With no decision standards, non-technical operations staff rely on manual tasks and calculations, creating inconsistencies, errors and auditing gaps. This disjunction between people, products and processes creates tedious work that leads to high turnover and higher training costs.
Applying Robotic Process Automation (RPA) delivers a fresh and efficient solution for financial institutions facing this costly problem. By utilizing software with artificial intelligence (AI) and machine learning capabilities, RPA enables processing of high-volume, repeatable tasks with far greater speed and accuracy than manual processing. Industries with complex data gathering and processing needs such as insurance, healthcare and manufacturing are already adopting efficient RPA solutions from a variety of vendors.
RPA makes sense where tasks are:
- Repetitive
- High volume
- Manually performed
- Event-triggered
- Require documentation of task-related decision points
A case in point is AML Financial Investigation Unit (FIU), which faces processing similar to traditional financial institutions:
- Predefined decision points
- Predefined investigation workflow
- Triggered when laundering scheme suspected and/or confirmed
- Heavy manual interaction with the system
- AML alert volumes are higher than ever before
Evaluating and assessing FIU procedures uncovered multiple opportunities to streamline many steps through automation, including:
- Internal database systems
- External RFI systems
- Customer historical information
- Auto SAR e-filing
- KYC verification
- One-stop ecosystem
- Cognitive suggestion
RPA Can Be a Self-funding Project
In operations, RPA builds automated data collection and availability. It becomes tactical by applying smart data representation, scripting and macros to operation procedures. Providing BOT interfaces and information-sharing BOTs makes it scalable. Over time RPA becomes cognitive as BOTs get smarter, offer suggestions, and deliver quality analysis to fulfill your Compliance ‘Dream Vision’.
If well designed and correctly applied, RPA can provide significant and immediate operational improvements in accuracy, workflow, resources, and budgetary impact, including:
- Cut FP alert volumes
- Reduce investigation intensity
- Lower manual task (operations) volume