In the financial sector, many banking organisations and other institutes have endeavoured to adopt technologies early as part of their digital transformation to deliver a better experience for their customers.
Robotic Process Automation (RPA), Intelligent Automation and Artificial Intelligence technology has been implemented to improve backend and front end operations. RPA has been used to help facilitate better regulatory compliance, faster processing and huge cost savings. It has been claimed that return of investment has been three figures within the first year of implementation. Robotic Process Automation in Finance has been used in several key areas such as credit underwriting, invoice processing and accounts reconciliation.
Using RPA to automate Credit Underwriting
Two sub processes within credit underwriting, fraud prevention and credit assessment, has shown huge benefits following the implementation of automation. These areas traditionally lack adequate numbers of staff which results in lengthy delays in the processing of applications. The use of multiple applications and movement of information between these systems has made these processes ideal for robotic process automation. Implementing RPA Robots to automate the validation of relevant client information has seen a significant reduction in credit application processing time.
Fraud detection and prevention is a typically long and arduous procedure. Robots have not only been used to reduce the time taken process, RPA has also been utilised to increase the sophistication level of client checks by utilising external databases and websites for cross referencing details. By eliminating the data processing done by humans, the fraud prevention analysis process has, in some cases, been reduced by over 50%.
Using RPA to automate Invoicing
Many large organisations outsource their invoicing to a Business Process Outsourcer (BPO) that typically scan, index and eventually posting. While this is removes a headache and provides a valuable function, there is usually numerous drawbacks; high costs, low accuracy and difficulty in scaling.
By utilising artificial intelligence and cognitive services in a robotic process automation solution organisations are able to achieve greater accuracy, scalability, faster processing and huge cost savings. The extraction of information from invoices and inputting data into the correct system reduces the processing of invoices from days to minutes.
Invoicing often involves many disparate or legacy systems that rarely communicate easily with each other. For example, many companies have web portals that allow the submission of invoices but don’t integrate with their backend legacy ERP. Utilising traditional automation solutions is extremely expensive and involves a traditional IT Project approach. Robotic Process Automation allows rapid development and deployment, thus achieving a faster return of investment.