How can RPA help financial services firms to improve productivity and boost innovation?
Digital labor may offer real help to financial services firms as they look to adapt their operating models to the current market climate. Advances in Robotic Process Automation (RPA) enable automation of a wide range of activities without the need for complex programming. There are whole categories of work that had not been seen as cost effective to automate. However, with lightweight RPA software ‘bots’, workers can now be freed up to focus on higher value activities.
Financial services firms are now turning to RPA to reduce costs, provide better service, and even make complex regulatory implementations work more efficiently. We see the most interest from shared services, finance, and operations teams.
We expect a quick shift from education about RPA toward implementation as the investment cases become clear. This should start in shared service operations then move rapidly across the enterprise. That’s why there’s so much interest in the technology: business and operations leaders see this is as a chance to “upskill” their teams without a huge re-engineering effort.
The growth of RPA is not a matter of ‘if’; it is a matter of ‘when’. We recommend to look for opportunities to selectively pilot the advances that are being made in RPA technology. By learning now about the technical and cultural issues, you will be able to gradually increase adoption across the enterprise, rather than doing it under duress.
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