If this pandemic has taught us all one thing, it is that the future is uncertain. And though there may be business disruptions, life and business must continue. This pandemic has also laid bare the unpreparedness of large industries and companies who have invested heavily in Information Technology, but the processes are still
largely manual.

And this has definitely affected customer experience and satisfaction . If we were to conduct a survey today, we would realize that customer experience is negatively affected. The reasons for customer dissatisfaction are mainly delay in response time, inadequate information and non-transparency. If RPA was deeply entrenched in the system, it would have enabled Banks and other financial service institutions to respond quickly and more efficiently to this new normal.

Automation of Banking Processes

There are a few use cases for RPA in Banks. But these have so far been restricted to fraud detection and customer service to name a few. Some of the areas where RPA can provide immediate benefit can be as follows:

These are only a few areas where RPA can be integrated into the Bank’s processes.

Advantages to the Bank

a) The biggest benefit is that the employees can focus on their core competencies and leave mundane, repetitive tasks to the BOTs

b) RPA with a mix of Machine Learning can increase efficiency and accuracy in transactions and data entry

c) Implementation is quick due to availability of storefront like BOTs

d) RPA integrates with existing frameworks and systems and does not require a change in infrastructure

e) Change Management is easy and there are use cases where changes have been done in a matter of days

Mind Block to RPA

Banks are often looked at by governments as vehicles to add stability to the economy. This is also reflected in the large workforce most Banks carry. One of the biggest fears people have is that building a digital workforce will eliminate the need for a physical workforce.

That is not entirely true. The employees will instead be used for their core competencies. Employees will provide oversight, handle exceptions and take judgement calls based on experience. The goal of RPA is to improve operational
efficiency and not eliminate workforce.

So while a few Bank may have deployed chat-bots, the uptake has so far been slow. But now is the time when the banking industry must invest and build a digital workforce. It will not only improve efficiency and accuracy but also strengthen our defenses and readiness for the next disruption.

Watch our on-demand webinar to learn how financial institutions can quickly and easily implement RPA today with Tangentia and Automation Anywhere.

Compliance is a big issue for many companies, especially with the coming of the GDPR, SOX compliance, HIPAA, and more. Whether a company handles sensitive data or needs to meet strict regulations, maintaining compliance is a company-wide effort.

People often ask me whether robotic process automation (RPA) is a compliance-friendly solution. Perhaps they watched too many movies where robots become sentient and overthrow their human masters.

The simple answer is that RPA is one of the most compliance-friendly automation solutions on the market.

RPA: The Compliance Dream

What makes RPA a compliance dream? Robots are programmed to perform specific tasks and nothing else.

Yes, we may one day see the rise of self-taught AI that can teach other AI, but that technology is many years away.

RPA solutions simply don’t go rogue. Their programming doesn’t support these kinds of actions. Instead, they focus on specific tasks. Bots will not share passwords—they won’t send emails in error or download potentially dangerous files. With the majority of bots the data is encrypted at rest as well as in flight so the bot never actually has access to the data they are interacting with.

The reality is that a company’s employees are far more likely to make compliance mistakes. This is why bots are far better to have in your IT infrastructure. Companies looking to build compliance systems should see bots as both a form of efficiency and security.

What Compliance Advantages Does RPA Offer?

A company’s ability to maintain compliance is important for a variety of reasons. While legal fines are unfavorable, a complete erosion of customer trust is even more dangerous for a company.

According to Deloitte, “several aspects of compliance oversight operations can be enhanced through RPA implementation.”

But what advantages does RPA provide beyond eliminating simple human error? Based on my experience, here are a few of the main ones:

RPA Isn’t a Compliance Problem—It’s the Solution

Competitive companies are already embracing RPA for the many advantages it has to offer. It’s clear automation will play a major role in the coming decades as companies look to improve their efficiency and build scalable systems that are aligned for growth.

While compliance is an important topic that companies should think about, RPA shouldn’t be seen as a problem. If anything, it’s the ideal solution to a problem that’s plagued companies for decades.

Where else can you find a repeatable solution that generates the same quality of results every time? From a compliance standpoint, bots are the way to go. As AI and machine learning continue to evolve, their capabilities will only grow.

Companies looking to improve their ability to maintain compliance, as well as their business operations, should see RPA as a logical solution.

Are you interested in learning more about RPA and how it can help your company stay compliant in the digital age? Get in touch with Tangentia, the leader in RPA solutions with local offices in Canada, America and India.

One fact we can’t ignore is that we never know what is waiting for us in the future. If the current COVID-19 pandemic has taught us anything, it has taught us that. Whether it is a pandemic, natural disaster, war or another potential unknown, there is always the possible repercussion of economic uncertainty and a disruption in work routines and productivity within a company.

Fortunately, Robotic Process Automation (RPA) is a technology that can help companies in any industry maintain operational efficiency during difficult times, at the same time improving employee health and safety in the workplace. And with 2020 well under way and turning out far different than anyone expected, it is time for a serious shift in how we use automated technology.

What RPA Can Do

RPA has the capacity to automate many of the repetitive tasks humans typically do using a computer, keyboard and mouse. The driver behind RPA is not to replace humans, but to augment human capabilities to improve efficiency and accuracy. Examples of the types of tasks that can be automated include:

The key here is that companies identify end-to-end business processes that can be automated in part or in full and determine how RPA can be implemented to improve these processes. This includes determining how RPA can help pick up the slack in situations where employees are unable to work.

This is critical even when a company has taken measures to allow people to work from home, because no matter where they do their work, employees can still get sick. In contrast, RPA bots never get sick and are on the job 24/7.

Proper RPA Implementation

It is important to understand that while RPA is highly effective in helping a business automate processes and tasks that would otherwise be tedious for humans, it is not the answer to everything. Not every task can or should be automated, and companies must take a close look at their processes to determine what can be fully automated and what requires a mixture of automation and human interaction.

In addition, it can be easy to view only the short-term results of RPA implementation, without taking the time to understand how it can impact the company over the long-term. For this reason, it is important for a company to launch RPA implementation with the use of a comprehensive strategy that includes the following:

Timing Is Everything

The bottom line is simple. The world of business is increasingly full of uncertainty, yet companies are required to maintain high profits while keeping costs down. This will require the innovative use of technology to automate as many processes as possible, thus cutting costs. RPA is one of the best resources we have to maintain productivity and lower costs during both normal and challenging times.

However, it is critical that companies be proactive. It takes time to adopt and implement an RPA solution, to integrate it with existing systems and processes. Instead of waiting for tough times to rear their ugly head, it is important to capture the true value of RPA now. That way you can go about the implementation the right way, without the pressure of staff shortages and economic instability hanging over you.