Problem The bank received 400 to 500 transaction requests daily in the form of unstructured data, which created a high volume of manual work for the operations team. The process was controlled by one large document, which referenced 20 different sub-documents. There was no system for tracking the data, monitoring employee performance or ensuring procedural governance. Because of regulatory requirements, the trade finance process contained 45 compliance checks, such as identifying fields which exist in multiple documents. With steadily rising volumes, accuracy was eroding and operations was under pressure to reduce costs. Solution The operations team at the bank used RoBoost to design and deploy a fully automated digitized process comprising HyperAutomation and cognitive automation to accept, classify and extract data and subsequently update internal systems with much greater speed and efficiency. Timeline The customer designed, configured and deployed the entire process in 30 days.
Automation of Trade Finance Is a Big Win for Banking and Finance Ops
RoBoost’s AI-driven HyperAutomation software ThinkMarshal creates and manages software robots for knowledge work. Built for data-first companies, its products automate business processes by combining AI, HyperAutomation and people in one intuitive platform.
Top enterprises choose RoBoost to reduce their cost of doing business and to use AI to overcome the complexity of scaling operations.
Previously, scrutiny checks were people-dependent and never formally documented. With RoBoost, all data is captured in an auditable format, verifying compliance and providing traceability.
With the process standardized and configured into HyperAutomation, the customer can track worker statistics, provide performance data and get an overview of work progress and worker capacity. Worker productivity increased 55% after deployment.
5% of common manual errors were eliminated just by formalizing the process in automation.
In their quest for digital transformation, banking organizations and other financial institutions have established themselves as the early adopters of smart technologies. Intelligent software is already making a difference in front-end, customer facing systems. However, organizations still need to strike a better balance between the front and the back office, while becoming faster and more reliable. Delivering more consistent services to the customer is
paramount. With HyperAutomation, operations get streamlined and relieve some of the accumulated heat. RoBoost helps finance and banking companies differentiate. It provides process efficiency and lowers costs while ensuring regulatory compliance and deeper analytical insight. Implementation with RoBoost is faster and competitively less expensive than IT automation projects. The best part: it creates triple digit ROI’s in the first year of operations.
Imagine having a robot join a compliance office as a virtual member of the staff, and charged with all repetitive compliance tasks. It’s possible, and it’s already happening. All of this, while freeing up real staff to focus on compliance responsibilities requiring reasoning and judgment. Every activity of every RoBoost software robot is saved in a central log where it can be monitored regularly, easily accessed in the event of audits, and updated to reflect changes in regulations. This is the answer to the KYC requirements that the FMA, FCA, and SEC are beating down your doors for. A central repository archives all the logs and can be easily mined by ElasticSearch (our big data analytics platform built right into our robots) for compliance reports, resolutions, audit responses and compliance improvements.
RoBoost finance workflows can be replicated or reused across different business departments locations for ease-of scalability. Active robots can be scaled up or down as needed with no additional cost. A single server accommodates multiple users working autonomously and privately from any business unit, no matter the geography. Our uniquely scalable platform also allows you to place multiple robots on a single virtual machine. HyperAutomation is all about doing more with your investment.
RoBoost provides better financial performance through insights from data analytics. HyperAutomation is not only a tool for non-invasive extraction of legacy data for wider and deeper analytics. It also provides granular data points for each process it executes. It can identify transaction patterns and help detect fraud. And everything comes directly with automation, there’s no extra service or app you pay for separately.
RoBoost interacts with the presentation layer in a human-like manner and is compatible with most existing IT setups. RoBoost can be easily implemented with the existing web, desktop, CRM, ERP, Helpdesk, and Citrix applications. This is why HyperAutomation implementations are faster than IT automation projects, significantly less expensive and will create triple digit ROI’s in the first year of operation. Our personal best: one client achieved over 850% ROI.
You want your best people freed from those redundant, data entry type of tasks, and re-focused on higher-value activities. Have their work worth more, both for them and for your organization.
RoBoost offers an intuitive, cutting-edge platform that can be effortlessly implemented to boost the efficiency of banking processes. With unrivaled automation capabilities and customer support, RoBoost is able to transform the world of banking by creating opportunities for growth, while improving compliance measures and delivering superior customer service on a worldwide level.
Many finance companies still regularly engage with paper invoices, purchase orders, and applications. With RoBoost’s advanced optical character recognition technology (OCR), HyperAutomation software robots are able to interpret scans of paperwork and transfer data into digital formats in a more efficient manner. And now, with cognitive features like language detection, named entity recognition, and sentiment analysis, automation can meet the demands of complex decision making.
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