RPA for the Banking industry

Banking meets RPA

In their quest for digital transformation, banking organizations and other financial institutions have established themselves as the early adopters of smart technologies. Intelligent software is already making a difference in front-end, customer facing systems. However, organizations still need to strike a better balance between the front and the back office, while becoming faster and more reliable. Delivering more consistent services to the customer is 
paramount. With RPA, operations get streamlined and relieve some of the accumulated heat. UiPath helps finance and banking companies differentiate. It provides process efficiency and lowers costs while ensuring regulatory compliance and deeper analytical insight. Implementation with UiPath is faster and competitively less expensive than IT automation projects. The best part: it creates triple digit ROI’s in the first year of operations.
A real-life scenario

RPA’s impact on Banking Industry challenges

Credit Underwriting

One of our clients deployed the UiPath solution for their Credit Underwriting activity, with two sub-processes benefiting directly from RPA: Retail Credit Assessment and Retail Fraud Prevention. Robot accessed up to 15 applications, both internal and external. The initial restraint was that the bank had an insufficient number of resources allocated, which was weighing heavily on the staff, generating big inefficiencies.

 

Retail Credit Assessment

The robots check the incomes/exposure/expenses/other relevant information of the client (credit applicant) in several databases and post it for the credit analyst in a report.

 

Retail Fraud Detection

Robots can also check several internal and external databases for potential clues of any suspicious activity regarding the bank’s client. At the same time, they post this information in a report for the use of a human fraud prevention analyst. In the verification process tied to Fraud Prevention, the bank managed to reduce the time spent on requests from 45 minutes to 20 minutes, eliminating human involvement. The robots allowed SLAs to be brought back to acceptable levels without the bank having to multiply the resources allocated. Another effect was the reduction of a typically long and arduous process: one hour was automated to 5 minutes (with 95% automation), where robots could deliver without exception.

 

Gathering and monitoring the information needed for fraud detection is a laborious process for employees if done manually. RPA software robots reduce the employee involvement needed, by tracking bank account and credit card activity in real-time. By identifying data patterns, RPA can assess customer risk and predict fraudulent activity.

The right benefits, delivered

UiPath offers an intuitive, cutting-edge platform that can be effortlessly implemented to boost the efficiency of banking processes. With unrivaled automation capabilities and customer support, UiPath is able to transform the world of banking by creating opportunities for growth, while improving compliance measures and delivering superior customer service on a worldwide level.
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Enhanced regulatory compliance

Imagine having a robot join a compliance office as a virtual member of the staff, and charged with all repetitive compliance tasks. It’s possible, and it’s already happening. All of this, while freeing up real staff to focus on compliance responsibilities requiring reasoning and judgment. Every activity of every UiPath software robot is saved in a central log where it can be monitored regularly, easily accessed in the event of audits, and updated to reflect changes in regulations. This is the answer to the KYC requirements that the FMA, FCA, and SEC are beating down your doors for. A central repository archives all the logs and can be easily mined by ElasticSearch (our big data analytics platform built right into our robots) for compliance reports, resolutions, audit responses and compliance improvements.

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Scaled operations, easily
 

UiPath’s finance workflows can be replicated or reused across different business departments locations for ease of scalability. Active robots can be scaled up or down as needed with no additional cost. A single server accommodates multiple users working autonomously and privately from any business unit, no matter the geography. Our uniquely scalable platform also allows you to place multiple robots on a single virtual machine. RPA is all about doing more with your investment.

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Deep insight into operations
 

UiPath provides better financial performance through insights from data analytics. RPA is not only a tool for non-invasive extraction of legacy data for wider and deeper analytics. It also provides granular data points for each process it executes. It can identify transaction patterns and help detect fraud. And everything comes directly with automation, there’s no extra service or app you pay for separately.

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Your IT systems remain untouched

UiPath interacts with the presentation layer in a human-like manner and is compatible with most existing IT setups. UiPath can be easily implemented with the existing web, desktop, CRM, ERP, Helpdesk, and Citrix applications. This is why RPA implementations are faster than IT automation projects, significantly less expensive and will create triple digit ROI’s in the first year of operation. Our personal best: one client achieved over 850% ROI.

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Your best talent, unshackled
 

You want your best people freed from those redundant, data entry type of tasks, and re-focused on higher-value activities. Have their work worth more, both for them and for your organization.

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Cognitive extension
 

Many finance companies still regularly engage with paper invoices, purchase orders, and applications. With UiPath’s advanced optical character recognition technology (OCR), RPA software robots are able to interpret scans of paperwork and transfer data into digital formats in a more efficient manner. And now, with cognitive features like language detection, named entity recognition, and sentiment analysis, automation can meet the demands of complex decision making.

Success story

Leading Global Investment Bank streamlines its trade settlement process across multiple geographies, achieving high automation efficiency with zero error rates.

Read Our Guide

Success story

Leading Global Investment Bank streamlines its trade settlement process across multiple geographies, achieving high automation efficiency with zero error rates.

Read Our Guide