Robotic Process Automation (RPA) is reshaping industries, and the banking sector is no exception. By automating repetitive tasks, RPA helps organizations improve efficiency, reduce errors, and free up human resources for more critical work. In 2023, the RPA market was valued at $10.01 billion, with projections of it reaching $25.56 billion by 2027, driven by increasing demand for automation in sectors like banking.
Why RPA is Essential in Banking
The banking industry, with its high volume of manual, repetitive tasks, benefits immensely from RPA. Processes such as customer registration, payment processing, and securities management involve large amounts of data and multiple systems. Manually handling these tasks leads to delays, errors, and operational risks. This is where RPA steps in, offering:
Speed: Automated processes execute faster than human efforts.
Accuracy: Minimization of human errors by using bots for routine tasks.
Cost Savings: Banks can reduce the costs associated with manual data handling, compliance checks, and workflow monitoring.
Flowmatics24: A Game-Changer for Temenos Banking Automation
Flowmatics24 provides a specialized RPA solution tailored to Temenos banking systems. By integrating pre-implemented flows, it automates crucial banking operations like customer data entry, end-of-day processing, and payment handling. Flowmatics24 enables banks to streamline back-office work, reduce operational risks, and increase Straight-Through Processing (STP) ratios, allowing more time for innovation.
Key Features of Flowmatics24
Codeless Automation: Users can deploy and benefit from automation without needing to write code, making it accessible to teams with varying technical expertise.
Pre-defined Flows: Automating complex processes like securities processing and customer onboarding without the need for custom coding.
Real-Time Processing: Automation runs in real-time, ensuring that banking operations are completed swiftly and accurately.
Operational Risk Reduction: By automating tedious, error-prone tasks, Flowmatics24 reduces the risk of mistakes that often arise from human fatigue or oversight.
Supported Banking Flows
Customer onboarding: No manual transfer of client Information
Client registration normally happens in today world either online by the client himself or on a modern CRM by the client advisor. What you don't see is that hard-working back-office employees are also adding this information into other system, where an API or an automated process is missing. Using flowmatics24 this work will no longer be needed, and your client information will be added automatically to all relevant systems using our flows.
Day end processing: It's time to go home, let us clean the desk...
Processing the end of day activities is never a nice job and includes a lot of operational risk, due to stress, tiredness and potential Inattention. With flowmatics24 you give all this work to our friendly and never tired bot.
Payment Processing: Increase STP ratio by using RPA.
Use the predefined flowmatics24 payment flow to handle all payments, which today are not automatically processed by Temenos itself. Use your time to innovate and define how payments work tomorrow instead of manual balance checks.
Securities Processing: flowmatics24 is designed to help you automate manual work for securities, reducing operational risk and improving velocity. With flowmatics24, you can streamline your processes and focus on what really matters.
RPA and the Future of Banking
As automation technologies like Flowmatics24, the future of banking is likely to be more digital, efficient, and less dependent on human intervention for mundane tasks, banks can manage complex processes, create self-healing systems, and continuously optimize their operations.
However, despite the many advantages of RPA, it is essential to manage its adoption carefully. Over-reliance on automation without proper oversight can introduce security risks, and upfront implementation costs may be high for some institutions. Yet, as RPA continues to evolve, these challenges are likely to be addressed, making automation a vital component in the future of banking.
Final Thoughts
Robotic Process Automation is already making a significant impact on banking, and platforms like Flowmatics24 are helping institutions harness its full potential. By reducing manual effort, improving accuracy, and cutting costs, RPA is positioning banks to become more agile and future ready. As the technology continues to evolve, integrating RPA solutions such as Flowmatics24 will be essential for organizations aiming to stay competitive in the ever-changing digital landscape.
Please read more about our Flowmatics24 RPA solution on this page:
Keep up the great work! Happy RPA!
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