Robotic Process Automation (RPA) is a type of automation technology that enables humans to use robots to perform repetitive data processes, such as processing transactions, manipulating data, triggering responses, and integrating various disparate data-driven systems. Users can easily teach RPA systems how to perform a task in the application’s user interface, and then the RPA system automates that same task as many times as necessary.
RPA acts as an automated employee that uses a mouse and keyboard to perform data entry and maintenance, file transfer, web scraping, and system conversions in virtually any web, Windows, or legacy application. Unlike a patch or one-off product fix that creates work backlogs and interface issues, the easy-to-use RPA software tool can be scripted to address a wide range of manual tasks.
The benefits abound:
- Eliminates data-entry errors to save time and improve accuracy
- Increases data integrity
- Ensures data goes through the same rules for verification and consistency with the application’s business rules and logic
- Does not require an IT resource to operate
- Provides significant reduction in operational costs if applied across the entire financial enterprise
From highly complex, specialized projects to plain, repetitive, and mundane everyday tasks, RPA technology, such as Foxtrot by EnableSoft, mitigates risks and costs associated with manual processes and ultimately saving banks, credit unions, and other financial institutions, time and money. As operational demands and obligations within the financial services industry continue to increase, institutions can turn to robotic process automation to improve operational efficiency and cut unproductive costs.
The robot can be a force multiplier for financial institutions with positive effects found on time sheets, in customer and employee opportunities and attitudes, and, of course, on an institution's bottom line.