Technologies such as Robotic Process Automation already have a vital impact on compliance, payments, and retail services, among other fundamental banking functions. Banks need employees with the skills to understand how these technologies can be effectively applied, and at the same time, continue to operate according to the strategic plan.
"Digital transformation must be a strategic priority, supported by appropriate funding, talent recruitment, openness to new agile ways of working, and a willingness to take risks."Boston Consulting Group
Innovations have to align with strategic objectives
For the last several decades, banks have been open to the technology innovations that help them streamline business processes, become more productive, and reduce operational costs. However, shaking the existing IT infrastructure is a long and, obviously, expensive process. Not too many technologies can be deployed in a short time and keep a corporate system without significant changes. Here RPA can demonstrate its capabilities fully.
- Digital workers augment processes = RPA gives more time to strategize
At its core, RPA automates manual, repetitive, and structured tasks with software robots. These programmed robots augment regular personnel who hold human strengths, such as critical thinking, communication, collaboration, and creativity. So RPA bots free employees' time for higher-value, more strategic tasks.
According to research by ABBYY, employees want robots to do their most-hated work tasks like data entry, reviewing long records, filing forms, and processing data from documents such as payroll and invoices using OCR.
- Petabytes of data continue to create significant business challenges = RPA can provide better customer experience
Large numbers of data will remain constant in financial services organizations. Moreover, customers continue to demand timely engagement that is stimulated by digital capabilities.
According to a PwC survey, customers expect a fast and informative digital experience from financial services providers. Opening an account or applying for a loan can be done digitally. Robots can process data faster than humans.
- More natural introduction of the digital workers to staff = Easy transition
The IT department no longer maintains the deployment of new technologies. The more common users and supervisors of the digital workforce are teams in specific business units and Centers of Excellence (CoE). They are looking for a self-service model that provides a quick ROI for simple point solutions. Financial services organizations can now easily attain a digital workforce directly from the RPA ecosystem.
A smarter digital workforce will make room for the adoption of new technologies that will drive the creation of new products and services, and therefore elevate staff to higher-value work. It’s crucial for financial institutions to advance their digital transformation journey with a digital workforce.
Employees will perform at levels that will surprise even themselves. Their synergy with programmed robots will boost the development of new products, services. Moreover, even business models will grow in a new, updated direction. The potential, when collaboration is perfected, is barely possible to overstate.
Find out automation opportunities in your company by analyzing your employees' workflows and discovering routine tasks. In People Dashboard you will also see the most used software and if the workloads are spread equally among team members. With Automation Hub you can schedule, launch and stop robots anytime you want.
Programmed robots accurately perform repetitive, rule-based tasks even in night hours, freeing employees from overworks and you from extra spendings. You can elevate ROI by optimizing the workflows and redefining the job positions of your employees. Its intuitive interface allows any employee can create and launch bots without making any changes to the IT system.
These and other capabilities of ElectroNeek are available in a 14-day free trial. To begin, click 'Create Account,' invite your colleagues to an organization and start analyzing data you already have.
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