Robotic process automation, alongside blockchain, AI, cognitive computing and the Internet of Things (IoT), is one of the new and emerging technologies expected to profoundly impact and transform the workforce of the future across the financial services sector.

Robotic Process Automation (RPA) is quickly becoming the go-to solution for financial institutions that want to improve digital speed to market and cost take outs. Companies that are interested in sustainable, long-term success are eyeing the next wave of robotics and future technologies to drive business outcomes.

With robotics playing a significant role in transforming industries, both the financial services sector and the financial technology (FinTech) industry face mounting concerns related to attracting and retaining skilled talent in sufficient numbers necessary to sustain and support future growth. The challenge is real and immediate and is made even more difficult by need for often specialized talent, combining the domain expertise and digital skills needed to develop innovative and cost-efficient financial technology (FinTech) solutions.

The digitisation of the industry continues apace, and the imperative to do more with available resources continues to intensify, creating the need for companies to empower their workers through technology. RPA is at the forefront of human-computer technology and provides businesses in the financial services industry with a virtual workforce that is rules-based and set up to connect with a company’s systems in the same way as existing users. Robotics automate and build an automation platform for the front and back office and support functions.

How Robotics Integrates into the FinTech sector

Robotic process automation seems like the logical solution for banks, insurers, pension funds and other financial services institutions, which operate in a highly regulated industry and are faced with high demands for auditability, security, data quality and operational resilience. It allows modern FinTech companies to meet these demands and achieve significant operational efficiency.

The automation of a wide array of processes with robotics in the financial sector continues to affect the industry in often unanticipated ways. Financial robots, albeit new, have already been tested and proven efficient in providing services to customers in areas such as business consulting, security, for example, early-warning detection, and data analysis through so-called robo-advisers.

Utilising voice recognition, autonomous mobility and other intelligence technology, financial robots are, for example, able to analyse customers’ preferences during conversations to recommend financial products. Robo advisers can supplement human advisors in the provision of asset management strategies to clients with the support of big data and AI.

With AI and cognitive technology being the core technologies behind intelligent robots, cutting edge academic research plays a key role in exploring the potential and impact for society and businesses alike. Universities continue to set the pace and drive the research agenda; trialling and developing new technologies.

Higher education institutions, such as MIT, have been approached by numerous companies from across a broad range of industries to explore opportunities around robotics. The ultimate goal being to make the nascent technology more approachable, affordable and scalable.

Of course, it’s not enough for fintechs and financial services institutions to rely on technology alone. The commercialization of robotics can only be realized by putting all the right pieces together – creating an environment where employees don’t perceive the technology merely as a threat to their job but rather as an enhancement tool that opens up new capabilities and markets.

While robotics can help bring the financial services sector into the future, it cannot offer an immediate and long-term solution to difficult financial decisions. It will be the companies which adopt collaborative technology that will bring the most value to their customers with the one thing technology alone cannot offer — a human touch.