Robotics Process Automation

LATEST THINKING

New and emerging technology, such as robotic process automation, cognitive computing and the Internet of Things (IoT) will profoundly impact and transform the workforce of the future across the financial sector.

Robotics Process Automation (RPA) is providing digital speed to market and cost take outs for financial institutions, but the successful financial institutions of tomorrow will be those who embrace the next wave of robotics technology and future technology to drive business outcome.

What is Robotic Process Automation?

As the push to go increasingly digital and do more with available resources intensifies, the need for companies to empower their workers through technology increases. RPA is at the forefront of human-computer technology and provides players in the financial services industry with a virtual workforce that is ruled based and is set up to connect with your company’s systems in the same way as your existing users. With robotics, you automate and build an automation platform for you front office, back office and support functions.

Banks, insurers, pension funds and other financial services institutions operate in a highly regulated industry and are faced with high demands for auditability, security, data quality and operational resilience. Robotic process automation allow modern banks to meet these demands and achieve significant operational efficiency.

The benefits of robotics are:

Financial services institutions can automate a wide array of processes with robotics across industries in the financial sector.
BANKING

New account entry across systems – moving data and doing multiple entries

Account reconciliation – duplicating and moving data

Report generation across systems and generated

Eform extraction – taking data from forms and making systems entries

VAT reporting

Accrual support – making and updating entries

Mortgage approval – moving data place to place and making calculations

Refinancing entries – making entries and updating records

Notification of delinquent loans – emails and letters to clients

Processing of credit card orders – from web form to mainframe

Audit support and validation

Fixed asset amortization

FX accounting and write-offs

Cost accounting and Purchase Orders

Bad debt write-offs

Month end close heavy lifting

Journal entry accounting

Credit note accounting entry

Accrual booking

Pricing reviews – performing calculations and entries

Fraud detection – by tracking account activity

Account cleansing – purging known old data
Financial services institutions can automate a wide array of processes with robotics across industries in the financial sector.
CAPITAL MARKETS

Client onboarding - documentation requirements check

Compliance, legal, credit and identification checks

Operational set-up of account in trading, collateral and settlement systems

Transparent status of onboarding process

Consistent data mapping between source and downstream systems

KYC/AML authentication: collection and analysis of basic identity information (CIP); name matching against lists of known parties (such as PEP)

Fraud detection - determination of the customer's risk in terms of propensity to commit money laundering, terrorist finance, or identity theft

Reconciliation - user defined rules to generate alerts on chargeback, retrieval request and response

Automated scheduling of reconciliation activity

Force match option facility to manually settle un-reconciled entries

Multi-level reconciliation that supports international & domestic networks across multiple delivery channels

Entitlement engine - providing timely, accurate distributions of dividends and interest

Receive/track dividend, interest, and amortized principal payment information and collect the distribution of all dividend and interest allocations

Simplifies/Enforces the management of complex entitlement policies
Financial services institutions can automate a wide array of processes with robotics across industries in the financial sector.
INSURANCE

Pension Auto Enrolment assistance

Product Administration - update systems and produce client details for sales of new products

Policy Document Data Transfer from legacy system to new Applications, Systems, 3rd Parties.

Products Sales Support - customer data gathering, adherence to compliance and rules of sale

Broker CUE (Motor) - compares customers reported accident claim history data with actual.

Bulk Payments (Motor) - updates policies following claims made through specialist claims companies.

Bulk Recoveries (Motor) - updates policies of vehicle recovery amounts and fees supplied by third parties

Unallocated Cash Report - works a report and writes off any cash discrepancy under a certain value.

Deceased Notification - processing of insurance policies following notification of a death.

Insurance Comparison - downloads leads from Internet Comparison providers and loads entries to lead management system

Compliance Reporting Automation - automated preparation of reports for the PRA

Marketing Campaign Support - high speed response for back office automation to support new product launches, product incentives

Credit Card Rejections - works a report of rejected card payments and over a period sends letter to the customer before ultimately cancelling the insurance.

Credit Card Unmatched - retrieves cases to work from a report and, where applicable, writes off any cash discrepancy.

Redemptions Processing - cross checking to multiple systems for Compliance assurance

Payment transfer - paid directly to a client or reinvested/distributed to other products across multiple systems or third party applications

Right of Set-Off and Debt Recovery

Funds Transfer – from multiple legacy policies/system into a more modern, flexible system

Amend Standing Order, Direct Debit, Address details across multiple systems

Accounts Data Mismatches across disparate systems.

To identify processes that are suitable for robotic process automation you can use this check list.

The process should be rule based and not depend on human judgement

The process should be initiated by a digital trigger and be supported by digital data

The process should be functioning and stabile

The bigger the volume of executions of the process the better

For a Proof of Concept project it is key that the process leverages the key systems of the company

LATEST THINKING

Robotic Process Automation

Overview

Benefits of Robotics in Financial Services

WHAT PROCESSES ARE RELEVANT FOR ROBOTIC PROCESS AUTOMATION

Robotic Process Automation Checklist

Key facts about Robotic Process Automation

Getting started with Robotic Process Automation

Accenture Insurance Blog – Robotics Process Automation

Accenture Capital Markets Blog – Robotics Automation