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Robotic Process Automation ( RPA ) is supporting financiers in automating repetitive processes , driving efficiencies and freeing up the most valuable of commodities : time .
Despite being a back-office process , RPA has benefits for consumers , too , improving financiers ’ availability to focus on customer engagement , while innovating products and services to meet the needs of clients .
RPA can also benefit customers directly . It allows financial institutions to deliver services in real-time , which are more tailored and valuable than they otherwise would be .
“ One example would be improving mortgage loan processing ,” says Steve Morgan , Global Banking Industry Lead at Pegasystems . “ RPA not only automates a credit recommendation to an underwriter , but also which areas to look at when completing affordability checks on a customer .”
Of course , RPA ’ s use can span many facets of a business , including improvement of fraud and anti-money laundering ( AML ) controls due to its “ ability to detect threats in real-time and generate alerts when it spots suspicious activity ,” says Sarah-Jayne van Greune , COO at Payen and ILIXIUM .
She adds : “ It can process large amounts of information at any given time , which means it can also improve adherence to regulatory and compliance requirements .”
Evidently , driving efficiencies often leads to a reduction in costs , and there are no exceptions when it comes to implementing RPA .
“ RPA is proven to eliminate manual errors and optimise business processes ,” Morgan expands . fintechmagazine . com 123