Finance and Banking

Robotic process automation (RPA) is quickly evolving to a new hot topic in the Finance world. Its significant potential to become a differentiator also in Finance functions has become evident. And most of large players in the Financial sector are either assessing possibilities to benefit from this new solution or even proceeding with the first implementations.

Processes to be automated

Automating the following processes the financial institutes and banks will increase margins and reduce risks through automating front to back office processes:

  • Operational accounting: billing and collections, accounts receivable, accounts payable
  • General accounting: allocations and adjustments, journal entry processing, reconciliations, inter-company transactions and close
  • Financial and external reporting
  • Planning, budgeting and forecasting
  • Treasury and Human Recourses processes

Advantages

RPA provides a competitive advantages by helping to meet the key challenges of financial sector:

  • Radically reduce cost by replacing human workforce and reduce processing time increasing performance
  • Helps to remain in control in the constantly changing environment providing an alternative to further outsourcing and offshoring
  • Reduction in resources allows to keep and focus the most skilled resources on driving value creation for the business
  • Increase the overall quality, get greater precision, reduce exception cost

Case study:

Example of Finance RPA Virtual Handling project in a Global Bank:

  • Processes automation for Human Resources Shared Services with several enterprise and legacy applications within the bank’s network
  • Zero handling defect and improved exception management with automated reach back and reporting processes
  • Invoice processing, documents handling, dependences validation
  • 80% cost reduction for frequency repeated tasks
  • 100+ FTEs are reduced in 6 months