It is no surprise that many banks and microfinancing companies have started implementing robotization in their business routine for the past years. While seeing successful results and productivity increases, many banks and other companies in the financial industry also strive to have this approach in their business. But what exactly does this technology do, and how can it help businesses?
More and more IT specialists and directors are becoming keener on trying this new technology practice – the robotization of business processes. Companies use this process to automate routine tasks. They save time, relieve employees of the need to perform long, repetitive tasks.
The idea behind it is to automate routine business processes that require human intervention. With this implementation, the robot or AI performs a sequence of predefined tasks, preventing any kind of error or mistake throughout the process. Recent researches show that banks can save up to 79% on operational processes while improving productivity and quality. And with the right implementation of the technology, a positive ROI will come in four to six weeks.
From routine operations to complex robotization
In the last couple of years, people have also noticed how simplified and easier it has become to get financial information online rather than visiting banks or other microfinancing companies in person. Even though the pandemic has made us get almost anything without leaving our homes, using the automated processes on various websites has shown how easy it can be to find the required information within seconds. A great example of such advanced technology implementations can be the financial comparing engine FoxyCredit, which allows people to find information about different lenders and compare their loan terms. The automated part of this platform gathers all the required information that one needs focusing on the provided information. With that said, on their website foxycredit.com, software robots understand what’s on the screen: they perform the correct keystrokes, navigate systems, and retrieve data. And you might think it takes ages to gather all that information, but to AI it is a matter of milliseconds. So when we think of finding the lending companies and their loan offers on the FoxyCredit Finland website, we only have to provide the basic information to the software robot, for it to do the rest of the job. It is outstandingly amazing how modern technology can be so fast and accurate and provide precise data within seconds.
According to the latest research from IT experts, the global robotization market grew by 28% in the last two years. And by the end of 2021, it will increase by 20% and will grow at this rate until 2024. The specialists claim that by that time, the automated process will be increased three times three times with the help of software robots than now.
Where can automated robotization lead us in the financial industry?
There are several key factors that are considered as advantages when we think of the upcoming years and the development of modern technologies in robotization.
- Employees can focus on smarter work rather than repetitive routine tasks.
- The possibility of errors will be reduced to a minimum. A person may enter text and digital data incorrectly, while a robot always acts according to the specified instructions and is never mistaken.
- A robot is a digital employee who can handle work that can be done according to instructions. It perfectly performs operations such as clicking on buttons, copying and recognizing text, pasting copied text into other systems and forms, etc.
- Such a system dramatically reduces the time it takes to complete an extensive array of business processes.
We can absolutely confirm that technology is reaching a new level of development with robotization. According to the forecast of many IT experts and scientists, companies will be able to reduce operating expenses by 35% by 2024. According to their research, many companies can improve their business approaches, increase productivity, cut off errors, and decrease processing time, when using the right technology implementations.
