Financial services firms also have numerous occasions where huge volumes of data across systems need to be matched. These could be ideal exploration points for applicability of RPA. The possibility of an intervention like this can be evaluated for any reconciliation across sub-systems, for example, matching fees and commission invoices against accruals.
Assessing the Applicability of RPA in the Financial Services Industry
It is necessary to understand the salient features of the financial services sector before embarking on an RPA initiative. These include:
- High transaction volumes
- Unique IT landscape
- Heightened data security needs
- Stringent regulatory framework
- Cost of error
Any implementation of RPA in the financial services sector therefore, will need to be strategized keeping in mind these additional factors.
The ability to automate manual tasks for improved process and cost efficiencies is driving robotics to gain prominence across industries, and enterprises can only ignore it at their own peril. That said, there are specific issues and areas in the financial services sector that will need to be carefully examined before deployment of robotic processes, to ensure minimal disruptions to business and full compliance with regulatory standards. The only dictum to remember is that if it can be written down as a set of rules, then there is no need for human intervention other than to write the rules!