software is that, unlike people, software almost never makes mistakes. Even the best employee with the highest performance indicators can sometimes make mistakes — and that’s normal because everyone has personal circumstances or just bad days. But this can carry risks for your company. And if you involve RPA in as many processes as possible, the impact of the human factor on your business performance will also decrease.

Increased scalability.

Do you want to increase the throughput of your business, get more customers, and as a result – increase profits? RPA will simplify this task for you. In the case of this technology, there are two ways to scale:

  • Increasing the number of processes in which robotics is involved. For example, you used the capabilities of such software in 20% of all processes in the company. In this case, you can double or even triple this figure.
  • Increasing the depth of automation. Yes, automation has levels. Some processes can be automated superficially, and some — completely. The more operations that can be performed without the involvement of people, the more efficient your business can be and the more opportunities for rapid scaling.

The level of satisfaction of employees and customers increases.

The team’s internal climate directly affects your business’s external attractiveness to potential customers. Thanks to RPA, you can reduce the workload on employees and give them more time for creative solutions and customer care. Satisfied employees are usually kinder to buyers of your services, which is another step towards turning a one-time customer into a regular one. If you want your business to be successful, you should pay attention to these points as well.

How to integrate RPA into company processes?

If you decide to implement robotic process automation, you have two options:

  • Purchase a ready-made software solution. This option has its advantages. For example, you will receive the software quickly, and the choice can be made based on feedback from your colleagues or even competitors. If the software is reliable and efficient, it will have good ratings. In addition, such programs are usually quite well-known in your field.
  • Develop your software. Of course, it may take more time than just buying ready-made software. However, the advantages of this set make you think. The software developed for your company will consider all your wishes and needs, and there will be no unnecessary functions that would distract attention. In addition, you will be able to add new features as needed, improve user experience and increase the level of data capture. Also, development companies can usually provide support services for the life of the software and quickly fix bugs, if any, even after implementation and release. Unlike ready-made software solutions, you also get a guarantee of a quick response to the problem.

 

The choice is always yours. To settle on one of the options, you should weigh the pros and cons and determine which tasks you need RPA.

Who can develop and implement RPA?

To develop and implement the software you are interested in, you can contact Magnise. We provide various software development services and have extensive experience with automated robotic solutions for financial companies.

 

We will be happy to start developing software for your company! We can talk about all the details during a consultation. Sign up, and we will schedule a meeting at a convenient time.

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