Banking on Efficiency with Robotic Automation Software

They can perform any on-screen, rules based work that humans perform. Robots often start with some of the repetitive and mundane work, which can be a relief to staff.

Since Robots only cost a fraction of a human resource, banks are starting to repatriate work that had previously been outsourced to other low cost geographies. This is further supported by the fact that these Robots can operate within virtual desktops and therefore do not require office space, desktop computers or any other human type infrastructure.

Various authors and studies have concluded that robotic process automation is a disruptive advancement in how work is performed. Experience to date and near term projections show that robotic process automation will initially cause some worker displacement, but overall will result in more new job types that are more suitable for humans to perform.

Guarantee of efficient work and consistency

Human errors represent a risk in banking that requires considerable quality control costs or risk provisions to be set aside. Robots simply don’t make human errors. They do exactly what they have been trained to do every time. Robots can also be trained to audit the work of humans, further reducing risk and costs.

Process changes are easily accommodated by retraining the Robot and once one Robot is trained in the new process; all Robots immediately learn the new process. There is no learning curve for Robots, although there is some initial trial activity to ensure the training has been applied correctly.

Automating processes for better service

Robots can perform some percentage of virtually all banking backoffice processing and as their cognitive capabilities and access to artificial intelligence platforms increase they will be able to do more. Banking robotic automation operates at the speed of existing business applications within the operation and can often complete each item straight through as opposed to batching for the next skill set.

Robots work 24/7, without breaks and are never late for work or impacted by storms or other unplanned events. Robots can also be immediately drawn from a pool to manage unexpected workload peaks.

Consolidated, multi-skilled groups are a natural fit for shared services robotics software. One Robot can easily be trained in a broad range of work, requiring multiple skills not always found in one human.

Disaster recovery planning can also be streamlined with Robots. If one site, for example is impacted by a natural event, a full set of Robots can immediately be deployed within a backup site. These backup sites require less human infrastructure because these Robots can be configured to run on virtual desktops within virtual environments.

RPAi helps companies select the technology that best fits their business needs and then helps configure and train their Robot workforce.