Robotic Process Automation (RPA) is another example of how smart automation technologies make managing businesses easier. In the days to come, complex decision making in business will be made simpler by robots and we will just be there to validate them.
What is Robotic Process Automation?
This technology enables a software to emulate manual business processes to automate them for more accurate and speedy results. Technically speaking, RPA does what a human can do but with more precision. In addition, most importantly, it does not make mistakes and never gets tired.
Throughout the world, Robotic Process Automation is changing how financial institutions carry out their work on a daily basis. It uses artificial intelligence (AI) to automate manual and repetitive tasks otherwise carried out by humans. In today’s world, Robotic Process Automation is the smartest way to manage financial services accurately.
RPA uses software robotics to carry out a series of manual activities that a human would do by mimicking those same human activities, but only more accurately.
How we are helping financial institutions with RPA
Year-end closing is the time when financial institutions look towards cleaning up their balance sheets by taking their bad loans off their loan portfolio. This is normally done for financial prudence and compliance with regulatory authorities.
Normally, a lender is allowed to set-off bad loans against any deposit accounts or proceeds from collaterals. The process of writing-off loans therefore, when carried out one by one, can be quite a laborious and time-consuming activity.
First, the user has to check whether there is any legal case associated with the loan, in which case, it cannot be touched, whether there are any account balances that can be set off against the bad loan, do the accounting vouchers to transfer balances, etc.
Southtech has now introduced Robotic Process Automation (RPA) to overcome this labor-intensive process for its clients. Using this technology, Southtech has helped its clients identify loans that can be written-off against set criteria.
Major benefits derived from Robotic Process Automation
RPA plays a vital role in reducing operating costs for the business. It does not use as much time as normally taken by a human to do the same task. In other words, productivity increases manifolds with the help of such a software.
RPA also contributes hugely towards improving certain audit and compliance standards. The most obvious benefit of RPA is its elimination of repetitive manual tasks. Complex business processes are carried out without errors through RPA software.
Implementing RPA in handling business processes transforms and simplifies your organization overall workflow. In contrast to humans, software is very easy to train and it quickly learns and works according to your needs.
RPA allows for fast scalability of the business and streamlines your decision making process. This software also eliminates the risk of compliance violations. You have full control and everything is managed in line with the existing regulations.
Slowly but surely, the power of robotic automation is taking over enterprises. Organizations are now relying more on error-free and easily scalable technology to run their operations. RPA gives a significant competitive edge against other competitors.
Where is Robotic Process Automation most relevant?
The financial sector (Banks, NBFIs, MFISs) – is one area where the RPA holds the most opportunity to flourish. However, any business that follows a standard set of rules and consists of repeatable error-prone manual processes, are ideal for Robotic Process Automation.
Explore Ascend Financials
During June 2020 year-end closing, Southtech helped clients in adjusting 4,000+ loans against deposit accounts and had written off 3,500+ loans. This saved approximately 1,000 man-hours (about 140 man-days) of the clients’ work.
Moreover, you cannot measure the benefits of using a potentially error-free system to do delicate business calculations. Companies also lose a lot of money every year in compliance violations. With RPA, you do not need to worry about any of those.
When compared to other traditional software solutions, RPA is more cost effective. It is also deployable relatively faster. Robotic automation does not necessarily interfere or disrupt your underlying systems.
With RPA, you will get to see good returns on your investment from the day it is implemented.
Southtech is constantly innovating in introducing faster and easier ways to do business for its clients. With Robotic Process Automation, Southtech hopes to assist financial institutions would be able to save time and money – allowing them to serve their customers better.
Click here to know more about what this leading software company has to offer.