siliconindia | | May 20188he Financial industry is grappling with oceans of data. Adding to its woes are reduced margins due to competition from Fin-techs, increased regulatory costs and attempts to grow customer base. To cope up with the existing challenges, there have been a lot of advancements in automation software technologies to create a new breed of cognitive learning technologies with human-like capabilities such as handwriting recognition, natural language processing and identifying unknown images. One such technol-ogy which when coupled with cogni-tive and NLP, can not only help save money and time for companies that use labor on a large scale for general knowledge processing work, but also enable people to perform high-vol-ume, high transactional process func-tions in a shorter duration. Robotic Process Automation (RPA) is the ap-plication of technology that allows companies to configure software programs, also called as `robots', to capture and interpret existing appli-cations for processing a transaction, manipulating data, triggering various responses and effective communica-tion with other digital systems.RPA is one of the key transforma-tional technology trends impacting financial services firms worldwide. According to Mckinsey 110-140 mil-lion FTE's (Full-Time Equivalent) could be replaced by automation tools and software by 2020. There are a few key factors that will drive RPA. Firstly, majority of banks are trying to achieve full automation in their operations but are still grappling with having one process across the ecosys-tem. Secondly, with countless waves of regulations, they are looking at a cost effective yet compliant process which is profitable. What RPA does, is provide firms with a digital work-force or software robots which are programmed in a rule-based manner, similar to humans, but effective for tasks such as logging into user in-terfaces or processing line items or managing exceptions and many more. The aim of using RPA is to automate repetitive and labor-intensive work-loads in order to increase efficiency while cutting operational costs. For instance, RPA can be applied to wide range of industries like:a. Process automation for back-office tasks in finance, procurement, supply Tin my opinionIS RPA THE GAME CHANGER FOR FINANCIAL INDUSTRY?By Kapil Gupta, Manager, Technology, Sapient Global MarketsMassachusetts based Sapient Global Markets offers organizations with applied services, solutions, technology, strategy, and risk management for the Capital, Energy and Commodities Markets.
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