8 Real World Use Cases for Robotic Process Automation (RPA) in Finance
https://www.cigen.com.au
Given the large amount of low complexity and high volume manual processes involved in finance (e.g., producing financial statements, card activation, account opening), CiGen RPA discusses how robotic process automation might serve the industry well.
robotic process automation
2. robotic process automation in finance?
Given the large amount of low complexity and high volume
manual processes involved in finance (e.g., producing
financial statements, card activation, account opening), RPA
might serve the industry well.
WHAT IS THE
ROLE OF
CIGEN | ROBOTIC PROCESS AUTOMATION
3. CIGEN | ROBOTIC PROCESS AUTOMATION
Source: Horses for Sources
$0m
$325m
$650m
$975m
2016 2017 2018 2019 2020
$1,300m
2021
GLOBAL ROBOTIC PROCESS
AUTOMATION (RPA) MARKET
2016-2021
5. 8 ROBOTIC
PROCESS
AUTOMATION
USE CASES IN
FINANCE
You can learn from here which processes in
the financial industry are best suited for
automation and why. This way, you can equip
yourself with concrete plans towards attaining
your objectives. As a result, your automation
journey will unravel on more solid ground.
CIGEN | ROBOTIC PROCESS AUTOMATION
6. 1. MAINTAIN DATA
CONSISTENCY
Customers’ details are constantly changing - their names, their addresses, or
their credit scores. Software bots can use bank statements as reference
points, extract the relevant data, and update records.
CIGEN | ROBOTIC PROCESS AUTOMATION
7. 2. ACCOUNTING
Anyone who has ever worked in accounting knows that the effects of errors
can be daunting, but also that it’s quasi-impossible to avoid them when you
have to spend neverending hours entering data.
In this case, automation can be seen as a win-win situation, both for the
organisation and for the individual employee. From invoicing to accounts
receivable, RPA can speed up the process, keep it error-“clean”, and,
consequently, keep customers happy (and hence, more loyal).
CIGEN | ROBOTIC PROCESS AUTOMATION
8. 3. QUICK ACCOUNT
OPENING
Banks need to play it safe and verify thoroughly customers’ details, such as
identity, past credit scores, or their conformity with compliance rules. RPA
can be of great help in the detail validation process by managing any
encountered divergence. The new account is then created automatically by
the software robot, and its details are delivered to the client.
CIGEN | ROBOTIC PROCESS AUTOMATION
9. 4. STREAMLINE CARD
ACTIVATION
Request validation by checking the compliance rules, coordination between
departments in order to keep data consistent, manual data entry, and so on.
These are just some of the operations involved in activating customers’ card
that need to be done under time pressure due to customers’ (legitimate)
requirements for fast results.
Software robots can perform the task in a timely manner, and they simply
don’t make mistakes.
CIGEN | ROBOTIC PROCESS AUTOMATION
10. 5. ENSURE
CONSISTENCY
BETWEEN SYSTEMS
Bank account balances must be fed into treasury systems. Before this can be
done, one must find the language that both systems understand. An important
benefit brought by robotic process automation in finance is that it can format
bank data, such that treasury systems can “make sense of it” in order to
generate reports.
CIGEN | ROBOTIC PROCESS AUTOMATION
11. 6. FINANCIAL PLANNING
Financial planning requires putting together numerous financial statements
from various departments, in order to maintain a crystal-clear picture of the
current state of affairs and of the desired target. Employees can then deal with
the complex reasoning processes in organising a sequence of timely to-do’s,
while leaving the software bots to process and merge the statements.
CIGEN | ROBOTIC PROCESS AUTOMATION
12. 7. BETTER INVESTMENT
OPTIONS
Software robots are better able to track investment values, despite the
possibility of sudden, abrupt changes. Bots can also assess an investor’s
portfolio and thus minimise the inherent risk of investing. Relatedly, RPA
tools can serve as financial advisors without the prohibitive costs of their
human counterparts.
CIGEN | ROBOTIC PROCESS AUTOMATION
13. 8. SUPPORT AGAINST
MONEY LAUNDERING
Prevention of money laundering is a top priority for organisations in the
finance industry. Robotic process automation can make a significant
contribution to assisting companies’ compliance with the Australian Anti-
Money Laundering and Counter-Terrorism Financing Act 2006 by ensuring
that ‘know your customer’ (KYC) information is accurate, and that customers
abide by the law.
CIGEN | ROBOTIC PROCESS AUTOMATION
14. Companies that wish to remain
competitive should take advantage of the
effects of RPA in finance: increased
productivity, efficiency and cost
effectiveness, customer and employee
satisfaction. Such benefits have come up
recurrently in the list above.
CONCLUSION
CIGEN | ROBOTIC PROCESS AUTOMATION