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It is believed that many inexperienced people do not know what to do about how RPA has become an important option to solve financial problems. Therefore, this paper summarizes the causes and solutions of the problems. Through this article, I hope you can solve this problem.

At present, the efficiency of financial institutions is facing a new revolution.

Traditional financial institutions involve a large number of repetitive operations every day, such as data call-out, verification and so on. The added value of these jobs is often low, although it is not difficult, but it seriously consumes the company's manpower and material resources.

How to reduce this part of the labor cost has become a difficult problem that many financial companies need to consider and solve, and the emergence of RPA robot process automation may solve the company's pain point. The data show that financial institutions can save up to 75 per cent of costs after deploying RPA technology.

The advantages of RPA in Financial Industry

RPA refers to the technology of using process automation instead of manual operation of computers to complete business in the financial industry. It is essentially a software robot that can be quickly deployed in the company's computers. RPA is widely used in the financial industry, mainly because of the "three improvements" it brings to enterprises.

1. Improve operational efficiency

Financial enterprises usually need to deal with a large number of customer service requests. RPA robot can help employees automatically complete a variety of tasks that need to be completed manually, such as checking order status, entering *, opening history, data update and so on. In addition to saving human resources for financial enterprises, RPA can also ensure the timeliness of information and respond to customer needs in a timely manner, so as to improve the operational efficiency of financial enterprises.

2. the correct rate is improved.

Whether the data is correct or not is directly related to the development of financial enterprises. On the other hand, for the RPA robot that performs tasks based on rules, as long as the design of the automation process is correct, the result of the RPA robot will be 100% correct. This means that financial companies can reduce customer complaints and property losses, while helping financial companies to provide a better customer experience.

3. Customer quality improvement

RPA robot can automatically perform some data-related tasks and can quickly respond to customers' needs, such as account balance query, transfer query, account information change and so on. RPA robots can help employees save time and energy and participate in more brain thinking and judgment work.

Application scenario of Financial RPA

1. Accounts receivable

Anyone with experience in SAP financial software will recognize the daunting tasks involved in reminders and other debtor management business processes, which may require strict definition, but sometimes different steps need to be taken when looking for payments.

Although it was previously difficult to program software to perform these tasks, the advent of machine learning enabled RPA solutions to track and build rules based on how civilian staff handled these day-to-day tasks.

2. Investment management

Robot consultants in the investment advisory market are the best choice. Specialized investment managers may be the choice of many people, but high fees can not meet the needs of all classes to invest.

On the other hand, RPA can provide reliable and safe investment advice for those who are ignored by investment managers through data analysis, so as to meet the investment needs of all classes.

3. Data management

RPA is not only suitable for day-to-day operations, but also can help transform the business. Many financial institutions are grappling with outdated systems that require great efforts, especially in the area of data migration. This may lead to a technological transformation that involves manual input into the old systems they are replacing, which invisibly increases financial and time costs, while using RPA frees up labor costs and allows them to do things that require more intelligence, thereby improving the efficiency of the company.

4. Policy creation

For insurance companies, many new customers need to tailor their policies to their own circumstances. However, most of the new policies can be regarded as "models" and do not require much human expertise. For policies that are appropriate for everyone, RPA can establish best practices and provide them to the right customers with minimal human neglect.

After reading the above, have you mastered how RPA has become an important option for solving financial problems? If you want to learn more skills or want to know more about it, you are welcome to follow the industry information channel, thank you for reading!

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