RPA Can Drive Fintech Growth … Will the Industry Take Advantage of It?

Research shows that the use of robotic process automation (RPA) allows companies to cut costs and deliver a better service. However, the fintech industry needs to face up to issues that limit its most effective use.

RPA is the use of software to automate repetitive and rule-based tasks using cross-application programs, also called “robots.” It is used for more than cost savings, as there are several types of tasks in which robots outperform humans; properly programmed robots don’t get tired or make mistakes. That is why robots are particularly useful in highly diligent and time-critical tasks. 

However, despite its advantages — and a pay-back time that Digital Workforce estimates as three to nine months — companies are struggling with realizing the full potential of RPA. A particular challenge arises from the traditional separation of IT and business departments, which are both critical in implementing complex automated solutions.

However, for fintechs, which are inherently more focused on technology-driven business, the problem arises elsewhere. According to Marius Galdikas, CEO of ConnectPay, an online banking service provider for internet-based companies, many fintechs are still placing growth as their top priority. Thus RPA gets the back seat. “As the company matures and starts to look at how to optimize its day-to-day, only then RPA becomes the center of attention. Yet the late implementation might make the company lose its competitive edge before it even reaches that stage,” he says. 

A study by Deloitte (www2.deloitte.com/content/dam/Deloitte/us/Documents/process-and-operations/us-cons-global-rpa-survey.pdf) suggests that many companies require a deeper shift in mindset for the change to be more effective: RPA should be a company-wide endeavor, not one that just involves its functional units. It also stresses the advantages, especially in freeing up the valuable human workforce to work on more fulfilling and productive tasks. 

“Creativity and motivation are key drivers in fintechs, so it is essential to ensure that work done by employees is valuable and creative,” Galdikas notes. “RPA supports this idea by alleviating the burden of repetitive tasks, allowing to direct more attention towards long-term strategy.”