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he banking and financial industry is in the midst of digital disruption. The industry is further challenged by the need to optimize
cost, build scale and deliver swift responses toservice requests.
However, banks are not able to innovate due to fragmented processes and multiple legacy IT
T systems that manage these processes. In addition, banks also have to be compliant to regulatory requirements and maintain data privacy while processing a large number of documents and personal data.
Robotic Process Automation (RPA)in BankingRPA helps banks transform their business processes by integrating and working with their legacy systems through deployment of bots to:
• Lower transaction processing time by upto 60% • Improve productivity by upto 70% through reduction of manual efforts
• Help banks redeploy staff to higher skilled roles away from repetitive rule based tasks • Maintain near 100% accuracy levels due to elimination of manual errors • Automate routine reporting requirements • Adhere to regulatory requirements and eliminate data security risks
2
Oursuggestedapproach
Ourexperience
• Target as quick wins
• Minimum risk and
quick returns
Can be automated
within rule or knowledge
based processes
• Identify straight through
scenarios for automation
• Can be initiated
simultaneously with data
entry processes
• Should be targeted
on a case to case basis;
once type A and B have
generated savings
for further investment
• Up to 30% of manual
effort goes in these
activities
• Addressable effort
via robotics or smart
tools up to 100%
• Typical efficiency
gain of 70 – 100%
• Average 6 – 8 weeks to
start realizing value
• Up to 50% of manual
effort is of type B
• Addressable effort via
robotics or artificial
intelligence up to 70%
• Efficiency gains
40 – 100%
• Average 10 – 16 weeks
to start realizing value
• Up to 20% of manual
effort is of type C
• Addressable effort via
artificial intelligence
up to 50%
• Efficiency gains
10 – 40%
• Average 14+ weeks to
start realizing value
Dataentry
Knowledgebased
transactions
Rules basedtransaction
Figure 1: Automation road map for banks
• Data entry into
multiple applications
while on-boarding
customer on core
banking, digital
channel
• Recon - Match
records across
multiple systems
based on
defined rules
• Monthly review
of all accounts
with zero balance,
nil-activity accounts
and automatic
mailers to customers
• Servicing, updating
new promotional
code
• Generating report
on exceptions
-auto triggers for
resolutions of
unresolved cases
• Assigning credit
worthiness as
per defined logics
or credit ratings
• Dormant account
activation
• Address update
• Portfolio
management,
payment
application
• Reconciliation
(applicable in
finance, back
office operations)
• Validation
checks on the
checks
• Credit initiation:
Customer tie
break resolution
queue
• Credit initiation :
Prioritizing value
applications held in
technical queues
• Credit initiation :
Banks screening
review (AML)
• Banks screening
review
• Regulatory/
Servicing, currency
transaction
reporting
• Wire transfers
checked for
beneficiary details
and against
negative lists
(AML/Fraud)
Our success story
Client: The client is a British multinational banking and financial services company headquartered in London. Wipro’s team delivers loan operations for the client business.
Business challenge: Indexing is one of the key activities in loans, in which the documents are referenced in the document manager application.
The typical process includes: • More than 1,000 scanned documents are received per day for indexing process, which takes around 1.5 minutes to process a transaction • Agents pick one document at a time, search for required fields and manually key in the data in to document manager application • Quality check is performed on these transactions to ensure that all the documents are indexed accurately
The client wanted to reduce high level of dependency on agents to perform indexing process and completely eliminate possibility of human errors.
Solution: • Complete process mapping at work instruction (L6) level• Identification of opportunities through Value Stream Mapping (Wipro’s proprietary BPMS) and DMAIC approach• Automation code for a robot to pick the document, search for the required key fields (string search), validate and enrich the data, with automatic entry in to the document manager application• Robot is programmed to search and pick the data, irrespective of the template being used, to handle future changes in templates)
Business benefits: • 100% accuracy in the transactions processed by robot• 95% of the process is automated post RPA implementation• 85% time saving per transaction• Improved capability to handle peak volumes as per predefined SLAs (highly scalable)• Robot automatically routes the exceptions instead of manual handling
3
Banking Card OpsCore
OperationsLending
Risk & Compliance
Figure 2: The RPA value chain for the banking domain
Wipro LimitedDoddakannelli, Sarjapur Road,Bangalore-560 035,India
Tel: +91 (80) 2844 0011Fax: +91 (80) 2844 0256wipro.com
Wipro Limited (NYSE: WIT,BSE: 507685, NSE: WIPRO) isa leading global informationtechnology, consulting andbusiness process servicescompany. We harness thepower of cognitive computing,hyper-automation, robotics,cloud, analytics and emergingtechnologies to help ourclients adapt to the digitalworld and make themsuccessful. A companyrecognized globally for itscomprehensive portfolio ofservices, strong commitmentto sustainability and goodcorporate citizenship, wehave a dedicated workforce ofover 170,000, serving clientsacross six continents.Together, we discover ideasand connect the dots tobuild a better and a boldnew future.
For more information,please write to us [email protected]
IND/INT-CL/AUGUST2017