Benefits of Robotic Process Automation in Financial Services

05-15-2018

Robotic process automation (RPA) uses cognitive AI tools — custom software “robots” — to complete a wide range of complex, rules-based business tasks. It is used by forward-thinking companies in a wide range of industries to improve operational efficiency, productivity, cost-effectiveness, customer service and compliance. Robotic process automation in financial services companies can be especially beneficial.

How Robotic Process Automation in Financial Services Companies Enables Better Performance

Having our Buddha Botz handle data ingestion, assessment, categorization, routing and other tasks provides a number of powerful benefits. They include:

  • Cost savings. Software robots can run around the clock if needed, and complete tasks in a fraction of the time required by the most skilled and experienced employee.
  • Error-free work. Guided by rules you have defined, and adhering to them without exception, software robots produce extremely high-quality output.
  • Increased customer satisfaction. Because the work that Buddha Botz produce is delivered promptly and with no errors, omissions or oversights, the perception of your company among customers, prospects and the industry in general is elevated.
  • Virtually unlimited scalability. RPA enables you to handle anything from temporary transaction volume spikes to long-term growth with ease.
  • Powerful integration. Buddha Botz can be connected to any or all of your data repositories and data processing tools. And, they can initiate, or be initiated by, these systems and by one another to produce smooth, streamlined, autonomous processes.
  • Improved compliance. RPA can be used to confirm or enforce compliance with your company’s guidelines, industry regulations or government mandates regarding the management and retention of data.

Implementing Robotic Process Automation in Financial Services Companies

Software robots can have a profound impact on the core business processes of a financial services company. Consequently, you might think that they would be time-consuming and costly to create and implement. On the contrary, after developing an in-depth understanding of your operations and requirements, we are able to build Buddha Botz and incorporate them into your workflows quickly and efficiently.

Then, using an iterative approach to their ongoing evolution, we (or you, with our assistance) can fine-tune or expand their functionality as needed. What used to be 6-9 month (or longer) development projects can now be completed in a matter of weeks, providing tremendous ROI.

To learn more about RPA and cognitive AI tools, or to see a demonstration of the power and flexibility of Buddha Botz, contact us today.

About the Author

Meet ECM expert Charlie Weidman

Charles Weidman is the President and CTO of Buddha Logic. Charlie has over two decades of experience in the design, development and implementation of enterprise content management, business process management and enterprise resource planning solutions. He founded Buddha Logic with the idea that well-architected digital document capture and management processes are both beautifully simple and powerfully logical. Find and connect with Charlie on LinkedIn.