Applying RPA in AML & FIU Operations

Recently a U.S. commercial bank factored operational efficiency before and after applying RPA to FP investigations. The results were significant and immediate.

Before applying RPA to processing False Positives, this bank had 50 dedicated employees averaging 400 alerts (at 30 minutes each) and investigating 250 cases (at 48 minutes) per day. RPA enabled this bank to boost productivity, dramatically cut FP volume and significantly increase investigations with the same 50 employees.

Applying customized RPA delivered dramatic results for the institution. Average alert investigation time was reduced from 30-minutes to 10-minutes, enabling the same team to process 1,200 alerts daily – 800 more than was previously possible. Case investigation time dropped from 48-minutes to 15-minutes, enabling the existing team to process 800 cases daily – 550 more than before. While investigator headcount remained the same, faster processing and timeliness of investigations enabled more efficient tracking and identification of bona fide fraud and money laundering alerts.

Where to Start – Steps to Design and Implement a Self-Funding RPA Project

Although one-size-fits-all solutions can sound appealing, they lack full functionality and are hard to fit within existing infrastructure, and may not adequately address end-to-end needs or future-forward functionality.

The more carefully you evaluate, test and launch, the more beneficial RPA can be to your institution. These three key aspects must be investigated and addressed carefully up front.

Matrix-IFS takes a three-step approach to RPA implementation ensures that each institution can maximize the efficiency and effectiveness of existing infrastructure to best support current and future compliance and operations.

The best way to determine the value RPA can bring to your institution is to run a pilot project. Let the numbers speak for themselves. If you invest the time up front to carefully plan and deploy a bespoke pilot RPA project, you can drive both operational and economic benefits of significantly improved efficiency and accuracy for your institution.

 

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