Financial institutions

Financial Institutions Should Introduce Automation – Just Make Sure It’s the Right Kind

In recent years, the intersection of finance and technology has grown, helping to expand markets and drive innovation. While this presents a tremendous opportunity to automate businesses and streamline processes, unfortunately, far too many financial institutions, accounting departments and other finance professionals still spend time on manual, monotonous tasks and delay their ability to progress and develop.

Finance has long involved a variety of tedious tasks – from manual data entry to laborious analysis – but this work leads employees to burnout. A recent study by Benenden Health found that nearly two-thirds of managers in the finance industry suffer from burnout and a quarter consider quitting their job as a result. However, thanks to technology, financial institutions are eliminating these mundane tasks and driving their businesses to growth and success.

Automation in particular has incredible potential to help employees and organizations thrive. According to a study by SmartSheet, it’s estimated that workers would save six or more hours a week – almost a full working day – if the repetitive aspects of their jobs were automated. This extra time would allow employees to not only focus on deeper or more focused tasks, but also maintain a more positive headspace and maintain a healthier work/life balance, ultimately combating burnout.

Why Gen1 RPA Shouldn’t Be Your Number One Choice

Many companies have pursued the promise of RPA using Gen1 solutions, but they often tend to fall short of their anticipated potential. This is due to limitations imposed on customers by RPA vendors that require an expensive and complex combination of proprietary tools, upfront license-based pricing, high infrastructure costs, and outdated development and deployment experiences.

These limitations end up creating broken bots that leave users frustrated, pricing models that make companies pay too much and use too little, and it promotes a buy-not-build approach to bots that results in automation that does not meet the needs of the buyer.

Additionally, it has become increasingly clear how much harder it is to scale Gen1 RPA and use it properly. A recent Forrester study suggests that only 52% of companies that launched RPA initiatives outgrew their top 10 bots. Additionally, only 15% of organizations are extremely confident in their open source RPA management practices; the majority worry about keeping everything up-to-date, secure, and well-maintained (TideLift).

Bringing Affordable and Easy Automation to Finance: The Rise of Gen2

If banks, accounting departments, and others in the financial industry want to combat burnout using technology, Gen2 RPA is the way to go. Gen2 RPA is a better, faster, and more cost-effective automation solution than its predecessors for several reasons, including advances in parallel processing, the ability to quickly identify issues, the use of a programmatic approach to address system limitations, and automation based on the user interface and the use of the cloud.

With these advancements, teams are able to easily build bots that can interact with all levels of the application stack, reducing bot fragility and the time it takes to complete a task. They can also scale bots as needed, avoid upfront licensing fees, and only pay for the bots they actually use.

Additionally, Gen2 RPA enables large enterprises to build durable bots that can be scaled across the organization over time and gives small and medium-sized businesses the ability to start using automation, which n was not always possible with Gen1 RPA.

As the intersection of technology and finance continues to grow and the use of automation becomes more popular, moving from Gen1 RPA to Gen2 RPA is essential. Gen2 creates an elevated experience for consumers with smoother, more accessible and understandable features. Finance professionals are much more likely to fight burnout and introduce opportunities for innovation and growth with Gen2 RPA – changing not just the lives of employees, but the entire world of finance.