The introduction and gradual rise of robotics make for one of the most significant changes shaping the future of the financial landscape. There is no dearth of eminent financial institutions across the globe that are pushing for the increased use of robotics to automate elaborate processes and abide by stringent regulations as well.
So, the question is how exactly can you expect robotics to wield a meaningful influence in the financial sphere? Why do you think leading organizations like ANZ, AMP, and Westpac are mulling the increased usage of robotics here? We will explore answers in the course of this particular post.
Robotics will bolster compliance efforts
Robotics, it is believed, will help financial firms to comply with regulations in a better fashion. They will now be able to review employee disclosures of personal accounts and automatically scrutinize paper statements and account openings. Other immediate benefits include automation of attestations, disclosures, and faster reconciliation of employee reports as well.
Facilitates a large volume of transactions
Financial firms, at times, have to deal with a high volume of transaction processes that might as well involve customer instructions management across several unrelated systems. Think about the kind of elaborate management requirements of firms– -large-scale payment processing, mortgage origination, policy administration, accounts payable and receivable, and claims processing! Financial robots can actually speed up these processes, paving the way for accurate but way faster process turnaround.
Believe it or not, robotics can facilitate risk management processes as well! Financial institutions involved in risk management can secure significant benefits from robotics. The first and foremost benefit to be secured is the use of robotics to identify and discuss changes in risk exposure and zero in on the causes (both data and business-related) responsible for those changes. Determining credit limits is way easier today and so is to identify breaches of credit limits – thanks to financial robotization. What more? Firms can even prepare faster and more accurate risk reports.
Your go-to financial advisers
Though the world at large is skeptical of robot advisers, we can’t really help but say that banks and financial institutions have been constantly faced with the challenge of providing timely and accurate advice over the years. Robo adviser technology can actually change things in a major way by helping clients to select investment plans as per their pecuniary goals and temperament.
In fact, robotics is hailed as one of those factors that have taken workplace virtualization to new heights by helping them address several areas of process execution in a major way.