Posted on Oct 12, 2020
Robotic Process Automation (RPA) in Finance
Robotic process automation (RPA) is a form of business process automation based on software robots and artificial intelligence. Software bots use automation to perform repetitive tasks and processes. Bots can replicate what humans can do without getting tired or bored. RPA platform is used to create, monitor, manage, reuse and secure bots and their activities. Automating various complex processes can help companies in the finance sector by -
- speeding up compliance part
- reducing costs and compliancebacklogs
- increasing operational efficiency
- eliminating manual errors
- automating unstructured data from emails, documents, and forms
- allowing employees to focus on higher value tasks
RPA use cases in finance
- Bots combined with other AI technologies such as optical character recognition (OCR) can help finance companies such as insurance or mortgage processors to capture text from paper documents (such as forms, loan applications, invoices etc.). Also, machine learning can help to figure out fields in the documents to match fields in a software application. Thus, it can reduce time and costs to collect and process the information.
- RPA bots can scan through agreements and purchase orders and use natural language processing to extract key information such as discounts, rebates and penalty clauses. The bots can then compare this information with predefined rules and policies to identify the gaps and highlight discrepancies.
- Data verification is a very important area in finance sector and RPA bots find their application there too. They can reduce the task of matching the submitted data by the customers with the actual data available with the finance company from authentic sources.
- RPA can help finance businesses build and automate credit scoring and fraud detection. The financial institutions can create RPA bots with the platform that can gather customer information from several databases or comb through transaction data to identify suspicious activity. The system can provide detailed reports of the findings with all the data collected in one place.
- RPA can reduce efforts taken by finance experts by automating profit and loss reporting, cash-flow reporting, balance sheet related reporting and account reconciliation.
Aress has developed a few ready-to-deploy AI models and solutions. These AI powered solutions are highly customizable to address business specific needs. They make use of OCR, NLP techniques, TensorFlow framework along with Keras libraries and could be leveraged to improve business wide process automation and make products, services better.
Would you want to explore how processes from the above list or other similar processes could be automated to realise some of the benefits stated above? I am available at firstname.lastname@example.org. Please feel free to get in touch with me for your questions and requirements.