The Role of Robotic Process Automation (RPA) in Finance Automation

If you’ve been looking for ways to improve your company’s efficiency, you’ve heard of RPA (Robotic Process Automation).

Modern rpa software development and their applications

Already the first RPAs were able to find the data they needed in mail, transfer it to a DBMS, and then export it to spreadsheets and build graphs for reports. But sometimes they took completely wrong lines and produced “amazing” results. The fact is that at that time RPA was limited to superficial analysis of data and their simplest classification. For example, by keywords or field headers. Their work had to be checked.

Today robotic process automation in finance has reached a new level thanks to the use of AI elements, in particular – artificial neural networks. They do an excellent job of classifying objects, searching and sorting data, making it faster and more accurate than people. If before a person checked the operation of a machine, now the situation has become the opposite. AI makes fewer mistakes and corrects the actions of people, leveling the “human factor”.

We often encounter unintentional mistakes when registering new customers with any B2C company. Dozens of fields, many numbers and the usual fatigue – how can a living person not be mistaken here? Meanwhile, this procedure is critical for creating a customer-centric image. it’s improving the quality of service.

Using OCR and cognitive automation, modern RPA can perform these actions many times faster, even on old technology. With the development of the SaaS concept, the problem of resource intensity has disappeared for them. Since all heavy tasks have gone to cloud services. Neural networks run on remote servers and send the result to a lightweight client application. It can be installed on almost any computer.

A simple example of rpa in software development is WorkFusion. It performed business process optimization at Africa’s largest financial institution, Standard Bank. For this, the Everyday AI platform and a new intelligent RPA were used. After their implementation, the average processing time for applications was reduced from 20 days to 5 minutes. A heap of papers and manual verification of all customer data was required, now his passport or driver’s license is enough. The operator only scans it, and the software bots themselves look for matches in the database. It raises a credit history, send requests to other systems of rpa software developer. It fills out a questionnaire and give recommendations to a bank employee.

A very revealing story happened this year with the Canadian division of Chevron. The company increased its drilling volumes, but was not ready to handle the increased number of reports. Every day, thousands of PDFs with tables came from all wells. From there operators copied the data and entered them into a common database. They did not have time to update the information during the day and made mistakes more often, which caused managers to make the wrong decisions.

It was possible to find a way out due to the integration of the new cognitive service Microsoft Form Recognizer. And there is the robotic automation platform UiPath. This tandem was extract data, bring it to a single form and upload it to the server for further analysis. Now it takes only a few minutes from receiving the report to entering its data into the database, and managers see the situation in almost real time.

To sum up

RPA has become one of the most popular AI applications in recent years as it allows companies to automate their workflows even with legacy IT infrastructures.

First of all, the tasks of sorting, searching and primary data analysis are transferred to software bots. This allows organizations to gain greater control at all stages, reduce operating costs, increase productivity and, , their competitiveness.

It may seem that bots are taking away jobs, but this is only at first glance. In fact, they are creating new professions in the IT industry, freeing up people’s time for smarter jobs.

Nathaniel Villa
Nathaniel Villa