Pune, April 2017 /PRNewswire/ - As the name suggests, Robotic Process Automation (RPA) is all about centrally automating business processes by managing them, tracking them, and having them executed by robots in all the departments of an organisation. By adopting RPA, financial institutions can overcome many of their key barriers by achieving operational efficiency, flexibility, and enhanced performance at an enterprise level.

Researchers at MarketsandMarkets have predicted the global Banking, financial Services, and insurance (BFSI) robotic automation market to grow at a CAGR of 75 per cent, reaching a value of USD 835 mn by 2020. The rapidly growing adoption rate of RPA is leading to the BFSI companies focusing more on investing in training and ownership of the automation technologies as compared to that of professional services to automate processes.

Robotic process automation in the banking and financial services extends the creativity and critical-thinking capabilities of human employees and delivers beyond obvious cost savings, superior quality of service, and operational efficiency. Repetitive and low added-value tasks can be performed by robots with greater accuracy and speed, thus freeing up the employees to get involved in other activities that may require real human intervention. RPA technology empowers the non-intrusive integration of the multiple BFSI systems involved in process completion. As a result, processes have become easier, standardised, and improved, thereby enabling the banks and financial institutions to scale and meet the new demands in an efficient manner.