Businesses in the digital era are reaping the benefits of robotic process automation. With around 80% of finance leaders implementing or planning to implement RPA and more than 90% of C-level executives reporting some level of intelligent automation already exists within their organizations, adopting new digital technologies plays a massive role in strengthening and transforming companies around the world. However, RPA implementation remains a challenging feat. 

From our experience, over the past year, there has been intensifying interest in robotics and the application of cognitive and artificial intelligence technologies. Connections Consult team of RPA specialists has consolidated the top 5 most commonly asked questions while researching RPA and RPA implementation: 

1. What does RPA stand for in technology?

RPA is an acronym that stands for “Robotic Process Automation.” It represents a software solution that does not involve physical hardware. In other words, bots can execute repetitive tasks that a human does on multiple systems and platforms. Actually, RPA takes over many of the responsibilities employees dislike most. Adopting RPA to reduce monotonous tasks can precipitate a happier and more productive workforce. 

2. Why automate business processes and free humans? Doesn’t that lead to job losses?

Maybe you’re thinking: ”Sure, automating processes is good for businesses, but what about the people doing the work? They may not like the mindless and repetitive parts of their jobs, but they don’t want a robot to replace them.” Contrary to popular belief, RPA creates new possibilities and opportunities instead of eliminating jobs. For workers and employers.

3. What’s the difference between RPA and macros and scripting?

While some features are similarly shared by macros and RPA, others are unique to Robotic Process Automation. According to UiPath, a macro is a short code sequence that automatically expands into a set of instructions to perform a single task. Unlike a macro, a robot can act autonomously to use and orchestrate any application, from mainframe and legacy applications to closed third-party APIs.

Macros have limited scope to what they can automate because it is difficult to link them with products outside the Microsoft Office suite. When working with non-Office programs, we often face problems that cannot be dealt with by macros alone. However, because RPA can be integrated with other applications, it’s suitable for automating more tasks within a single workflow.

4. Do you need help implementing and maintaining RPA?

RPA can be a challenge for some businesses. It requires a significant change to the way your business operates. RPA installation itself can be straightforward and not dependent on your other existing systems or have demanding infrastructure requirements.  RPA comes in several forms ranging from a quick record-and-play bot to a complex algorithm with multiple branches of scenarios covering several permutations of cases. In the current, constantly changing business environment, businesses need to constantly adapt their processes and products to stay on top of the competition. 

To successfully harness the benefits of RPA implementation, there must be process improvements, internal controls, etc. RPA performs best with a good operating model.

5. Can RPA be accessed by outsourcing?

Your business can still reap the benefits of RPA technology even if you are not prepared to invest in an in-house digital transformation process. Collaborating with an outsourcing RPA company, you’ll have access to RPA software to help convert financial processes from manual to automated procedures.

Today’s market is rapidly evolving, and automation is one of the most influential factors considering its applicability in a wide range of sectors, functions, and processes. But even though the technology is now woven into the fabric of work, there’s a tremendous opportunity to automate routine and repetitive tasks. This is what Robotic Process Automation concept relies on – automating repetitive, rule-based, labor-intensive processes, reducing the dependency on manual labor, and increasing business efficiency and accuracy. The RPA bots implementation has tremendous potential to eliminate drudgery—in data entry, billing, order management, HR onboarding, and endless other areas.

Of course, there is no surprise that RPA technology is also evolving daily with added features and functionalities. Gartner reported that RPA software is the fastest-growing global enterprise software market segment. RPA is expected to eclipse cloud, IoT, and blockchain, receiving the most significant investment focus for enterprise buyers looking to achieve operational effectiveness. 

How do you choose the right RPA platform for your business needs? Our Robotic Process Automation implementation experts from Connections Consult, an innovative European group of companies with more than 17 years of experience, provide the necessary guidelines for choosing the right RPA tool.

Architecture

A well-designed RPA tool has huge implications for any company. The architecture of the Robotic Automation tool depends on where you want to employ this technology and how well it can be adapted for performing various tasks. Depending on the purpose of your tool, before choosing an appropriate RPA tool, you should make sure you have the right skills and expertise to use it, as well as knowledge regarding where it should not be used.

Most RPA tools rely on a layered design for better deployment and maintenance, which is another important factor to keep in mind while selecting the right RPA tool.

Ease of RPA implementation

One of the best features of Robotic Process Automation technology is its ease of implementation, non-invasiveness, and compatibility with existing legacy systems. Business users should be able to point and click the applications they normally use while a recorder notes the actions. Remember you want to improve the speed and efficiency of your business processes, which is why you are looking to deploy an RPA tool. Fortunately, 70% of organizations say that RPA releases employees from mundane tasks, help them focus on more strategic and creative tasks, and increases efficiency by 80%. 

Exception handling

Categorical machine learning models typically estimate the probabilities of the possible results. A robust Robotic Automation tool that is well-designed and will detect errors during automation more quickly than manual detection. In some cases, errors require human attention and must be directed toward experts. An efficient exception-handling capability ensures that workplace automation operates smoothly and seamlessly.

RPA integration with enterprise applications

A bot isn’t good for your company if it can’t get information out of your enterprise applications. That’s usually easier than parsing PDFs, but you need drivers, plug-ins, and credentials for all your databases, accounting systems, HR systems, and other enterprise applications. 

Connections Consult is an official UiPath partner company that trains software robots using RPA technology on the UiPath platform. We blend Software Development and Process Automation to leverage the original trifecta – People, Process, and Technology to the triple-A one: Automation, Artificial Intelligence, and Analytics. We design, architect, integrate, and deliver digital business solutions for various industries. We use rapid prototyping and design thinking to deliver innovative solutions. 

Support 

It’s always good to choose reliable providers and ensure that you are provided with a good support system. Different RPA vendors offer different kinds of support. You will want to check if the vendor provides part-time, contractual, or a dedicated round-the-clock support team and what kind of training or certification is required related to the functioning of the RPA tool. Best practices ensure strong maintenance procedures, so you must ensure access to these too.

Remember that each RPA tool has a specific purpose and doesn’t follow the size fit approach. Each tool has a specific purpose, and to evaluate the full potential of an RPA tool, you will need to prioritize one or more criteria over the others and choose the one which closely matches your requirements. If you are looking to gain further insights, schedule a meeting with one of our experts, and find the RPA solution for your needs.

As numerous businesses, banking is to change in the coming decade. After all, financial services is a fast-moving industry, and it implemented significant various technological advances like mobile banking apps that have significantly streamlined your customers’ experience. As customer preferences change, new technologies are currently evolving and new competition is out every day, the traditional person-to-person business model is morphing toward a digital and technology-based banking process. 

To remain competitive in the modern business environment, banks everywhere need to reassess their processes and ensure that the entire system works like a well-oiled machine. Becoming more efficient is an important strategic objective for banks in order to address the market challenges and include lean tools such as robotics and process automation. 

In our experience, many of Connection sConsult’s clients have achieved significant and successful efficiency improvements in the banking operating process following these 5 strategies. 

Process Analysis & Optimization

Banks have embraced IT services, therefore, there is an increased sophistication of front and back-office banking operations. Banking Process Management – BPM – has garnered the interest of the banking and financial industry over the past decade.

When it comes to prioritizing process analysis and optimization, one challenge is that most core banking processes are cross-functional, and each team member manages their singular nice. No one is managing the entire banking process. ​​Automating banking and financial services are now key business requirements in order to achieve clarity on your strategic direction, alignment with the organization’s resources, and increased discipline in daily operations. 

This may seem a bit overwhelming, especially when your business is only beginning its digital transformation. Keep in mind that you can always consider turning to a consulting company service that offers a variety of services regarding automation implementation.

Increase Team Efficiency 

Productivity and efficiency go hand in hand in many industries and the banking segment is no exception. Unfortunately,  83% of working professionals say their organizations have two or more redundant applications for the same function. Therefore, being busy does not always mean being productive. How can you get rid of the routine and repetitive work that’s still important, but isn’t where your employees really accomplish something meaningful?

Automation tools are one popular and best-rated solution to help improve staff productivity. Robotic Process Automation (RPA), to be exact, enables banks to handle more transactions and greater volumes of activity with the same number of personnel. RPA robots can mimic virtually any actions that human users perform. However, productivity improvement is not dependent on technology alone. Some of the foremost significant opportunities involve using established performance management techniques, such as clearly defined expectations and scorecards, improved motivation and rewards systems, and better training and supervision. 

Channel Optimization 

Through channel optimization, every organization assesses the various ways customers interact with a bank in order to create a cost-effective combination that is adapted to each bank’s specific customer base. To achieve this goal, banks need to adopt other channels like Internet Banking, Mobile Banking, Kiosks, Customer Service Points, etc, to attract the present generation and to provide enhanced service to the existing clients. Keep in mind that channel optimization should not be about branches alone, but working to enhance banking processes via better operating hours and technical knowledge, as well as their chat, text, and social media capabilities.

Eliminate Manual Tasks & Redundant Data

Eighty-two per cent of banks and credit unions are still using manual processes that are undeniably too slow for the modern market. Start by eliminating manual tasks and redundant data with automated workflows. This will drastically increase employee productivity and efficiency while reducing the number of errors. We mentioned technology and banking process automation several times already, but because of its broad, enterprisewide impact, the use of technology and automation also merit individual attention as part of the overall efficiency improvement effort.

Business process automation may be implemented in many banking branches such as digitizing account opening for checking accounts, savings accounts, or loan applications, but also internal communication among different departments. Automated workflow processing gives managers greater visibility into the activities being performed and plays an important role in a bank’s channel optimization efforts.

Digital Onboarding process

Proper onboarding of customers is essential to establish trust and create an opportune moment for cross-selling.  More than half of consumers fail to finish their onboarding process for a number of reasons. The ever-changing regulations, multiple touchpoints, and extensive paperwork add to their perplexity. Using digital IDs and completely digitizing the onboarding process makes it much easier and more cost-effective for financial service providers to approach underserved customers, centralize documentation and offer a hassle-free onboarding experience.

To conclude, looking beyond these 5 ways to implement an overall digital transformation for your banking process, one most important take-out is to recognize the value of automating your business process in the banking industry. If you are looking for further operational efficiencies in banking, Connections Consult might be the perfect solution for you. We blend Software Development and Process Automation to leverage the original trifecta – People, Process, Technology to the triple-A one: Automation, Artificial Intelligence and Analytics. Schedule a meeting with us, and let’s improve efficiency in the workplace together.