In today’s rapidly evolving business landscape, organizations are constantly seeking innovative solutions to stay competitive and achieve sustainable growth. Robotic Process Automation (RPA) has emerged as a game-changing technology that can help businesses overcome challenges and drive success. By automating repetitive, rule-based tasks, RPA liberates employees from mundane activities and empowers them to focus on more value-added activities. The market size of the RPA market in 2022 was valued at USD 10.01 billion, which is expected to reach USD 50.50 billion by 2030.
Statistics shows that RPA integration improves financial data accuracy by up to 95% and overall expenditure of companies is reduced by up to 80%. Moreover, RPA solutions contribute to saving 50% of the employees’ time. Leveraging the RPA tool, over 75% of error occurrences can be eliminated. Although RPA solutions are becoming increasingly important to the companies, it has brought a revolutionary benefit to finatech and healthcare sectors.
Robotic Process Automation Services In Fintech Industry
In today’s competitive age, financial firms and fintech companies are opting for integrating RPA in their existing systems to enhance customer experience in handling investments, insurance, payments, through different applications. Integrating RPA in various operations in a fintech company can help you reap multiple benefits. These benefits include:
- Raised Productivity: As the BFSI industry complies highly with rules and regulations, the integrated RPA tool helps increase productivity, efficiency, and superior business outcomes. Reports have suggested that RPA integration in the financial firm saves costs by 10%-25%. RPA integrated into fintech companies raises operational effectiveness and spends less time on mundane and time-consuming tasks.
- Real-Time Reports Generation: RPA tools automatically generate reports consisting of precisely the required information, It eliminates blunders like data redundancy, data duplication, miscalculations,and other manual manual errors , which helps saving time and costs.
- Easy Customer onboarding: Integrating RPA tool facilitates easy onboarding of customers. The entire process of verification and uploading data is done by this automated tool. It uses Optical Character Recognition (OCR) to extract data from KYC and removes chances of manual errors, and saves time. In addition, RPA is suitable for catching suspicious banking activities and transactions, which eventually saves cost and time.
- Elimination Of Errors: RPA solutions facilitate easy and fast account opening, and automation helps you eliminate errors between the core banking systems and requests for opening new accounts. The RPA tool also fastens the loan processing process and helps you automate mundane tasks in real-time, with reduced turnover time.
Robotic Process Automation Solutions to Accelerate Medical Data Processing
The modern healthcare industry faces huge expenditures due to stringent regulatory policies and standards, followed by high demand. Due to these challenges, it reduces the urgency and improves the quality of patient care services. Healthcare companies must conduct repetitive processes and decisions based on the availability and accuracy of medical information and patient data. To combat these issues and deliver perfect healthcare, you need to integrate RPA tools to deliver perfect healthcare services to patients. Some of the key benefits of integrating RPA in medical data processing include:
- Easy And Fast Data Extraction: RPA solutions benefit the healthcare sector by data extraction. This automated tool helps you extract essential and relevant information from diverse sources like lab reports, insurance forms, and medical records. It helps you scam and digitalize data in different formats, which helps you eliminate the need for manual data entry. As a result, it reduces the time and effort required to process large volumes of medical data.
- Easy Validation And Verification Of Data: RPA As A Service is about validating and verifying medical data against predefined standards and rules. This tool helps you cross-check data for accuracy, consistency, and completeness. Moreover, the automated tool ensures reliable processing of processed data and reduces the chances of errors or discrepancies.
- Easy Integration of Data in Multiple Platforms: RPA tools integrated into the healthcare sector ensure the integration of data from multiple systems and sources, such as electronic health records (EHRs), medical billing systems, and insurance databases. This tool automates consolidating and harmonizing data, which ensures easy and fast searching and accessibility. As a result, it allows healthcare professionals to access patient information promptly.
- Easy Claims Of Medical Insurance: The RPA solution helps you automate the processing of medical insurance claims and helps you extract essential data from the claim forms. It helps you verify information accuracy by checking missing documentation. It also helps you automate the tasks and accelerate the claims for processing workflow.
- Automating Administrative Tasks: Integrating RPA tool helps you automate various administrative tasks, like appointment scheduling, patient registration, and billing. As a result, it helps you reduce the administrative burden on healthcare staff and enables them to focus more on patient care. By automating repetitive and time-consuming tasks, RPA accelerates the overall processing of medical data processing workflow.
Overall, RPA offers high value to healthcare delivery services with minimal risk involved with intelligent bot operations. In addition, RPA also helps to meet regulatory standards, reduces the risk of non-compliance, and simplifies the auditing process. Moreover, integration of RPA in the fintech industry simplifies and automates processes and improves customer experiences.