Robot Processing Automation (RPA) is being adopted by more and more companies including banks.
The concept of robots moving around like humans cannot be further than what RPA really is.
The software effectively replicates the work that people do, accessing different information, off different systems, analysing and processing them, then ultimately used for reports or any other needs. It can be used for very complex but repetitive work and the sort of work that is needed from time to time when people have to suddenly spend a lot of time in putting information together. It is also great for consistent , repetitive and continuous processing of information and data. The advantages of RPA is that unlike workers, it can operate 24/7. It is more accurate than humans and once set up can both save costs but also allow staff to do more interesting work. Everis are partnering with market leaders including Blue Prism, UiPath and others.
It's adoption is often in the back office areas of companies potentially saving between 30-60%.
The technology is 100% auditable and has a high reporting capacity utilising controls and analytics.
It is also being developed alongside AI approaches to add even more value.
The other upside of the technology is that it can support better and immediate customer experiences where it is deployed effectively.
Everis are currently involved in many projects around RPA within its Digital Practice
In 2016, BNY Mellon become an early adopter of robotic process automation (RPA), resulting in greater accuracy and efficiency, risk reduction, quicker turnarounds and cost savings. Doug Shulman, Senior Executive Vice President and Global Head of Client Service Delivery explained in an interview with American Banker magazine why the organization took the leap. “If you think about smart automation, robotics is a piece, workflow is a piece, and we’re combining smart forms, optical character recognition, workflow and robotics to get momentum around automating tasks.”