We should acknowledge that 2021 was the year of RPA; it was widely discussed on social media, and UiPath was among the software businesses with the biggest “Market Presence” and “Investment” on RPA platforms, among others.
The majority of RPA news and articles focused on how RPA technologies assist firms in reducing staffing and digitising manual and repetitive procedures. There are just too many examples of how RPA transformed an organization’s life by processing millions of requests or transactions in a short period of time.
Aside from these RPA implementation prospects, there is another scenario in which RPA might be quite beneficial to businesses, particularly in the financial sector.
Legacy Applications
Financial institutions have a strong tendency to preserve old systems in their software portfolios, which they are required to keep up and running for a variety of reasons such as compliance, limited IT Capex budgets, and challenging migration scenarios.
In the meantime, financial regulatory organisations are releasing a slew of new legislation in waves, keeping implementation teams busy. IT staff may begin to use various implementation tactics, such as providing band-aid solutions, to meet business needs. As a result, it accumulates several satellite applications in the software inventory over time that lack APIs or integration features with other apps.
With time, both parties become accustomed to this deployment method; IT teams become more productive and supportive, while business teams are pleased to have their IT demands met.
However, during data exchange between the core systems, these satellites, and older apps are required, the major problems of distributed environments arise.
RPA solutions have tremendous potential to establish connectors across various apps while utilising robots, specifically around this time.
Organizations can quickly create robotic connectors to bring the greatest features of any app in their portfolio to the surface.
RPA solutions can help IT leaders optimize their Capex costs by extending the life of older systems and speeding up the pace of digitalization in large corporations.
How can Neebal help?
We assisted a leading Indian MNC in developing an RPA-based solution that digitised the entire process through a mobile application that facilitates daily automated download of reports to provide actionable insights. Start your RPA automation journey today.