You cannot stay at the same place for a long time if you aim to grow, and it is applicable not only on individuals but also industries. The finance industry that bears the burden of countless expectations of people’s financial lives needs to change for good reason. Like every time, technology has advanced to offer, the finance industry needs to decide how applicable it is for its growth.
Robotics is Here Where Are We
Robotics has changed the parameters of the money world. From enhancing automation to introducing to analysis techniques robotics has many things to offer. At the same time, the finance companies also need to deal with the challenges because transformation is not always easy to accept.
How it improves financial services?
Of course, there are many things to expect from robotics, and it is already doing great on every aspect. With time, the industry can find more ways to get friendlier with this technology and learn more about it.
Higher Efficiency with Robotics Process Automation (RPA)
Robotics work well with automation and performs tasks better than humans. It provides many benefits to the financial service providers and helps them get better day-by-day.
Error-free work – RPA which gives the chance to avoid human errors. Things can be done more efficiently from the essential data entry work to online verification of customer details. It creates a strong database that helps make better decisions.
Speedy process – Gone are the days of lingering and bulky procedures. The varying stages of financial service have reduced to less number of stages and gatekeepers. Look at the FinTech companies how fast they process. Within a few minutes, approval decision occurs on applications, and the customer gets notifies.
Low operational costs – It is one of the most common benefits of robotics backed automation. The companies need not hire many employees due to less need for clerical or manual work. It saves a lot of money for the finance companies, and that money can be used for some more promising and productive work.
Liberal approach with online verification – Because robotics performs work through machines and software, the finance companies can include new beneficiaries. The online verification of financial details can prove the reality of repaying capacities. Perhaps it is the reason that nowadays it is possible to get a loan for single mothers. A woman can show her income proof through salary slips sent online and confirmed from the company.
Sentiment analysis to offer better suggestions to investors
Investment industry works on the prediction skills, and it always seeks new tools and technology that can make the market more predictable for the investors. Robotics helps in catching the sentiments of the investors by tracking their investment history and behaviour. It also helps understand the industry trend, and people can decide better before putting their money in a product.
How sentiment analysis works?
Sentiment analysis used ‘Natural Language Process’ to understand the intentions of the people that they express on varied platforms. It includes social media platforms to investment forums.
The language is divided into three categories 1) positive 2) negative and 3) neutral
By scrutinizing the thoughts expressed by the people, the robots installed in machines find out a collective inclination. An investor can read these conclusions made by the robots and posted on the websites of finance companies. He can sense the market wave by analyzing the experiences of other people who invested their funds.
There are some challenges too
Besides, the rosy image of the robotics in the finance industry, there are severe challenges that the finance companies go through. A change is not easy to accept and implement.
Lack of trained employees – It is always the first thing that comes as a complication in front of the company owners. The companies have to invest a considerable amount of time and money in training their people on the new methods.
Difficult process error detection – Initially, it can be complicated for a financial service provider to understand the errors during a process or daily operations. This can even confuse its customers, especially the prospective ones. For example – a fund seeker wants to find better borrowing other than the monopolistic loans like provident. But unfortunately, the comparison site it visits fails to execute the comparison process. Perhaps the site could not work on this error correctly.
Most common issues in the implementation of robotics
Robotics takes time in getting familiar with an organization and also the latter needs several rehearsals to get accustomed to the robots. Some issues regularly arise until that familiarity happens.
Fails to start a process – It is like a credit card applicant fills the form online to apply for a new credit card and clicks on the ‘submit’ option. But the robot sitting inside the machine fails to submit the form and opens a new one again. Just imagine the stress of the applicant and also it is not suitable for the credit card provider.
Provide password or one-time password – For specific procedures, the websites need to send the password on the mobile of the user to let him log in. But robotics can be a hurdle because it sometimes fails to generate the password and leaves the user in a fix and confusion.
Show comparison results – This is for the sites that offer comparison for the various financial products. A person wants to compare multiple insurance policies, but the website fails to compare the results. Perhaps the robotics was not appropriately implemented.
Download the information – A user may want to download information or package financial services or something like that. But when he clicks on an option to download it, nothing happens. Oops! The tech man inside the system is perhaps distracted and needs to be fixed.
The above information shows the two sides of the coin, and every finance company can obtain its own conclusions. However, the one common conclusive thought can be that it is really not bad to embrace robotics in finance. After all, it is the future technology, and one cannot stay devoid of it for a long time. Yes, we need to find simple ways of implementation and reduce the companies’ anxiety on how they will manage with the new trends. After that, the modern money world can establish new landmarks for good.