What Every Business Should Know About Process Automation in Financial Services

Tis the season to… automate financial services.

If there’s an industry that shouldn’t need much persuasion to get on the automation journey, it’s financial services. The main reason being that the main benefit of a fully fleshed out intelligent process automation (IPA) strategy is cost savings, and with estimates in the 50-70% range, the case makes itself.

Financial services institutions include capital markets and banks, of course, but the latter are far more advanced in the automation path than let’s say, insurance companies or mortgage processors. These two in particular can really benefit not only on cost savings but also on cutting down task time, because their processes include endless forms, confirmations, matching information on different sites, etc. all of which can be automated to dramatically cut the amount of time it requires to get approved or file claims. Automation in financial services is also key to reduce mistakes – which in the case of insurance companies are much more serious than simple typos and can lead to fraud.

Process automation is such a broad subject that sometimes it gets tricky trying to figure out whether a process is a good fit to be automated. Here is a checklist you can follow to do a basic self-audit and see if a robot can take over some of your company functions for a human:

  • Is the process rule based?
  • Does the step require any human judgement to be completed?
  • Is there digital data that can support the process automation?
  • Is there a high volume of executions that need to be completed?
  • Is this process a key step in the functioning of the company?

With this checklist in mind, you can see how financial services is a perfect fit for intelligent process automation, as they have big data to spare, some of the most strict rules and policies that are statistics-based and don’t need a human to pass judgement to get a final decision; they have millions of transactions that require billions of steps to be executed, and all of their protocols are forced by compliance, so they must do them in order to keep the company running.

One key component we haven’t yet gone into detail with during this series of process automation across industries, is the fact that IPA and the use of robotics creates another very (maybe the most) important benefit: happier employees. When a job is a monotonous, rule-based, strict, repetitive process, employees quickly lose interest, start making mistakes once they’re over-confident in the steps, and lose morale, which becomes a high turnover rate and costs companies money on recruitment and workforce training. On the other hand, implementing intelligent automation for rule-based processes solves this issue by taking on the mindless, tedious tasks, freeing up employees to do more important work that reasserts their value in the company, and makes them feel better about their contributions. It’s a win-win for both employers and employees.

Now that your checklist is clear, the benefits can’t be better and you’re ready to take the next step in your company’s technology journey, it’s time to find a solution that is right for you and that can help give your company the edge and extra resources it needs to reach that next level of success. At Lagash, we create solutions that are custom-built for your needs, so you know that the end-product is going to deliver on the promise. Taking the leap into intelligent process automation isn’t as hard as it seems, and comes with a plethora of positive improvements that will impact your operations, customer experience, and employee morale. There’s no better time, and no better place – contact us.