Benefits of Business Process Automation Software in the Financial Sector

Trends in the digitization of financial solutions

Since the beginning of the 21st century, we have observed a strong trend of digitalization of financial solutions. Their initial goal was to reproduce paper processes in the digital world in the possibly most faithful way, along with the automation of individual tasks. The current trend is a significant increase in interest in the automation of entire business processes (no longer individual tasks) through the use of IT technologies and tools. This transformation has a positive impact not only on efficiency, but also on the level of control, and thus on reducing the risk associated with specific regulations.

The most important benefits of business process automation

What can financial institutions gain by using automation software and technology?

Operational efficiency

By minimizing the involvement of the human factor in individual process steps, the risk of error decreases, along with the cost of its possible correction. The list of processes that can be automated and then optimized covers almost all areas of financial activity – from entering data, through integration with external databases, to detecting potential fraud or settling payment lists.

Saving costs and resources

By automating some processes, financial institutions can better allocate their resources and focus on building relationships with customers. Additionally, reducing labor costs and the ability to process 24/7 without the need for human intervention directly increases the margin.

Data correctness

As a result of automatic data entry, institutions have greater opportunities to control their compliance with formal market requirements, and thus track changes and audit their operations. This facilitates not only their daily processing, but also cooperation with financial regulatory authorities and other state control bodies.

Best business process automation award

Satisfied customers

Shorter processing time for operations and applications significantly increases customer satisfaction. If we add intelligent processes that personalize customer experiences every day, we will significantly amplify customer loyalization. This will in turn open a way to increasing the margin through upselling or expanding the sales offer of available services.

Scalability and flexibility

The rapidly evolving market requires easily adaptable solutions. Cloud technology comes in aid as it enables automatic scaling of solutions and control over the optimal use of resources at the same time. The implementation of machine learning and artificial intelligence ensures faster adaptation to the changing requirements of both regulators and customers. The addition of native mobile technologies, such as QR readers or geolocation, helps process data faster and better target customers with offers – even before they start looking for them.

Risks and challenges

Despite the obvious benefits of process automation, financial institutions must be aware of the challenges they face. Integrating existing solutions with new technologies can be expensive, so the transformation should be planned step by step, taking into account the necessary integrations. In addition, there are increasing security standards, which are extremely demanding in the financial world, which is why solutions must be checked for cybersecurity.

The key word: optimization

Although the implementation of automated processes requires appropriate preparation, the decision to implement it is quite a simple one, because the optimization can be achieved in almost all areas of activity. All the more so because it is also a way to build future-proof solutions – without implementing them, the risk of losing customers increases every day.

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Julia Sobolewska

Julia Sobolewska

Director of Business Banking Consulting at Comarch

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