RPA Paving the way for Better Fintech Foundations

Hridkamal Roy | Friday, 28 February 2020, 10:07 IST

RPA Paving the way for Better Fintech Foundations

The industry of Financial Technology is becoming more and more diverse with every passing day. Moving along with the smart revolution, mobile applications have changed the world of finance not only for the industry itself, but also for all the end users. Robotic Process Automation (RPA) is one of the revolutionary technologies that has the capability to bring about the next phase in the Fintech evolution.  A lot of the Fintech industry’s future depends upon the implementation of RPA processes as automation is taking over a lot of business sectors and Fintech is no exception.

RPA in the world of finance is automating a lot of processes especially for the insurance and the financial services companies. Already, the influence of Fintech has reached the remotest corners of the world with the help of smart phone applications and with RPA getting implemented into systems, it is becoming the next big leap towards customer orientation.

There are innumerable RPA use cases in finance. And the most important fact of all is that for the implementation of RPA, no new systems must be created. Robotic processes can be integrated into the existing systems and websites of a company very easily.

RPA is among those Fintech trends that are getting heavily researched on all around the world. As mentioned earlier, automated processes help in gathering substantial amount of customer data. Being able to function 24*7, the processes can send automated responses and invitations to users and secure useful information about consumer behaviour.

Roboadvising is one of the major implementations that is becoming popular in the RPA sector. Financial advisory and investment management are the most popular functions of the roboadvising industry.  This specific sector under RPA is predicted to grow at a rate of 60 percent every year until 2023 and form an individual market of approximately $4.2 Trillion.

There are however a lot more RPA use cases in finance  other that roboadvisory. It does not only facilitate better customer management, but can also be used in any logic driven processes of an organisation. Mismatches in trade, final reports from management and better know your customer (KYC) actions can be performed using RPA.

With the increasing usage of AI and Chatbots, a company is able to reach out to the pain points of the customer and perform protective actions. Same happens in case of financial processes as RPA enables the processing and analysis of huge amount of company data and perform predictive analytics as what can be the future measures for the welfare of the organisation. The future of the Fintech industry is gaining more and more prosperity as the systems in Robotic Process Automation are getting developed across the globe.

 "In general, it makes sense to start with activities that are more rule-based and more repeatable," is the oipnion of a PwC official. He further added, "But you need to start with understanding of the processes, because doing the wrong things more efficiently doesn't benefit anyone."

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