The squeeze on bank profitability due to reduced margins and increased regulatory costs has led to firms investing in robotic process automation, a digital workforce of software robots.
Nick Fry, director and lead post-trade subject matter expert, and Lukasz Hassa, manager, at consultancy Sapient Global Markets discussed in a paper whether RPA is the ultimate solution for enhancing control and reducing costs within operations or just another short-term quick fix. They said many banks still require multiple manual workarounds to maintain controls and quality due to incomplete upstream data feeds, poor quality reference data, multiple golden sources of data, evolving regulation and legacy IT infrastructure that is often tactically updated rather than strategically reviewed. RPA is one solution to these problems.
“These robots follow repetitive, rule-based processes in the same way that a human would for tasks such as logging onto user interfaces, processing items in queues, managing exceptions, and so on,” said Sapient.
The paper gave some benefits of automating operational processes. One of the biggest advantages is that robots will work 24/7, 365 days per year, without a break, sick time or a holiday.
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Original article here
