Robotic Process Automation in Finance: Examples from CFOs

Because a digital workforce never rests, it can also help in preventing delays. Customer acquisition, document validation, and cash conversion are all processes that involve rote, high-volume tasks and manual data manipulation. The latter especially introduces a high potential for human error, which can result in noncompliance issues. Instead of a costly in-house team, you can hire an outsourced software development company. Outsourcing companies have experienced development teams and meet all the deadlines. To open a bank account, clients have to upload a photo of their driver’s license or ID.

rpa use cases in finance and accounting

You may consider cooperating with software development experts for a comprehensive approach and optimized investment. Banking and financial sector players usually deal with large volumes of common client queries. Addressing these requests quickly can become a challenge for support teams. By applying automation, companies cut turnaround times and optimize their internal workflows. Making purchase orders is a mundane yet indispensable activity that takes a large amount of staff’s time.

Client onboarding:

AI capabilities add value and have stunning effects on business operations. Automatically extract data from different paper documents, PDFs, excel sheets, etc., and stage it on a staging server. Auto-generate regulatory compliance reports from this data for federal reporting by using Intelligent Automation. Navigate to different customer websites to get the payment status for different invoices raised over a period of time. Based on the status, create a report and send it to the collectors to do the needful. Upload the invoice and the supporting documents on the customer portal for which payment status is required after a pre-defined time.

  • Cut down your costs and free up financial resources, so you can reinvest and grow your business.
  • Each hour of developers’ work costs you money, so treat the feature list with all the responsibility.
  • Insurance is another sector where RPA can help in cutting down costs.
  • Improved data management by automating collecting and integrating data from various sources for a more complete and accurate analysis.
  • The reduced waiting period and easy redressal have helped banks in improving their relations with the customer.
  • Software robots can direct invoices to the team member responsible for their approval and set up reminders.

NIX is a team of 3000+ specialists all over the globe delivering software solutions since 1994. We put our expertise and skills at the service of client business to pave their way to the industry leadership. Furthermore, banks can combine automation with artificial intelligence, which allows them to replace even more types of repetitive jobs.

Boost operational efficiency

Automatically compare this data with different company records including excel files and ERP systems by using RPA. Validate this data by using pre-defined business rules and algorithms. Use this data for auto-generating reports for internal and external compliance procedures. Book invoice amount in miscellaneous accounts for one-time customers by using intelligent document processing and tag them as « miscellaneous accounts category ».

rpa use cases in finance and accounting

Furthermore, most processes are decently structured and rule-based so that no exceptions or human interference are required. As was mentioned before, only a few business processes can undergo complete automation. In the financial industry, some tasks can rely on robots to a great extent; others cannot be automated with the available technologies. Let’s have a look into which operation types have the highest potential for RPA implementation. Auto-extract, auto-classify, and auto-validate data from an invoice or utility bill with intelligent document processing. Use human-in-the-loop verification only for checking the exception occurrences or below threshold level confidence level, which are clearly auto-marked for verification.

Real-World Examples of Companies Using RPA in Finance

Cash management is a critical component of the accounts receivable process. Applying the correct payments to the correct accounts and invoices is a complex process that includes numerous opportunities for error. Robotics Process Automation in finance and accounting is swiftly changing day-to-day operations, in some cases, faster than any other technology. This is especially useful since regulatory reporting errors can be costly from a reputational and financial perspective and increased automation can reduce errors. RPA bots produce dependable data because they follow standard procedure and do not skip steps by accident so they reduce compliance issues in automated processes.

rpa use cases in finance and accounting

RPA technology enables companies to automate the process of data extraction and recording in the right sub-ledgers. There are hundreds of invoices, receipts, and documents that you need to account for. RPA in banking helps the employees with closing the yearly and monthly accounts by providing the right information at the right time to the right form.

Key benefits of RPA for the Finance & Accounting Precesses

With the help of the RPA solution this time was reduced to mere seconds. When the software notices suspicious activity, it automatically downloads checks for a predefined period of time. This results in an increased number of solved fraud cases and increases the productivity of investigators. Moreover, this system works rpa in finance and accounting round the clock so that auditors can work on new cases right from the start of a new working day. It’s hard to say the exact pay off term because the RPA price varies according to users’ needs. Still, the amount of money you pay to your employees for performing routine tasks outweighs the cost of development.

AnyRobot uses robotic process automation to unlock human potential in organizations around the world. With robotic process automation, it’s possible to eliminate redundancy, complete processes 20x faster, and maintain top flexibility through fast scaling. RPA at the output must work flawlessly, so Quality Assurance engineers are involved in the development process to achieve such polishness level. They conduct deep testing of the created functionality, identifying malfunctions, bugs, and other flaws that developers could have missed. Further, all errors are packed into bug reports sent to the developers, and on this information, the developers polish the roughness to roll out the bug-free product. However, if the development process costs you $100,000, and you have only two client support employees, it will take almost twelve years to pay off.

What are the Benefits of Robotic Process Automation in Finance?

Take the risk out of managing risk with thoroughly documented audit trails and transaction histories. Software robots excel at collecting and integrating the data needed to streamline compliance and keep auditors and regulators happy. Achieve more with robots that effortlessly work with humans and automate tasks using AI through UI and API. RPA bots gather all key customer information using technologies like optical character recognition to make the client onboarding and KYC process reliable and streamlined. In a survey, 92% of respondents say RPA met or exceeded their expectations in compliance improvements. They also indicated satisfaction with improved quality or accuracy (90%), better productivity (86%), and reduced costs (59%).

rpa use cases in finance and accounting

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