What is RPA?

by John D. Beneventi 16. December 2020 23:33
  Robotic Process Automation ("RPA") is a technology that enables a software robot (“bots”) or artificial intelligence (“AI”) digital worker to emulate a human user process to perform a redundant task. Originally designed years ago for software testing to mimic a user’s interaction with technology, its use has grown to areas well beyond the initial intent. The financial industry, and specifically the mortgage industry, is one of the widest adopters of this technology due to its ability to run countless iterations of redundant processes. There are two types of bots that can carry out a task; attended and unattended. Attended bots require human interaction to kick off a routine. Unattended bots run in the background without any human intervention. These are more desirable as scheduling and running happen programmatically, are always on time, and always run as commanded. RPA Implementations should be considered as a solution when multiple systems need to be tapped to collect data, mashup, render, produce, and deliver a single highly customized report. However, you must be careful when developing RPA as routines and data must be deliberate and consistent for them to work. To properly deploy an RPA solution, you must have absolute clear business rules to ensure the processes run smoothly and yield a consistent desired result. To avoid the pitfalls, consider these examples of implementation risks: 1. Operation Risks: Insufficient exception handling (overtaxing a single bot to perform too many actions) 2. Financial Risks: Poorly defined rules and requirements may lead to mistakes in financial statements or reports. 3. Regulatory Risks: Humans intervening in bot activity in a fraudulent manner. 4. Organizational Risks: Inadequate change management, documentation, or continuity planning could result in a bot output that is out of sync. 5. Technology Risks: Instability due to application integration or security issues due to lack of encryption. These risks can be easily mitigated by a professional that understands how to program a bot and the benefits are well worth the cost of implementing this technology. The typical benefits of robotic automation include reduced cost; increased speed, accuracy, and consistency; improved quality and scalability of production. Automation can also provide extra security, especially for sensitive data related to financial services. RPA will remain a tool in every company’s toolbox. The majority of mortgage companies and financial institutions already use this technology and will continue to leverage its use.   Contact us for more information about how you can utilize RPA to streamline your processes.