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HOW FINANCIAL
INSTITUTIONS
Are Improving Operations
0% 55%
(5%) 50%
2010 2011 2012 2013 2014 2010 2011 2012 2013 2014
1
KPMG
While financial institutions are moving
to digitally transform their operations,
many are still plagued by manual
processes and tasks.
2
McKinsey
3
Gartner, Use Cases for Robotic Process Automation: Providing a Team of Virtual Workers, 26 October 2015
4
Institute for Robotic Process Automation
The Rise of RPA
in Banking
5
Kofax Software
6
Banking.com
Simply put, RPA is a game-changer in financial
services. The Institute of Robotic Process
Automation.
When citing examples of RPA being used for RPA facilitates the IT department
front-, middle- and back-office deployment by helping to stretch budgets and
included for banking and insurance, Gartner deliver technology-based services
stated, Due to the major cost-reduction pressures more reliably and efficiently. It
in these industries, these organizations have appeals to the compliance and risk
been the highest adopters of RPA tools to date. management functions because it
Examples of uses include moving data for claims dramatically reduces the potential for
processing, predominantly from customer- human error. Its more than a concept;
facing websites; card management for issuing its real and has been successfully
replacements for lost or stolen cards, and reversal
deployed by numerous leading,
of card charges; and mortgage processing, with
the resubmission of failed payments. 8
and often conservative, financial
institutions. 9
When you think about it, core retail banking is all
Institute for Robotic Process
about repeatable actions and processes, so RPA is Automation
a natural fit in facilitating the connection between
both environments, which allows the back office to
catch up to front office processes.
7
Image and Data Manager
Gartner, Use Cases for Robotic Process Automation: Providing a Team
8
10
USA Today
11
The Mortgage Reports
12
Equifax
13
Capsilon
MORTGAGE LENDING:
1 Realizing the RPA Opportunity
CHALLENGE RESULTS
Increased demand for lending services Union Bank leveraged RPA to significantly
and delays in their operations, with loan improve loan processes, including:
documents taking up to 15 days to convert Reduced turnaround time for digitizing loan
into electronic files documents from 15 days to five days
Manual work and delays often result in lost Migrated 800,000 documents in days, instead
sales, slower time to revenue and a of months, to Enterprise Content Management
negative impact on cash flow (ECM) system
Deployed a software robot to automatically
gather all relevant loan documents, combine
them into a PDF and send a notification that
the file is ready for audit review
Automated post-closing process to streamline
auditing of loan files
Kofax
15
COMPLIANCE AND RISK MANAGEMENT:
2 The Process Transformation Opportunity
Ovum
16
Longitude Research
17
SEE IT IN ACTION:
Compliance and Risk Management
2 with Manual Steps
BEFORE
120+ MANUAL
ANALYSIS TASKS
MINUTES
40 Internal
Internal and
Search...
Portal
Documents Documents
12 items 12 items
Modified: Modified:
2months 2months
external systems
ago ago
Documents Documents
12 items 12 items
Modified: Modified:
2months 2months
ago ago
RECOMMENDATION
COMPLIANCE AND RISK MANAGEMENT:
2 Realizing the RPA Opportunity
AFTER
~2 AUTOMATED
MINUTES ANALYSIS TASKS
Standardized,
integrated process
40 U
p to 96% reduction in
Internal and information retrieval time
external systems
B
etter, faster decision making
SUCCESS STUDY:
2 Fiserv
CHALLENGE RESULTS
Needed to meet regulatory compliance for By deploying RPA, Fiservs strong results
high-volume transactions across 300 global included the following:
banking partners Integrated all 300 global banking partners
Operated without an automated compliance in only three months and met compliance
dashboard for three years requirements
Reduced credit expense through to improved
cash visibility
Met stringent compliance requirements for
$1B in daily transactions
CUSTOMER SERVICE AND SUPPORT
3 The Process Transformation Opportunity
By 2020, customer
experience will overtake
Financial institutions around the world are struggling price and product as the
with the roadblocks of information silos and disparate
key brand differentiator.19
systems of customer data that prevent global service
and support call centers from delivering exceptional
customer service.
Customer service representatives (CSRs) often need Some banks are addressing this complexity,
to swivel between a dizzying array of applications, while others are struggling to keep up. In the
as well as access information from both internal 2016 J.D. Power U.S. Retail Banking Satisfaction
and external data sources, to confidently address Study, Paul McAdam, Senior Director of Banking
customer complaints and questions. Gathering and Services, stated: Establishing customer service
analyzing this data, while also striving to provide tools for competitive differentiation is key to a
quick and timely customer service, can be difficult successful path forward. We clearly see that the
tasks for your employees. customer satisfaction leaders in retail banking
excel by hitting the sweet spot of providing a
great digital experience backed by personal
A recent Bain report revealed that customers conduct
service. 21
more than 50% of their banking interactions through
digital channels in 18 of 22 countries surveyed.
Its a competitive environment and financial
Additionally, 43% of customers expect social
institutions that leverage technology and
channels to be integrated with other customer
process automation, such as RPA, to improve
service channels.20 This demand creates a customer
their customer service operations will thrive.
service environment thats more complex than ever
before, with multiple channels and countless sets of
customer data.
19
Walker
20
Bain
21
J.D. Power
CUSTOMER SERVICE AND SUPPORT
3 Realizing the RPA Opportunity
22
Accenture
23
Deloitte
24
Institute for Robotic Process Automation
By the Numbers:
Summing up the Value of RPA
According to an Accenture
With compliance requirements piling up and survey of 240 leading banks,
consumers increasingly moving to digital channels 75% of survey respondents
to interact with their bank, its more important than believe that the new financial
ever that financial institutions take a holistic and workforce will comprise
strategic approach to their operations. Manual tasks employees, as well as intelligent
and information silos that slow responsiveness wont machines, and collaboration
cut it with todays consumers, who expect a fast and
between the two will be critical
seamless customer experience.
and training essential.27
By automating manual tasks at a fraction of the human
equivalent, RPA can deliver an immediate cost saving
of 25-50% and free up your knowledge workers for
more value-added tasks.26 With no coding required,
robots can be easily deployed within a business unit or
used at various steps within a larger set of processes.
25
Accenture
26
Institute for Robotic Process Automation
27
Accenture
Disruption is not happening
at the periphery of financial
services; its pervasive. Unlocking
the potential of tomorrows
technology must begin today
and go straight to the heart of
business strategy.28
Emerging Technology Trends:
The Road to the Bank of the
Future, Ernst & Young
Its clear that the banking industry is changing, Take the next step, contact us here
and so is the technology that underpins it.
Modern banks built for the future are counting 1-949-727-1733
on the speed, accuracy and efficiency afforded
by RPA to create a competitive advantage that
capitalizes on productivity gains, cost reduction
and an improved customer experience.
Find out how intelligent software robots
can also help you acquire more precise
data for investment research. Download
our free infographic: Banking on Precise
Data for Investment Research.