Top 5 RPA Use Cases in Finance Driving Change

The financial services sector involves a lot of labor-intensive and time-consuming tasks. Its hyper-competitive market environment compels the key business players to look for sustainable ways to provide exceptional customer experience and manage operational costs at the same time. With a shortage of skilled workforce and technical complications, there is room for opportunities to increase productivity and enhance compliance. Implementing RPA in financial services, therefore, becomes the hidden force that continually guides the stakeholders forward along a growth-oriented path.

Owing to the radical shifts in the changing economy, RPA in finance is gaining immense popularity so much that it is orchestrating digital transformation in organizations. Especially for the accounts and finance professionals, it is exponentially multiplying their efficiency. It is supplementing the core teams across business processes like IT operations, HR, legal department, business administration, office management, marketing and sale, etc.

This new digital workforce is designed to perform no-brainer tasks such as clicking, dragging, typing, dropping, and many more. In other words, RPA in finance can efficiently accomplish all the mundane and repetitive tasks of varying subtleties - right from complex to simple workflows. So below mentioned are the top 5 RPA use cases in finance:

. Customer services

Being a people’s-driven business, it is getting increasingly important to stay updated with the compliance regulations. The KYC process is an unnecessarily drawn out one that requires hours and hours combing through internal and external systems to collect incriminating information about the customer. By configuring RPA, companies can automate the process of gathering all the relevant information through OCR. This extracted data is matched with the information on file and a report the presented to the compliance manager so that they can make an informed decision.

. Financial Planning and Management

Planning the future strategies and setting targets is essential to see the current state of things or keep a check on the health of the company. With RPA in finance, figurative bots can efficiently process the historic data, put together financial statements collected from different departments, based on which they create a financial forecast and variance reports.

. Intercompany Reconciliations

Financial services companies have various accounts reconciliation tasks by the end of the reporting period. The records have to be closed for the month to balance the accounts and give an accurate financial statement so as to keep a check and stay ahead of any issues that may arise.

With the implementation of RPA in financial services, the team can easily concentrate on core business tasks such as doing actual analytical work rather than wasting time on number-crunching. The figurative bots can be set up to check different orders and transactional data collected from multiple sources. After matching all the orders, the robot will automatically approve them or notify if there are any discrepancies. They can also streamline the reconciliations process by downloading bank statements and linking them to user accounts, validating transactions, creating journal entries, etc.

. Statement Preparation

Tracking a company’s profit and loss reports on a daily basis is a safe way to keep a check on the financial performance. Creating such reports manually is a time-consuming task, but with the implementation of robotic process automation in finance can make the task simple. Employees can be freed from this task and the figurative bots can generate these reports in almost real-time as well as reduce the risk of inaccuracies.

Operational Finance and Accounting

The financial services firms have a lot of data that has to be keyed in to maintain the records. As obvious, it is a time-consuming yet essential business process. With robotic process automation in place, the management can digitize and modernize processes including formatting data into s treasure system, general ledger updates, updating the treasury systems, sending out reports, and many more.

Ending Note

The new-wave technologies such as robotic process automation have the potential to revolutionize businesses irrespective of the industries they deal in. They make the processes convenient for the employees by making them easier, simpler, and faster. There are numerous RPA use cases in finance, finding one that fits your scenario is ideally the key.

All in all, RPA in financial services drives operational excellence by scaling-up workflows, amplifies employee productivity, brings in greater compliance, maximizes profitability, and adds more value to the organization’s growth. It ushers the companies into a new-age of business efficiency management. So, exploring automation opportunities across the existing work modules is the need of the hour!