By: Madan Upadhyay

The Emergence of RPA and Its Transformation in the Banking Industry

RPA | Cognitive RPA

Times are changing and so our business and banking strategies, we all know that digitization has taken over everything and all the bank desks have been flooded with computers, but this also could not meet the present day requirements and due to this RPA came into existence, robotic process automation just reduced the workload to half.

So what is this Robotic Process Automation (RAP) and what has it changed?

Well, Robotic Process Automation uses software for processing data, managing it and it also communicates with the whole system to work in sync. With its ability to perform tasks with least intervention of the humans it is being called as a software robot.

RPA is the tool which has increased productivity many folds and also reduced the consumption of time.

With the change of era, digitization has impacted the business world and banking world in the most drastic manner, from using calculators and balance sheets to using robot software they have evolved with evolving technology.

All this have been possible because of Robotic Process Automation (RAP) and Artificial Intelligence (AI)-  

Since the customers, today are using mobile and internet banking but this is not enough for them now, They want something more intelligent and they want all the tasks to be performed in a single mobile. This has made it mandatory to use AI.

RPA is having a big impact on cutting the costs which have led to more jobs. It is responsible for creating a better environment for the workers and has destroyed that stressful environment which used to bother the employees plus it has also helped customers to get their work done at a faster pace. RPA is the king of speed and is the master of accuracy. Now there is no need of checks and rechecks as the robot knows it all. It has also freed people from boring tasks and has made them invest their time in more creative works. People who have the business and social skills can now leave their desks and can show their talent in the real world.

An entrepreneur magazine printed that the combination of AI and humans has destroyed financial industry workforce.

There is room for both human and robots and with this combination, it is surely going to give the business a quality boost.

RPA is a powerful tool and it can be known by the fact that EPA testing delivery accelerators are automating up to 90% of solutions and are repeatable across engagements and have reduced cost and saving time. Our technology solutions are enabling clients to get the delivery on time and have saved their time and money to a great extent. RPA has also reduced the risk of Stay on a project and has improved the speed by 20%, RPA has acquired numerous clients through the transition from transactional resource management models to outcome-based, managed service solutions.

RPA experts are creating Server Virtualization solutions that are proven, repeatable and works well with financial industry regulations.

With the high-tech robot support and better work management, it has proved to increase the workplace with 50% and-and is also 30% cost effective. Well, our services ensure you more perfection with the earned experience and can effectively handle your works with the mix of tools, methodology and team structure to escalate productivity.

An article in tech pro essential states that RPA has lead to re-arrangement of employees for works which require talent. While some other claims that with the intervention of RPA the overall production of jobs is reduced.

Well, the most practical thing is that with the intervention of RPA the jobs lost are being balanced by new creative jobs.

Leave a Comment