The virtual workforce: Applying Robotic Process Automation in banking

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 atinfo@wipro.com

IND/INT-CL/AUGUST2017