Connect with us


Role of RPA in Streamlining Banking, Finance & Accounting Operations



Role of RPA in Streamlining Banking, Finance & Accounting Operations


Emerging technologies have accelerated the adoption of AI and robotic process automation (RPA) in the fintech sector. These technologies offer unparalleled opportunities across multiple banking, finance, and accounting operations.

Entrepreneurs who implement RPA and AI software into their business practices benefit from automated opportunities from financial forecasting, accurate analytics, budgeting, and efficient fraud protection.

Let’s find out in detail the role of RPA in streamlining banking, finance, and accounting operations.

Preparation of Financial Statements

Most businesses keep tracking their finances regularly to observe their revenue and expenses and make adjustments accordingly.

With RPA software, the process of preparing financial statements can be accomplished quickly and without hassle. Therefore, companies that aim to check their performance in real-time can leverage benefits by implementing the RPA process.

Invoice Automation

Invoice processing is a manual task that is time-consuming and sometimes redundant. In this process, the accounting department receives an invoice to cross-check its items with the services received.

This process includes sending the invoices to several other staff members or analyzing a series of spreadsheets. This is where RPA comes into play. By implementing RPA, businesses can automate the entire process.


With RPA, the entire process is automated. Simply put, everything can be done faster with a software bot, from cross-checking the invoices items to sending them to the relevant staff members.

Client Onboarding

When performed manually, client onboarding in banks is a long hour process. It incorporates manual verification of countless documents, the client’s background checks, and financial history.

RPA finance bot can make the process easier by capturing the data from all relevant documents using the optical character recognition technique (OCR) in a fraction of time and generating an automatic report for your compliance manager.

Later, the data automatically enters into the client’s management portal. RPA automation in client onboarding helps avoid manual errors and saves the employees time and effort required in manual processes.

Tax Reporting

When it comes to calculating a business’s taxes payable, one needs to gather the required documents and financial details for evaluation. Such a critical and tedious task may lead to errors and mistakes.

To mitigate such challenges, banking and accounting firms use the RPA process to make it easier to gather your tax data and prepare an accurate tax report based on your documentation.

Processing of Expenses

Carrying out the manual process of expenses evaluation and reimbursements are common challenges in accounting operations. It involves verifying the figures and other details to ensure accuracy before feeding the information into your system, which eventually delays reimbursements.

Integrating automation software in the expenses processes streamlines this entire operation instantly. In addition, an RPA bot can fetch the data from each expense mentioned in the form in real-time without compromising accuracy and reliability.


Credit Card Processing

Credit card application approval is one of the time-consuming processes at banks. It commonly takes an extended period to validate the customer details before approving the credit card.

With the RPA bot, banks can quickly approve/disapprove the application by implementing a rule-based approach.

Loan Processing

Loan processing is a tediously slow process. Although the banks have implemented automation opportunities in their existing operation to a certain extent, RPA further accelerates it and makes it a process of 10-15 minutes.

Financial Planning & Analysis

Forecasting short- and long-term financial strategies for the next financial year can be a daunting task. It involves in-depth research and previous year’s data across all departments to develop projected goals based on these metrics.

An RPA bot can make forecasting easier, accurate, and reliable and enable organizations to make significant business decisions for the company hassle-free by creating budget models automatically.

Further, it allows organizations to visualize an unlimited range of scenarios without the risk of human error.

Anti-Money Laundering (AML) and Know Your Customer (KYC)

Both AML and KYC are significantly data-intensive processes, making them most suited for RPA. From automating the manual processes to detecting suspicious banking transactions, RPA bots are accurate and reliable when it comes to saving time and cost compared to traditional banking solutions.

Mortgage Lending

Mortgage lending is one of the critical services in the banking and financial sector that is highly process-driven and time-consuming.


RPA offers automation opportunities that make the mortgage lending process hassle-free. It includes loan initiation, document processing, verification, financial comparisons, and quality check. As a result, the loan approval process becomes easier and quick, leading to enhanced customer satisfaction.

Frequently Asked Questions (FAQs)

What can RPA do in accounting?

Organizations can enhance productivity, reduce costs, and streamline compliance with robotic process automation. In addition, it allows more time for your team to act proactively and focus on the strategic planning that adds value to your business growth.

Why is RPA important in banking?

The primary goal of implementing RPA in finance and banking operations is to reduce repetitive processes. Simply put, RPA enables banks and financial institutions to boost their productivity by engaging customers in real-time and achieving operational efficiency with the help of software robots.

What are the benefits of using RPA?

Here are the RPA Benefits

  • Boost Productivity Across the departments.
  • Improve Efficiency to Generate Savings.
  • Ensure accuracy, reliability, and consistency in the operations.
  • Enhance business data security.
  • Seize Opportunities for Scale.
  • Produce Data for Important Analytics.
  • Deliver a better customer service experience.

Why should I consider RPA for my business?

RPA is one of the fastest-growing technologies that businesses across the industry are implementing in their operations to boost overall productivity, quality, and efficiency.

In addition, integrating RPA software in your business can accelerate your business operations and optimize speed to market by reducing the overall cost that you invest in expanding your resources and workforce. Hence, RPA is worth consideration to meet your business needs cost-efficiently.

Empower Your Banking and Accounting Operations With RPA

Today, banking and financial institutions have already started leveraging automation opportunities by implementing RPA into their operations.

RPA can accelerate banking and accounting operations accurately and quickly if appropriately implemented. Moreover, it enables organizations to enhance productivity, mitigate the risks of human errors, and ensure an impressive turnaround time.


Source link



MOps leaders as psychologists: The modern mind-readers



MOps leaders as psychologists: The modern mind-readers

This four-part series presents a framework that describes the roles and responsibilities of marketing operations leaders. This part discusses MOps leaders as psychologists, in addition to their roles as modernizers (see part 1) and orchestrators (see part 2).

Exposure to marketing during my early educational journey was limited. With a heavy math/science background, I chose the “easy” path and majored in engineering. I struggled in advanced engineering classes but thrived in electives — communications, business, organizational behavior — which was a sign for my future in marketing.

Because of my engineering background, I was fortunate to get an opportunity to join GE Healthcare through its entry-level leadership development program. There I was exposed to magnetic resonance imaging (MRI). 

MRIs had become go-to diagnostic devices and subsequently were used in neuroscience. I was fascinated by their eventual application in fMRI: Functional MRI. These extensions helped us understand the most consequential medical mystery: how (and why) people do what they do.

fMRI uses the same underlying technology as conventional MRI, but the scanner and a medical contrast agent are used to detect increased blood flow in response to a stimulus in what is commonly referenced as “hot spots.”

fMRI reveals which of the brain’s processes “light up” when a person experiences different sensations, e.g., exposure to different images in common studies. As a result, we now know what parts of the brain are involved in making decisions.

Successful marketing ‘lights up’ customers’ brains

Traditional marketing campaigns and measurement left gaps in understanding how and why people choose to buy. We were dependent on aggregated data. 

With digital channels, we gain first-hand insights into an individual’s response to a stimulus, i.e., content. Here’s where the comparison picks up: 

  • We can observe nearly anything and everything that customers or prospects do digitally.
  • Most customers know that we can track (almost) everything that they do.
  • Because of that knowledge, customers expect contextual, value-based content, forcing marketing to provide more value in exchange for the permission to track.

Our goal as marketers is to make our customers and prospects “light up” with pleasure or satisfaction at each interaction. And, we now have the technology to track it. We are effectively reading minds — just as if it were an fMRI scan.

Here’s an overview of three of the primary psychology “tactics” that every marketer should know: 

  • Priming is the attempt to trigger a subconscious reaction to stimuli that influences our conscious decisions. The most common application is in branding and first click-through impressions. If a customer continues their journey, then the use of aspirational product or service images in content are common priming approaches.
  • Social proof is perhaps the most common example, given the impact of word-of-mouth influence. It is commonly seen in product reviews and ratings. Content marketing often relies on case studies and customer testimonials to hear from “people like us.”
  • Anchoring refers to marketing’s role in pricing and discounting. Most decisions people make are relative to the initial set of information they have received.

Get MarTech! Daily. Free. In your inbox.

MOps leaders manage the mind-reading stack 

MOps leaders are modernizers that now manage the mind-reading martech stack. We then lead the orchestration efforts to analyze the response (the “scan” data) and “prescribe” the next steps of the campaign.

Two catalysts spawned the emergence for martech applications:

  • New channels that delivered stimulus (content) and collected responses: search, social media, retail commerce channels, etc.
  • Tools that organize and manage all of that response data, from foundational CRM platforms to marketing analytics and data enrichment.

These developments led to the new psychological skills that have become essential to the role of MOps leaders. 

Processing and interpreting intent data is an example. ZoomInfo illustrates how B2B marketers are accessing this capability. The company now provides buying signals to marketers based on their customers’ behaviors, in addition to the basic contact information that was the origin of its business. 

Intent data is already in widespread use. Six in 10 companies responding to a recent survey said they had or planned in the next year to implement intent measurement data solutions. 

The top challenges for effective intent data utilization fit squarely in the role/responsibilities of MOps leaders include:


These trends support the conclusion of the first three parts of this series — that MOps leaders should aspire to be: 

  • Psychologists who elicit responses (i.e., “light up” the brains) of customers and prospects and interpret those signals for the business. 
  • Modernizers who adopt the technology that enables the activation of those signals.
  • Orchestrators who are cross-functional project managers and business partners with IT, legal and compliance.

Next time, I’ll complete the framework with a discussion of how the role of MOps leaders includes being a scientist, constantly testing and evaluating marketing efforts with teams of analytics specialists and data scientists. 

Editor’s note: This is the 3rd in a 4-part series. In case you missed them, part 1 (Modernizers) is here and part 2 (Orchestrators) is here.

Opinions expressed in this article are those of the guest author and not necessarily MarTech. Staff authors are listed here.

About The Author

Milt is currently Director of Customer Experience at MSI Data, an industry-leading cloud software company that focuses on the value and productivity that customers can drive from adopting MSI’s service management solutions.

With nearly 30 years of leadership experience, Milt has focused on aligning service, marketing, sales, and IT processes around the customer journey. Milt started his career with GE, and led cross-functional initiatives in field service, software deployment, marketing, and digital transformation.
Following his time at GE, Milt led marketing operations at Connecture and HSA Bank, and he has always enjoyed being labeled one of the early digital marketing technologists. He has a BS in Electrical Engineering from UW Madison, and an MBA from Kellogg School of Management.


In addition to his corporate leadership roles, Milt has been focused on contributing back to the marketing and regional community where he lives. He serves on multiple boards and is also an adjunct instructor for UW-Madison’s Digital Marketing Bootcamp. He also supports strategic clients through his advisory group, Mission MarTech LLC.

Source link

Continue Reading

Subscribe To our Newsletter
We promise not to spam you. Unsubscribe at any time.
Invalid email address