Leading up to 2020, transformation and process automation in banking models will materialize. The future of the Australian finance industry will facilitate fintech‘s ability to make its operations customer-centric. Further, the banking domain will need process automation services to be collaborative and meet industry benchmarks.
Innovation in the finance industry is, therefore, to be anticipated and will be technology-oriented, including Cloud technology, Cognitive technology, Robotic Process Automation, Fintech, and Cybersecurity for financial services in Australia.
Why Banks need Robotic Process Automation (RPA)
The do-more-with-less culture cultivated by the economy is pushing most of the sectors to look for ways to increase productivity. This scenario is even real for the banking sector, where banks have to recurrently advance to keep up with the fierce competition and new customer expectations. Also, banks are under enormous pressure to trim down and optimize costs.
Increasing personnel costs, shortage of higher-skilled resources, and the requirements to boost work outputs has generated the need to adopt Robotic Process Automation (RPA). RPA presents the futuristic approach of process automation services that are addressing a set of challenges in the banking industry.
RPA effortlessly implements on the Cloud and enables the Banking Industry
The effortlessness of RPA implementation on Cloud systems turns the technology into a facilitator for a critical feature of the software robots in the form of scalability. Enhanced scalability, communication and sharing functions offered by the Cloud are the significant benefits of RPA for cloud-based applications.
One major issue when it comes to utilizing the Cloud, is its implementation is relatively trickier for domains that are more involved and dependant on their current systems, such as the banks. However, RPA can enable in sidestepping this problem.
How RPA is Transforming Essential Banking Functions & Improving Trust Score
Stakeholder trust is a significant aspect that influences human-automation interaction in multitasking workspaces involving imperfect or partial automation. Process automation can help improve TRUST SCORE by transforming essential banking functions as below.
The banking industry has to deal with the profound volume of data. Manual processing of this data is quite an effort and time-consuming job involving error-prone processes. Also, the inputs of data from the existing software to new set-up models cause delays in banking operations.
RPA enables flawless communication and transmission of information from legacy to new software. It automates tedious and recurring tasks, thereby trimming down the turnaround time in processing requests. As per reports, the Australian finance industry and banking sector have been able to diminish their turnaround time right from days to hours and now even minutes.
Additionally, processing cost has been compacted-up to around 30% to 70%. Many banks in Australia have made headlines for implementing RPA with outcomes like drastic improvement in operational efficiencies. However, early movers such as Australian banking and insurance businesses that hope to stay relevant have to switch to new technologies as they surface.
Enabling Customer Services
Banks deal with numerous queries on an everyday basis, with an array of tasks like providing information, accounting-related inquiries, customer complaints, and so on. If a bank aspires to be a customer-centric service provider, then it is imperative to resolve all these queries or grievances on a real-time basis.
RPA assists in determining the lower and medium priority queries, freeing up the employees to focus on higher priority queries that need human intelligence. Australian banks will shift technologies, analyzing data sets, and facilitate advanced analytics on a real-time basis, to deliver superior customer services.
Facilitating Risk and Compliance Management
Banks have to deal with complicated regulations, deliver on deadlines, spanning KYC, financial risk assessment reports, timely disclosures, and more. With the strict regulatory guidelines, banks are looking at RPA solutions to boost efficiency and diminish compliance costs.
RPA solutions automate the physical and tedious reporting requirements of upcoming and active regulations that consent frequent disclosures. It also facilitates operational agility to scale up or down as per alterations in regulatory expectations. Particularly in the Australian industry, additional compliance regulations may follow on by the technology-forward banking sector.
Hence, effective process automation services can help enhance your TRUST SCORE, which is a measure of your customer contentment. On the other side, the future of the Australian banking industry with acceptance of cloud technology for improving financial services and RPA has an immense potential to enable the new ground-breaking cloud models.