8 Real World Use Cases for Robotic Process Automation (RPA) in Finance
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8 Real World Use Cases for Robotic Process Automation (RPA) in Finance

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8 Real World Use Cases for Robotic Process Automation (RPA) in Finance
https://www.cigen.com.au
Given the large amount of low complexity and high volume manual processes involved in finance (e.g., producing financial statements, card activation, account opening), CiGen RPA discusses how robotic process automation might serve the industry well.
robotic process automation

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Published by
Published 18 October 2018
Reads 1
Language English

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8 REAL
WORLD
USE CASES
for Robotic Process Automation in Finance |
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robotic process automation in finance?
Given the large amount of low complexity and high volume
manual processes involved in finance (e.g., producing
financial statements, card activation, account opening), RPA
might serve the industry well. $
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global RPA market worth by 2021O
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8 ROBOTIC
PROCESS
AUTOMATION
USE CASES IN
FINANCE
You can learn from here which processes in
the financial industry are best suited for
automation and why. This way, you can equip
yourself with concrete plans towards attaining
your objectives. As a result, your automation
journey will unravel on more solid ground. O
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1. MAINTAIN DATA
CONSISTENCY
Customers’ details are constantly changing - their names, their addresses, or
their credit scores. Software bots can use bank statements as reference
points, extract the relevant data, and update records. O
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2. ACCOUNTING
Anyone who has ever worked in accounting knows that the effects of errors
can be daunting, but also that it’s quasi-impossible to avoid them when you
have to spend neverending hours entering data.

In this case, automation can be seen as a win-win situation, both for the
organisation and for the individual employee.  From invoicing to accounts
receivable, RPA can speed up the process, keep it error-“clean”, and,
consequently, keep customers happy (and hence, more loyal). O
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3. QUICK ACCOUNT
OPENING
Banks need to play it safe and verify thoroughly customers’ details, such as
identity, past credit scores, or their conformity with compliance rules. RPA
can be of great help in the detail validation process by managing any
encountered divergence. The new account is then created automatically by
the software robot, and its details are delivered to the client. O
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4. STREAMLINE CARD
ACTIVATION
Request validation by checking the compliance rules, coordination between
departments in order to keep data consistent, manual data entry, and so on.
These are just some of the operations involved in activating customers’ card
that need to be done under time pressure due to customers’ (legitimate)
requirements for fast results.

Software robots can perform the task in a timely manner, and they simply
don’t make mistakes. O
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5. ENSURE
CONSISTENCY
BETWEEN SYSTEMS
Bank account balances must be fed into treasury systems. Before this can be
done, one must find the language that both systems understand. An important
benefit brought by robotic process automation in finance is that it can format
bank data, such that treasury systems can “make sense of it” in order to
generate reports.