Smart RPA Kapow Robotic Process Automation helps Financial Services companies automate their enterprise

Digitalization of the enterprise

Digitalization for a long time has been a high-priority initiative in the financial industry. It has largely eliminated paper and moved data into a digital form. Unfortunately cross-platform integration and IT systems modernization has proven too timely and too costly to achieve, leaving data encapsulated in different silos such as legacy applications, cloud applications, web portals and even Excel files. Furthermore, the number of data silos and data formats keep increasing because of more external data-interchange and compliance reporting with partners, customers, service providers and government. For these reasons, digitalization is a constant catch-up game between ever-changing requirements and modernization of IT systems.

Meeting customer expectations

Despite the level of digitalization inside the enterprise, the customer expectations are growing rapidly and must include:
  • User-friendly mobile and web access
  • Self-service on anything from adding a new product to insight into existing services
  • Instant response time on product offers and claim inquiries
  • One-stop shopping on anything from loans to insurance
Without a complete digitalization of the enterprise, shortcuts to meet customer demands are implemented within mobile apps or web forms that are disconnected from back-office application. This is causing long and error prone manual data interchange between the customer facing application and the back-end. Disruptive new services and competitors only add to the urgency of this.

The impact for the industry

Given that the enterprise is not fully digitalized, the need for manual-processing labor is intensifying. The most important processes have been automated, but to digitalize. Therefore, we see many examples of Financial Services companies, which get data electronically, but then process them with manual labor between disconnected systems. This is costly, and also doesn’t meet the customers demand for instant personalized offers, and instant fulfillment of loan agreements and insurance policies.

Challenges with Business Process Outsourcing (BPO)

Because customers cannot wait days for a response to a loan or insurance offer, many enterprises outsource the manual back-end processes to 24/7 shifts in low-cost countries in order to speed up processing time and lower cost. However, a manual process will not deliver the rapid response that customers expect and additionally humans make errors which cause bad customer experience and high recovery cost. This makes BPO only a temporary solution. The real solution is in Robotic Process Automation and Synthetic APIs.

How does the Smart RPA Kapow Robotic Process Automation solution solve these challenges

With the Smart RPA Kapow solution you are able to achieve a lot of the benefits of digitalizing parts of your landscape in a fast, and cost efficient way in areas that highly impacts your topline, customer satisfaction, and bring down the need for manual cost intensive labor.

Service enablement of legacy applications

When there is a need to receive or add data to/from a legacy application, or to automate a manual sub-process within a BPM solution, a robot is build against the legacy application(s) and a REST/SOAP service is automatically generated and ready to be consumed by any application (mobile, service bus, BPM solution etc.). As the Smart RPA Kapow solution is a true enterprise server solution it can easily scale to support a large number of REST/SOAP calls with automated load balancing and fail-over between multiple geographic locations. Some of the largest installations robustly handles more than 10,000 concurrent real-time user generated requests.

Automate manual information-driven processes – either as real-time or batch processes

Manual information-driven processes are found around the whole organization and these processes are typically characterized by being real-time or batch oriented. Regardless of the type of process a Robot is constructed and the robot is either scheduled to run within a certain time window or executed through a web-app by the end-user when convenient. A more detailed description of the Smart RPA Kapow solution can be found here

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.

The benefits you get from working with Smart RPA

  • Fully service enable all systems
  • Reuse all current IT infrastructure
  • Meet your IT architectural requirements
  • Fast time to market for automating processes in days and weeks, rather than months and years
  • Quick ROI, 3-9 months