Applying robotics in the finance sector

October 3, 2018 | Robotics & Automation

robotics application

In the finance sector, there is no end to listing administrative tasks and broadly speaking ‘paperwork’ involved in daily operations. Whether contracts, policies, non-disclosure agreements or clients’ personal files…the sector is flooded with data!

Manual tasks

For years now rather than recording data on paper, industry uses digital systems but fundamentally, there are still multiple points of contacts, with online chats, call centres and less so now, personal face to face meetings that need to be recorded and logged.

Though not on paper, this still creates many hours of repetitive data entries into a system. These are often hours of manual administrative tasks that shifts focus away from customer service.

Competitive advantage

The application of RPA (Robotic Process Automation) offers finance companies a competitive advantage. With the application of this intelligent rule-based automation, companies can not only eliminate the manual burden of administration but improve on the efficiency of their workforce.

There’s a lot of excitement around what introduction of RPA technology can bring to finance departments! Report after report shows the value RPA can deliver, with much of the focus on the ROI of automating processes, RPA’s impact on accelerating the productivity, and how it can enable organisations to better allocate their limited resources.

Greater control

OPX by Corporate Modelling has the distinct advantage over other back-office workforce optimisation solutions as it offers an RPA module, designed specifically to automate high volume transactional processes that can be scoped and managed within one system.

This system gives organisations a greater control over day-to-day business operations. Using rule-based algorithms – if X happens, then Y, robots can assist with the decision-making process, putting forward recommendations that help tasks get completed faster, more accurately and, reducing the level of complaints at the same time.

Greater transparency

With OPX robotics module, planning for which tasks can or should be automated is simplified through a consistent and comprehensive view of all operations. Once implemented, work can be automatically allocated to team members or robots, depending on skills attributed and rules configured within the decision engine.

Additionally, OPX enables operations managers to monitor and control a blended workforce of humans and robots through a single software solution.

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