Use cases for Financial Services companies
1. Synthetic API´s to service enable back end systems
One of the major challenges facing mature financial services companies is that their core systems have been unchanged for many years. This means that the back-end systems are not prepared to meet the challenges from today’s customer expectations. Especially around exposing data to customers in a rapid and user friendly way and capture information entered on the web by customers, all the way through to the back end systems, in order to fulfill purchases of insurance policies and loan offers.
Using Smart RPA Kapow Synthetic API´s, back-end systems can be service enables in as little as a few days to deliver fast and accurate customer response.
2. Credit/risk/customer scoring, gathering data from multiple sources in minutes rather than hours
The impact of regulation of banks and insurance companies makes it more and more cumbersome to onboard new customers. The credit scoring/customer scoring, for producing the right offers to the customers, and classify the risk profile of the customers according to Basel and Solvency capital requirements is a very big manual process, often involving collecting data both from internal systems and external portals.
With Smart RPA Kapow, you can optimize this process from hours to minutes. This enable you to meet compliance regulations and at the same time deliver proposals to customers immediately and finalize the sales cycle in the current web session or customer meeting.
3. Connect web forms with multiple back end systems, to automate manual processes
The challenge of taking the step from the electronic enterprise to the digital enterprise is often a long and costly journey.
Customers often deliver their information in electronic format, via web forms, or mobile apps. The challenge is that the data then needs to be entered into multiple back-end systems, in order to fulfill for example a Pension Policy. Often the data have to be entered both in CRM, core pension system, commission management solution, and policy fulfillment systems before the policy can be handled and sent out. It takes weeks to run this process and involves a lot of manual labor.
With the Smart RPA Kapow solution, you can automate these processes in days and weeks. The results are impressive. The process goes down from days to minutes. This helps to instantly deliver the offer back to the customer and also reduce manual labor and the risk of errors. It also reduces the cost of training new staff in the often complex processes of entering data in multiple back end systems.