{"id":13895,"date":"2019-06-20T19:09:35","date_gmt":"2019-06-20T13:39:35","guid":{"rendered":"https:\/\/cigniti.com\/blog\/?p=13895"},"modified":"2022-07-28T20:28:05","modified_gmt":"2022-07-28T14:58:05","slug":"rpa-fintech-application-testing","status":"publish","type":"post","link":"https:\/\/www.cigniti.com\/blog\/rpa-fintech-application-testing\/","title":{"rendered":"Fintech Evolution: RPA in the World of Finance"},"content":{"rendered":"

Fintech, short for Financial Technology, is the innovative use of technology in the design and delivery of financial services and it is transforming the banking world as we know it, says Henri Arslanian, the Chairman of Fintech Association of Hong Kong. Henri names Artificial Intelligence, peer-to-peer lending, big data, blockchain, crowdfunding, digital payments, and robo-advisors as some of the advanced solutions under the Fintech revolution, driving one of the biggest transformations in the financial history.<\/p>\n

The digital transformation of BFSI industry has opened new avenues for non-domain specific players to enter the field. McKinsey<\/a> reported that Tech giants are set to grab up to 40% of the US financial services revenues from the incumbent banks. The likes of Apple, Google, and Amazon are predating over the loyal user bases of existing financial institutions. Having established their credibility and trust among the consumers with high-end tech products, these behemoths are causing a total mutation of the industry. This ongoing transformation will have a revolutionary effect on the entire sector, causing maximum impact on the required human workforce in terms of their personality, backgrounds, and skill sets.<\/p>\n

The Fintech revolution is behind the wheel of this digitally transforming BFSI wagon, with RPA riding as the shotgun.<\/p>\n

In their recent report, Forrester<\/a> predicted the staggering growth of RPA with its market reaching $2.9 Billion by 2020. Even the mere idea of Robots seemed too far-fetched and fantasy-like at a time. To have it actually integrated into our practical lives was absolutely unfathomable. Yet, here we are today, with not only automation, but smart, cognitive automation and intelligent robots overtaking tedious processes and increasing productivity by eliminating the scope for errors.<\/p>\n

Real-life applications of RPA in Finance<\/strong><\/p>\n

As per McKinsey, additional labor productivity from robotic process automation could equal the output of 110 million to 140 million full-time workers by 2025.<\/p>\n

This does not mean that your finance team will be replaced by mechanical, humanoid robots. Instead, RPA is like an invisible automated hand that effectively takes over the labor-intensive financial processes, allowing the human assets a window to breathe and focus on the tasks that require strategic understanding. By doing so, RPA not only enhances productivity, but also saves time and costs. Instead of disrupting the existing processes and wreaking havoc across the sector, the technology simply deploys bots capable of doing the exact same work with much higher efficiency.<\/p>\n

Some of the examples of RPA\u2019s practical applications in the financial processes are:<\/p>\n