Robotics Process Automation for Banking, Financial Services and Insurance (BFSI) Industry
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Transcript of Robotics Process Automation for Banking, Financial Services and Insurance (BFSI) Industry
Datamatics Global Services Ltd.Robotics Process Automation (RPA)
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Agenda
•Current RPA Scenario
•Impact on Financial Industry
•Challenges in RPA Adoption
•Robotics v/s Automation
•Leverage RPA for transformation of financial processes – BFSI Adoption
•Key Drivers & Benefits
•Recommended Approach to Robotic Process Automation
•Future Trends
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Current RPA Scenario
Source: Everest Group - RPA : technology vendor state of the Market Report 2017*
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Impact on Financial Industry
High High GrowthGrowth
Minimize Minimize CostCost
Impact On Impact On Bottom LineBottom Line
Reducing Reducing Operational and Operational and Technology RiskTechnology Risk
Growth with a CAGR of 75% during 2015-2020
Newer methods to lower costs and improve profitability
Enhancing their quality of services, empowering their transformation agility while also, reducing their operational costs
RPA “talks” with existing infrastructure ensuring enterprise-level collaboration.
Impact
RPA Adoption in BFSI
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• Fast Recovery
• Resilience Strategies
• Anti-Money Laundering
• Zero Fault Tolerance
REGULATORY ANDCOMPLIANCE
FINANCIAL RISK MANAGEMENT
CYBER RISK AND RESILIENCE
SOURCING AND PROCUREMENT
FINANCE AND ACCOUNTING
• Credit and Market Risk Exposure
• Operational and Transactional Risk
• Data Quality Control
• Governance
• Compliance Risk assessment
• Detailed Auditing and Reporting
• Procure-to-Pay
• Contract Management
• Supplier Management
• Spend Analysis
• Order-to-Cash
• P&L Reporting and Analysis
• Accounts Payable, Account Receivable
• Treasury Management
• Internal Controls
• Record to Report
Challenges in RPA implementation
RPA Myths
Robotics V/S Automation
• RPA improves performance with minimal or no process change
• Robotics brings an easy-to-calculate ROI
• Automation needs higher revenue spend and takes longer implementation cycle
Leverage RPA for transformation of financial processes – BFSI Adoption
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Customer on-boarding
and preparing Data for Account
Opening or Service
Requests
Claims Processing,
predominantly from
Customer-Facing
Scenarios
Customer Servicing & Compliant handling
Regulatory Compliance Reporting
Global Trade Finance
Documents
Forex and Treasury
Operations
Key Drivers & Benefits of using RPA
SEAMLESS INTEGRATION
FRAUD PREVENTION
TAPPING INTO NEW OPPORTUNITIES
REVENUE INCREASE
REGULATORY COMPLIANCE
TRANSFORMATION
TRANSPARENCY
NON-INVASIVEDIGITAL WORKFORCE (24x7 Availability)
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Recommended Approach to RPA provider selection
Future Trends
News
Transactions/Records
Social Media
Documents/Data
SMSAudio Video
Lexicon™Context Analysis
Synapsis™Pattern
Detection
Artificial Intelligence
Platform Insights
Human-DataInterface
Robot
ThankYOU