Challenges of RPA in the Banking Sector

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Despite the multitudinous benefits, RPA can bring and its comparatively undisruptive perpetration, espousing this technology isn’t easy. Then are many recreating challenges that financial institutions face when trying to integrate RPA into their operations.

Resistance to change

Anyhow the promised benefits and advantages, new technology can bring to the table, resistance to change remains one of the most common hurdles that companies face. Employees get oriented to their way of doing daily tasks and frequently have a hard time identifying that a new approach is more effective.

That’s why change operation is vital to successful RPA adaption. As soon as it becomes clear that RPA execution is the right thing to do from a business viewpoint, banks need to produce comprehensive change operation programs to help employees shift their thought processes and make working as smooth as possible.

Process standardization

In a nutshell, the more complicated the process is, the harder it becomes to implement RPA. In the RPA execution environment, the process complexity correlates with standardization rather than the number of branches on a decision tree. When it comes to large transnational enterprises, processes that appear to be formalized can have significant differences across different countries or indeed business units in the same country. Thus, RPA adaption frequently calls for enterprise-wide standardization across targeted processes.

Lack of Legal Regulations Governing automation

Along with the undoubtful benefits of introducing invention on a wide scale, enforcing RPA in the banking sector demands some legal conditions and constraints for process automation. Indeed though RPA was developed in the 2000s, it positively started entering the market only after 2015. That’s why the technology is fairly youthful in terms of legal regulations it requires to be enforced — the ones specifically issued by the central banks, the government, and other parties. Those legal regulations are still lacking in a lot of countries.

IT support

While employees are not interested to change because of this mindset, IT departments frequently have too important a weight on their shoulders to support RPA execution. In this current age of digital evolution, bank IT departments are formerly spending considerable assets to overcome challenges associated with cloud migration, system maintenance, and enforcing new ERPs.

While RPA is a much lower resource-demanding than other automation results, the IT department’s purchase remains critical. That’s why banks need directors to get support from the IT department force as early as possible. In many cases, assembling a group of IT employees that will be devoted solely to the RPA execution is important.

At Outworks, we eliminate the challenges faced in the banking sector by providing automation services. We provide the best RPA services. Contact us to know more.




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