Banking Featured Fintech Robotic Process Automation

Robotic Process Automation: Impact on Fintech and a Deep Dive into Top Global Providers

“There is a lot of automation that can happen that isn’t a replacement of humans but of mind-numbing behavior – Stewart Butterfield”.

The moment the term ‘robot’ is used, most people start thinking of a human-like structure, simulating everything a human can do, but in a faster manner. Nonetheless, a little divergent from the actual definition of a robot, robotics in information technology refers to a chatbot, an AI backed software program and lots more such as this.

Read More: GlobalFintechSeries Interview with Mark Morissette, Co-founder and CEO at Foxquilt

Many industries have already started using robots to automate tasks, processes and activities and Fintech is one of this many. Robotic Process automation has disrupted Fintech as more and more start-ups carry the idea of improving and enhancing the customer experience with RPA solutions. As people are getting more digital in their mindset, they want to invest money, obtain loans, transfer payments, make financial decisions as fast as they can. The Fintech firms have been very useful here and with the integration of RPA, they have guided the traditional financial institutions very well in channelizing the funds of the customers as quickly as they could.

Improved customer service, increased productivity, improved accounting process, better investment opportunities are few of the notable benefits of RPA in Fintech. Let us have a look at some of the global Fintech providers, who have RPA by their side.

  1. UiPath

UiPath offers the easiest automation. The software is scalable according to your organization’s needs, can be integrated in your earlier systems and can be customized. It’s vital capabilities offers unmatched support that suits any business. This software can automate data entry of different formats for any kind of encryption. With UiPath by your side, the other systems and staff can work at their full potential as other monotonous tasks are automated. UiPath works with some of the behemoths of financial industry like Heritage Bank, Eurobank, Federal Bank, American Fidelity, Maitland Group and many others.

  1. AutomationEdge

USA based RPA firm, AutomationEdge is creating its footprints in the customer service arena. Where companies are struggling with better customer service, this RPA software can save time by filling in accurate information. This software helps in verification of new accounts, validation of new data, opening & closing accounts and change of customer details. This software helps banks to complete the account closure, which are otherwise done by filling in applications manually.

  1. Kofax RPA

Kofax RPA helps you create a digital workforce with the best robotic process automation features. While every organization is under constant pressure to automate and digitize all the aspects of the organization, there are still many who rely on manual tasks that may be vital for the business. Kofax RPA is the most efficient and the fastest way to acquire, segregate and deliver information virtually from any data source that includes desktop applications, websites, portals and enterprise systems without any need for coding.

  1. Blue Prism

Blue Prism ranks among the top 10 RPA software in the world and it is often used by large and medium sized enterprises. It utilizes artificial intelligence and machine learning to train the bots and make them adept at working on the end consumer behavior, executing instructions, and emulating humans. The major financial clients leveraging the features of Blue Prism are ATB financial, Barclays Bank and others.

  1. Kryon RPA

Kryon is from Israel and it reconciles all the important documents that are supposed to be shared by external agents. The automated transaction reconciliation includes extraction of data from bank statements, comparing data across various accounts, and support synchronization. The prominent issue solved by RPA here is the automation of manual process with reduced mistakes during data manipulations.

  1. Maxatta

Maxatta has turned out to be a boon for financial traders. This software eliminates the use of manual workload and lets the traders focus on processes that cannot be automated. This RPA software pays attention to evaluating and executing trade opportunities by automating trade matching and settlement. Maxatta is a British start-up offering traders with the opportunity to focus on risk management.

  1. Aurorpa

Fraud prevention automation lies in the heart of this US startup Aurorpa. This RPA backed software identifies suspicious behavior of particular accounts to verify if any of these activities are fraudulent. When these frauds are being monitored constantly, the virtual workforce can focus on their core tasks.

Read More: How to Build Modern Customer Service That Matches the Growing Expectations of Banking Customers? 

 

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