RPA and why RPA
Robotic Process Automation (RPA) is an emerging technology widely used in various sectors. It has the potential to automate several processes in the banking and insurance sector as well. RPA is a process that automates tasks traditionally performed by human beings. It doesn’t require any programming knowledge from the user and can be used with any software application. The software scans the screen, identifies required data, and performs the task automatically without human intervention.
RPA in banking
The banking sector has been using RPA for some time to reduce costs, increase productivity, and improve customer service. The RPA system eliminates repetitive tasks employees perform at call centers, such as processing claims or providing information on product features and benefits. This frees up their time to focus on more complex customer interactions. In banking, RPA is also used to automate customer service operations, such as online chat and phone calls. This has helped banks improve their customer service levels and reduce costs by eliminating human interference in these processes.
RPA in IT industries
RPA in IT helps in employee onboarding, due diligence, payroll processing, task tracking to CRM updating. Leveraging RPA in the IT sector benefits in automating highly repetitive tasks and helps reduce costs and time.
RPA in the retail sector
RPA provides the retail industries with solutions such as automatic inventory monitoring, email sales, extraction of critical information from manufacturer websites, etc.
RPA in manufacturing industries
RPA has made manufacturing companies shift their production units to automated software bots. Assembling of products, quality checking, packaging, and back-end processes have obtained up to 40% savings in operational costs via automation.
The Bill Of Materials, with the list of raw materials for new product creation, provides detailed information. Leveraging RPA makes product creation faster and ensures accurate and timely results.
Unlike traditional data migration, implementing RPA provides proper planning and execution of moving data from old to new systems, ensuring cost and time savings. Planning of resources is made more accessible with RPA implementation. Reports such as Managing Inventory, Accounts Payable, Receivable, and others are generated automatically.
RPA in insurance
In insurance, RPA helps with claims processing by automating the end-to-end process from start to finish which helps reduce the time taken for a claim to be processed. Insurance automation with RPA speeds up the form registration process by 40%. RPA with artificially intelligent systems reduces the workload significantly and ensures customer satisfaction. RPA allows risk mitigation via RPA by being able to accurately process data automatically from both internal as well as external sites. This ensures the delivery of work at a faster pace and with 100% accuracy.
RPA in finance
Managing customer accounts, creating various reports, migrating data between accounts, updating loan and mortgage data, etc., are significant applications of RPA in the finance sector. RPA also helps financial services to meet compliance standards. RPA technology is accurate; hence, implementing RPA in financial services significantly reduces risk. Faster RPA cycles enhance finance processes and are highly scalable and rapidly deployable.
RPA in customer care
Customer care executives operate in a data-driven world. Critical data about customers is gathered, and insights are drawn from it. RPA automates the entire process and helps save time and costs by serving customers better and faster. According to the Institute of Robotic Process Automation, adopting RPA reduces operating costs by 25–50%. Operating costs are reduced with RPA implementation by allocating redundant tasks to these software bots. This also helps outsourcers and clients to improve sales. With significantly less human intervention, the workflows are accurate and are performed at a fast pace. Leaving repetitive tasks to be completed by the software bots, a minimum number of the workforce is engaged in the process. This brings more accuracy, avoids additional costs, and saves time.