Is RPA a Boon to Financial Planners?

Capital Markets CIO Outlook | Wednesday, March 04, 2020

RPA can offload the pressure on the shoulders of the financial planners by tending to the redundant tasks.

FREMONT, CA: One of the fundamental purposes of financial planning is to obtain elucidated insights into a firm’s future financial performance. Efficient financial planning includes building a strong collaborative partnership with firms that are involved in the business. This can be achieved by spending time learning from and engaging with the businesses. However, it’s not uncommon to see financial planning getting overwhelmed with manual, repetitive tasks such as moving files, data entry, copying and pasting within and between applications, logging into and collecting data from multiple systems. Alternatively, automation of such redundant tasks would enable the financial planning teams to spend their time far more productively. Fortunately, Robotic Process Automation (RPA) can serve the automation need of financial planners. 

With an affordable initial investment and without the need for any special hardware, RPA is gaining traction in the financial world. Here are the major advantages of having an RPA system in financial planning.   

Extremely Scalable

RPA doesn’t need any additional resources to handle growing data volumes. This feature enhances RPA’s efficiency and offsets expenses for the firms, as they don’t need to add resources despite the exponential growth in data. The automation of labor-intensive tasks limits the need for human requirements.

Increased Accuracy

While manual tasks are prone to errors, RPA accounts for low error rates. For instance, the errors associated with data re-entry and re-keying are completely eliminated. Thus, financial planners can achieve better operational efficiencies with the aid of RPA.

Faster Returns

Unlike major software incorporations, RPA installation is affordable and results in almost immediate returns. For instance, the immediate transfer of redundant tasks to automated software solution results in freeing up human resources for more valuable tasks.

Financial planners are eyeing RPA to eliminate redundancy in operations so that they can dedicate their time to value-intensive projects.

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