Here's a quick overview of an SS&C-Blue Prism study that shows 49 percent of financial services organizations in India have adopted RPA, as digital transformation accelerates and businesses are equipped to compete on a local, regional, and global scale.
Today’s financial institutions need to deploy sophisticated analytics and data-driven capabilities to increase growth and profitability, lower costs and improve efficiencies, drive digital transformation, and support risk and regulatory compliance priorities — all while supporting and driving business strategy. This has accelerated the need to adopt robotic process automation (RPA) skills accelerate their digital transformation efforts to compete on local, regional and global levels.
Embracing the digital world is a strategic imperative to ride the economic recovery wave and build business resiliency. The pandemic exposed many productivity gaps between companies that adequately invested in digital platforms to continue business operations with a remote workforce, and those who were still reliant on manual processes.
According to an SS&C-Blue Prism’s recent survey report titled “RPA In The APAC Financial Services Sector”, almost half (49 percent) of financial services organisations in India currently use robotic process automation (RPA)[1] solutions and technologies. The survey revealed that COVID-19 has been a strong impetus for organizations from India for the shift, with 21 percent of respondents saying that RPA solutions and technologies were implemented during the pandemic, about double the average rate across all markets included in the report (11 percent).
[box type=”shadow” align=”” class=”” width=””]While there have been rising investments and momentum in digitalization across the region, India’s financial industry still has untapped opportunity in the Intelligent Automation and Robotic Process Automation (RPA) space, highlighting significant potential for growth. Some of the challenges encountered by organizations to implement RPA include security and data privacy concerns (65 percent) and identifying the right processes for RPA (63 percent).[/box]
The report surveyed business leaders from five key markets – Singapore, Malaysia, Australia, Hong Kong, and India. Most of the organisations in India currently leveraging RPA do so in departments such as finance and IT departments – standing at 88 percent and 69 percent respectively.
Unlocking business opportunities with speed and agility
Today’s intelligent and advanced automation solutions enable organisations to respond to operational challenges with great speed and agility, while also breathing new life into legacy systems. Innovation and organisational transformation that were once cost prohibitive is now achievable. Automation of processes also boosts organisational resiliency as these digital workers can handle multiple processes simultaneously, alleviating the human workforce from mundane, time-intensive tasks, and are able to operate round-the-clock.
[box type=”shadow” align=”” class=”” width=””]Almost 83 percent of the organizations agree that cost and time savings are the most significant benefit from adoption, with almost 76 percent seeing RPA as a catalyst for driving digital transformation. Companies are increasingly using automation to operate more efficiently and productively, and as a lever to better manage organisational risk, grow revenue, and transform the customer experience.[/box]
To breathe life into legacy systems and process infrastructure, banks are using advanced RPA. As an upgrade from their traditional counterparts, these sophisticated digital workers act as a scalable counterpart that collaborates with humans daily. Powered with artificial intelligence, cognitive learning and natural language processing, these digital workers can carry out multiple checks simultaneously and complete fields in a loan application automatically. Missing customer information and proactive progress updates are flagged and delivered to human workers, easing their workloads, and freeing up precious time to focus on building human relationships. Furthermore, given the fact that RPA can be improved with the help of artificial intelligence, the potential is limitless.
[author title=”Authored by” image=”http://”]Peter Gartenberg, Managing Director & President, SS&C Blue Prism India[/author]
[1] RPA In The APAC Financial Services Sector focuses on RPA, depicting a general understanding of the traditional RPA landscape. SS&C-Blue Prism’s technology is incorporated in an intelligent automation platform, built on the strengths of RPA with artificial intelligence and machine learning capabilities for organisations to future-proof their digital transformation strategies. Intelligent automation includes competence in knowledge and insight, visual perception, learning, problem solving, collaboration as well as planning and sequencing, which makes traditional RPA even smarter, enhancing what the software robots can achieve for the workforce.
