Robotic process automation (RPA) is a relatively new technology that deploys artificial intelligence and machine learning capabilities to handle high-volume, repeatable tasks that previously required humans to perform. This type of approach is particularly applicable to financial services.
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RPA is a rules-based task automation program. This means the AI can move data from one place to another. However, the program does not so much learn a particular business processes or optimize data, it works according to the rules provided by the developer. RPA is particularly helpful for gathering data on external websites and portals.
As an example, if a mortgage company wanted to collect housing data from a competitor, RPA can be configured to do that. This is helpful for mortgage loan processing because it reduces the time spent inputting data therefore reducing errors.
According to a review undertaken by Asheesh Mehra, CEO of AntWorks, the RPA approach can assist with:
Finding repeatable, simple tasks or processes that are not complex and which can take up a lot of employees time. For example, entering and verifying data.
Identifying a process and technology that is not likely to change over time. For example, the collection of data points for each loan application that needs to be inputted could be automated.
Processes that require minimal human intervention are also important. Here an automation solution can run a process 24/7 without interruption.
Automating a process with specific steps and tasks that are consistent across an organization.
Mehra explains that while RPA has advantages, it needs to be integrated with an intelligent, integrated automation platform, customized for a specific industry and tuned into the way that a specific organisation works.
