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RPA programs in financial services – setting realistic expectations and goals
The banking, financial services and insurance (BFSI) industry has been quick to adopt robotic process automation (RPA) to fix longstanding pain points. However, RPA adoption in banking and insurance has not always been successful largely due to a mismatch between expectations and reality. There are several RPA myths that interfere with a clear understanding of its capabilities and limitations. Bursting the RPA myths and adopting the right approach for effective RPA implementation is crucial to successfully achieving the transformation goals.
BFSI firms that desire success in their RPA projects must evaluate the common RPA drawbacks and myths and set realistic and achievable transformation goals. To ensure successful implementation, RPA initiatives must be treated as strategic programs requiring comprehensive preparation from the initial stage. Based on our experience of delivering thousands of robots to production, we recommend some best practices:
- Select the right process
- Obtain IT support
- Ensure organizational readiness
- Aim for strategic pilots and quick wins
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