RPA is becoming more and more popular in the financial and banking industry

Recently, a survey released by sson analytics shows that banks are by far the largest RPA users, accounting for 51% of the total market share. This is followed by business process outsourcing, which accounts for only 15%. It has been revealed that about half of the respondents are actively considering RPA, while others are already using the RPA function.

RPA is a technology that uses software robots to handle repetitive digital tasks based on rules. At present, RPA market is expanding rapidly. According to global market research firm technavio, the market will grow by $7.43 billion between 2020 and 2024. The main market driving factors are rising labor costs, explosive data growth era, the process is more and more complex.

Of course, the inherent problems of RPA also make the public think that its agility is not enough. Obviously, RPA is not a complete solution, but one of the technologies that can realize super automation. The combination of process and task mining, machine learning and RPA can make the company run the background independently. Only through continuous improvement and human input to meet the needs of more and more business scenarios, can business personnel and RPA work together efficiently.

At present, the banking, financial services and insurance industries are the main users of RPA. On the one hand, financial companies operate expensive backstage, which requires a lot of repetitive work to complete quickly and accurately; On the other hand, RPA robots are relatively cheap, accurate and need no rest. RPA enables banks to run repetitive processes, such as data entry and customer service, more accurately and effectively without a thorough review of existing systems. This will enable them to reduce costs, turnaround time and human errors while helping employees focus on high value-added activities.

According to the news, RPA has been implemented long before the outbreak, but since the outbreak, the adoption rate has risen sharply. More and more large banks are adopting RPA, such as Citigroup, NatWest and Santander bank. Banks still affected by the epidemic hope to relieve pressure through back office automation.

The common application scenarios of RPA in the field of financial banking can be divided into four categories: financial products, loan processing and confirmation, trade finance, account closure, card management, fund transfer on the day, and customer service; Customer awareness (KYC), customer ID verification, response to customer requirements, data processing and verification; It involves the process of data and verification inspection, financial reconciliation, digitization of structured paper forms, audit and compliance, audit, quality assurance (QA) processing, regulatory monitoring.

According to the observation of China software network, RPA is becoming a race track for giants, such as Microsoft’s acquisition of softotive and IBM’s acquisition of WDG automation. Nowadays, RPA is applied in a wider range of scenarios. For example, Pudong International Talent port cooperates with Daguan data to innovate the application mode of users through intelligent RPA. It can be seen that RPA may show more advantages in the field of Finance and banking.

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