If you’ve been following our latest blog series “The Future is Now,” you know two things to be true:

  1. The world of banking and finance is evolving quickly, and staying on trend is no longer a “nice to have,” but a must for those who are looking to differentiate themselves.
  2. Trends, like Business Process Management or BPM, that we once thought would stay forever, are slowly being replaced by newer, more relevant solutions that accommodate to industry needs.

After this, you were also introduced to the concept of Digital Process Automation, so let’s dig a bit deeper on what it is, why financial institutions across the world are adopting it, and how to get started when looking for the best option for you, your team and you organization.

Why Choose Digital Process Automation

If you read our previous article, you already know that much like RPA, Digital Process Automation shares the same Business Process Management foundation with a different focus. According to Information Age, “Digital Process Automation emerged out of organizations’ needs to automate business processes as part of wider digital transformation initiatives that are focused on enhancing the customer experience as opposed to containing costs.”

Digital Process Automation or DPA goes beyond simply automation processes and making your day-to-day easier, but it also offers:

  • Precision and speed for improved customer outcomes
  • Consistent experiences for existing customers, prospects and your own team members. From client onboarding to new staff members.
  • Reduced human error as workflows are automated and don’t require coding
  • Increased effectiveness and efficiency

Taking the First Step towards DPA

Much like every other solution you come across every day, Digital Process Automation can be overwhelming as every company claims to be better than the previous one. Something to keep in mind, however, is that the best company out there is only the one that fits your unique situation and solves the problems your team is facing. To get started, here are the five things you should be looking for when shopping for a new DPA solution.

  • Consider integrations
    In a busy world you don’t have time to be exporting and importing data manually. Ideally, the solution you go with would integrate with basic tools like Excel, Office365 and Jira.

  • Ask about customization
    Wouldn’t it be nice to have “out of the box” solutions instead of having to spend time to send emails back and forth? The right tool will let you automate your requests and forms in minutes without the support of your IT team.
  • How does it benefit your team?
    Employee satisfaction is one of the main priorities for today’s organizations. This is why consider your team’s needs should be a deciding factor when looking for digital tools.
  • What level of support will you get?
    Spending hours on the phone trying to get ahold of a customer representative is most likely something you want to avoid. This is the time to ask these questions! When making an important decision you should always feel confident to ask what kind of support you’ll be getting from your dedicated customer success specialist.
  • What’s your budget?
    One of the benefits of cloud-based platforms is that you don’t have to spend money on storage or even loose potential profit due to downtime. Instead, look for a tool that offers affordable solutions that accommodate your budget.

    A free trial is always a good option to know if you’re getting your money’s worth before actually signing a contract!

DPA with Virtus Flow

Virtus Flow is a one shop applications where you can automate your processes by streamlining checklists, forms and onboarding tasks. Through out-of-the-box templates to easily customizable workflows and key integrations, companies are able to focus on business growth while we take care of the rest.

Schedule a quick session today to learn more about how we can help you!

Don’t miss next week’s blog post, The Future Is Now, Part III: Is Automation Replacing the Human Workforce?