- Rapid Process Automation is all set to revolutionize the Fintech industry.
- Several companies have already started to adopt it within their operations.
The Fintech industry, known to users previously, is transforming for the ages. This transformation is rapidly progressing due to the involvement of innovative technologies. Rapid Process Automation (RPA) has proven itself to be superior among those innovations.
This new technology might help this sector streamline operations and complete tasks efficiently while reducing costs. Several companies have already integrated RPA into their business to enhance operations.
Role and Use Cases of RPA in Fintech
The world is progressing at a rate that isn’t possible for some people to keep track of. It has mainly occurred due to automation playing a huge role as compared to traditional practices. Using the proficiency of RPA configuration of robots, computer software has never been simpler. The developers of RPA have created a technology that could take human interaction with digital systems to a new level.
Although RPA is not intelligent enough to complete every task without human intervention, few can do it easily. For instance, repetitive tasks that don’t involve human attention are automated seamlessly using RPA. When it comes to the Fintech industry, some of the use cases that RPA showers are mentioned in the points below:
- Customer Service Improvement
For the Fintech sector, RPA is almost like a revolution that can take this domain to unimaginable heights. One of the biggest changes which can be brought upon the financial sector is the availability of 24/7 customer service. A chatbot could be created to answer all queries that customers face regarding anything.
- Productivity Boost
Most employees across the financial sector invest more time in completing repetitive tasks. Those tasks reduce the productivity of Fintech employees who can benefit largely from RPA involvement. RPA will take care of those redundant tasks while employees can concentrate on other aspects of the job.
Real-life Examples of RPA in the Financial Sector
- Stripe
Stripe is one of the leading Fintech companies looking to gain a competitive edge over others in the market. Thus, integrating RPA might be the best opportunity to do so. Its bot can handle transaction reconciliation, customer data validation, fraud detection, and more. This enables Stripe to process millions of transactions significantly more than others.
- Ant Financial
An affiliation of Alibaba Group, Ant Financial, is looking to use the proficiency of RPA to streamline its loan underwriting process. Customer data is gathered and analyzed significantly faster to clear loan application processes.
- Betterment
Betterment, a robotic advisor famous for digital wealth management, can provide users with potential game-changing investment ideas using RPA. Personalization of investment strategies and real-time tracking of portfolios are possible in implementing RPA into its operations.
Conclusion
It is quite evident that Robotic Process Automation (RPA) is on the right path to transforming Fintech industry operations. Its cost-effective solutions and enhanced customer service might improve the Fintech industry. More companies are looking to adopt RPA after recognizing its capabilities.
