Robotic Process Automation in financial services, unlike Artificial intelligence, centers on administrative and everyday processing jobs – like just copying and pasting to systems from an email. Robots usually work at the interface layer, scraping and copying data linked with the versatile, manageable, and constant tasks that comprise a prominent part of back-office personnel striving in financial services firms.
Although implementing Robotic Process Automation based business accounting software, apparently minimizes the costs and boosts efficiency, the reality is that the practical applicability of bots is still sceptical. But, there are several firms in the financial sector that have started embracing the RPA technology and automation by employing chatbots for gathering accounts related data.
Many Banks and Insurance Services Firms in the U.S have already been implementing RPA projects and have been automating their tedious and monotonous processes. From claims processing to policy issuance, the insurance industry is apparently benefitting from bots implementation. Banks are also gaining profits with everything from Robo-advisors, chatbots, and accounts receivable automation.
Let’s take a look at some of the banks and insurance companies that have been applying cloud-based software solutions and automation to their organizational operations and are gaining functional efficiency.
The U.S. based multinational investment bank, headquartered in New York City, having $2.5 plus trillion in assets and 250,000 people employed across the globe, got the right solution by adopting RPA. This helped the financial services company and the bank to get the oversight which is required to satisfy all regulatory issues it faced. Bot Insight also allowed them to create role-based access controls for every section of users, and also gave the firm clarity into the overall data( in motion and data at a halt) to enable it to perform strategic planning.
Global insurer Zurich, along with its RPA partner Capgemini, won the “Paragon Award” for coupling this season. Handed out by the ISG – Information Services Group, the honor intends to identify organizations in Europe that have made “innovative contributions to the continuing evolution of the outsourcing industry.”Zurich saved up 40% of its commercial underwriters’ time by implementing RPA to concoct the boilerplate cases enabling them to dedicate more time to more complex policies.
“Zurich’s relevant RPA pilot program realized a 50% cost decrease in various processes. Less than 2 months later, the organization was hooked and started expanding the rollout. While the benefits are paying off now, it wasn’t always a given that everything would work out so well. There were many times we looked at each other and thought ‘will this really work? Their determination, passion, and patience proves that hard work and collaboration pay off.
-Helene Westerlind, Zurich’s head of international programs
Keybank, a leading commercial bank in the US, implemented robotic technology to augment its performance. The bank has optimized its AR system by the end-to-end implementation of Robotic software. KeyBank automated its accounts receivable process and invoice delivery- that involves generating electronic invoices, through automated accounting software, and thus avoiding late payments from the customers and as well as to the vendors.
“Banks have traditionally focused on payment execution, We think that’s important. But in consulting with our clients, we hear a lot of pain upstream and downstream of payment processing. Partnering with innovators like Billtrust enables us to optimize clients’ processes from beginning to end. Through electronic invoicing on a cloud-based platform, building on Billtrust’s Quantum Payment Cycle Management, the bank can now incorporate RPA principles into its KeyTotal AR to offer an end-to-end solution to optimize accounts receivable. Specifically, the RPA technology at play eliminates the need for employees to carry out repetitive manual tasks. And with its machine-learning capabilities, the entire process will continue to expand and improve over time. That part is critical, for KeyBank and many others looking to the future: the cognitive benefits implemented at the outset will only get better over time.”
– Matt Miller, head of KeyBank
Dai-ichi Life Insurance used to tackle numerous inefficient, hand-operated and administrative tasks such as managing the purchase of insurance, contract management, and payments to be carried out by approximately 1,600 employees. RPA stepped-in to optimize its work processes. Dai-ichi Life chose to implement RPA in 2017. To fit the company’s future large-scale deployment obligations, it was essential for the product to be the server type preferably than the customer type, to eliminate the risk of creating unmanageable Robots. Currently, the company has been saving 132,000 hours annually using RPA.
“We wanted to implement a large-scale RPA deployment to improve business operations.” — Kei Maedomari, Life Insurance Manager, Business Process Planning Department, Dai-ichi Life Insurance
The processes they automated are:-
German-based Deutsche Bank is using RPA to manage repetitive tasks more efficiently.
“We are modernizing our IT and pursuing the digitalization of our business. Today, our private clients can open an account online in a matter of minutes – and not seven days as before…We have launched Robo-advisers (WISE) in the asset management business and in the Private & Commercial Bank (ROBIN). WISE and ROBIN use algorithms to compile a suitable portfolio for our clients. In our other businesses, too, we are utilizing robotics and artificial intelligence to automate what were previously manual processes – this will minimize errors and lower costs.”
Deutsche Bank will replace the substantial number of tasks with robots, the bank itself has predicted that robots are more likely to complement human workers than replace them outright. As of April 2018, with a new CEO on board, evidence intimates that the bank has been attempting a push into a new era by prioritizing automation.
Financial Services companies may still not realize the need for RPA solutions, but the truth is undeniable; if you yearn efficiency, RPA is a definite solution. It frees up time for operators to focus on high-level financial analysis jobs who can achieve the firm’s core aspirations. Nimble decision-making is a significant component of any industry and RPA can help in developing the precision of these decisions.