Robotic Process Automation in Financial Services
Financial services companies not only have to contend with large amounts of incoming and internally generated data, they also must comply with the rules and regulations around financial transactions. From new customer onboarding to spreadsheet reconciliation, robotic process automation (RPA) can increase the speed and improve the accuracy of a wide range of financial services tasks.
5 Benefits of RPA for Financial Services Companies
RPA can be used to improve the operations of virtually any type of company. What are some of the specific financial services tasks that can automated? Here are just a few:
- Opening of new accounts. When a new customer or corporate client opens an account with your organization, there are many steps you must take — from doing online research to confirm their identity to populating fields in your customer database. Buddha Botz software robots can complete these tasks with exceptional speed and tremendous accuracy.
- Performing closing-related reconciliations. Closing the books on a month, quarter or year can be a labor-intensive, time-consuming process. However, many of the tasks that must be completed can be automated, freeing human workers to focus on more challenging and productive work.
- Improved compliance. When an organization is found to be out of compliance with financial regulations, it is often due to minor errors that add up to major issues. Not only can RPA help prevent many types of errors from occurring, it can be used to detect errors that can then be corrected before they raise a red flag in an audit.
- Account qualification reviews. If your organization has standards that customers, vendors, or others must achieve to maintain their relationship with you, Buddha Botz can be used automatically review those qualifications on a regular basis and report accounts that are no longer meeting the standard.
- Ongoing market intelligence. In order to stay profitable, financial organizations must have a good understanding of the competitive landscape at all times. Software robots can scan the internet and other data sources on a regular basis and notify you of any changes that warrant further review or action.
In short, Buddha Botz can be designed to handle any repetitive digital task. And, once your team becomes familiar with how these software robots are created, you can easily modify them or create new ones, with no IT assistance required.
To learn more about how Buddha Botz software robots can have a positive impact on your operations, schedule a free 60-minute robotic process automation phone consultation. Call us at 303-807-6528 or visit our contact page to book a no-obligation session.