RPA, Strategic In The Future Of Bank & Finance

The adoption of  RPA  robotic process automation in banking sector solutions today represents a strategic potential for companies in every sector to benefit the business. The combination of bots, Artificial Intelligence, and predictive analytics makes it possible to improve processes, raise the quality of the product or service and relieve staff from repetitive actions to allocate them to value-added activities, with significant benefits in terms of productivity, accuracy, and efficiency.

This is truer in the banking & finance sector, where compliance with legal requirements imposes stringent regulations than ever. In banking processes, well-trained software robots can ensure greater effectiveness in regulatory compliance, improving the customer experience.

The IQ Bot is, for example, able to analyze unstructured data files and simplify the assessment of risk-intensive documents in the case of loans or mortgages issued; the RPA can streamline operational processes of back-office and customer services, such as the opening and closing of accounts, payment processing or updating of the account data.

A set of potentials already grasped by sector operators, as confirmed by analysts’ data, foresee the Automation of up to 25% of banking processes in the coming years.

The investment bank and financial services company already successfully adopts this innovative model with the introduction of RPA in the processes. The leading financial institution manages over $ 2.5 trillion in capital and employs approximately 250,000 people worldwide. Here is more information about RPA you can go here https://diceus.com/expertise/robotics-process-automation-services/

Challenging Initial Context

To make the new RPA adoption model operational, the New York-based banking institution initially faces several challenges. The first is represented by regulatory compliance, linked to the complex and diversified regulations in force in the various geographical areas of the world in which the bank operates.

The access control based on the role is also indicative of an essential requirement because individual users, including developers, business users, and operations personnel, have special needs and require different access levels. Last but not least, the management of the bot life cycle poses a challenge in itself, as the company’s transition from basic RPA to machine learning and optical character recognition ( OCR ) technologies are complex and requires extensive planning and supervision.

In addition to the security and compliance requirements, the New York bank faces other specific needs related to the homogenization of existing systems. For example, the RPA platform and distributed analytics solution must support diverse software and tools, from legacy mainframe technologies to the latest microservice-based applications. The bot management framework must use metabolism that these are reusable in all global activities as needed. The system must, in practice, fit horizontally and be highly available to operate continuously and continuously.

Roadmap Towards An Agile Model

In this complex scenario, the New York bank decides to rely on Automation Anywhere. It identifies Bot Insight as the ideal solution to cope with all critical issues and project itself towards an agile operating model.

The roadmap defined by the banking group for implementing the RPA provides for implementing a set of sophisticated tools to be adopted in progression.

We start with the basic RPA provided by Automation Anywhere to integrate it with additional solutions: among these, plugins for mainframe emulator, integrated monitoring solutions, Citrix virtualization technology, OCR technology, and spreadsheet management. The next step is to add machine learning to implement Intelligent Decision Support Bots and Chat Botsford customer support. The last phase of the project is developed on advanced cognitive Automation. The RPA software is integrated with the software of partners such as IBM, Wipro, and Mphasis.

Bot Insight, Process Visibility

The technologies implemented guarantee the clear visibility of each bot’s operations, ensuring the company the possibility of supervision necessary to satisfy all the international, national, and regional regulatory problems that arise. Bot Insight also allows the financial institution to create role-based access controls for each category of users and to have visibility into the overall lifecycle of the bots, both in terms of data in transit and in rest, to enable the company to define its strategic planning.

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