RPA 3 possible financial areas you can automate

You all know that the Banking industry is the main area where you can automate many functions. The learners of RPA, if they can do a project, which is on financial domain is good for their career.

According to TechCrunch…Things like processing insurance claims usually require more than just basic facts, and that is a good example of the kind of task that is increasingly now getting treated as yet another form that can be processed more automatically. These are usually customised to the task at hand, so unsurprisingly, UiPath also has a large network of partners, some 150 companies that help sell and implement its services. They include integrators like Accenture, Deloitte and Capgemini.

They typically begin exploring high-volume, low-complexity processes such as travel and expense management, review and payment of incoming vendor invoices, and monitoring of customer credit.  RPA bots, for example, can scan invoices and automatically prepare payments, using logic and rules to validate invoices and routing exceptions to appropriate teams for review and approval.  Leading firms are pushing into new areas with potential for further automation.

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One of the most promising areas for RPA deployment is in compliance functions charged with fulfilling requirements for regulatory initiatives such as:

  1. KYC (Know Your Customer),
  2. Anti-money laundering (AML),
  3. Counterparty risk reporting. 

RPA bots can handle many of the activities associated with account openings, evaluating credit limits, and identification and explanation of changes in risk exposure.  The use cases continue to expand.

Also read: The RPA BluePrism tutorial for beginners

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Author: Srini

Experienced software developer. Skills in Development, Coding, Testing and Debugging. Good Data analytic skills (Data Warehousing and BI). Also skills in Mainframe.