Instead of spending hours endlessly pressing Control + C, Control + Tab, Control V, your RPA bot can complete the task faster, with 100% accuracy and 24/7.
For retail bank CTOs looking at their slow-moving legacy back-end IT systems and comparing them despairingly to the nimble systems of gen z favourites, Monzo, Starling and N26, RPA offers an exciting opportunity. Oded Karev, vice president of advanced process automation at NICE sums it up: “For big legacy providers that have been buying computers since the 1970s, RPA fits best. It means they can speed up process and automate areas of the business without rebuilding their entire system.”
KPMG research tells us that RPA can cut costs for financial services firms by up to 75%. Processes related to Anti-money laundering (AML) and know your customer (KYC) are both regulation and data-intensive processes. Much of the processing is repetitive, replicable, and routine; characteristics which make them excellent candidates for RPA.
According to Raja Subramanian, at tech services company X changing, bots processing insurance-related tasks can clear more than 30,000 cases a month, reducing processing time from five minutes to less than ten seconds. As humans typically make as many as 10 errors in each 100-step process, automating some of these error-prone tasks, financial service companies can rest easier that they are delivering regulatory compliance. What’s more, people who work with bots love them.
When you read research by NICE that shows that 80% of worker hours are spent on dull and unfulfilling tasks and the survey by online learning platform Udemy, which reports that 43% of workers are bored at work, it’s not a surprise that workers are happy for bots to do the bits of their jobs that they hate.