Context and challenge:
The banking sector is facing increasing pressure to reduce costs and improve efficiency while also complying with ever-changing regulatory requirements. One area that has been identified as having potential for automation is the process of screening new business clients and evaluating the potential risks and rewards of working with them. This process can be time-consuming and resource-intensive, as it requires gathering and analyzing large amounts of data from various sources, including financial statements, regulatory filings, and news articles.
To address this challenge, Iziday and our client in banking sector have decided to investigate the use of Robotic Process Automation (RPA) to automate the process screening and business case evaluation. We have assembled a team of subject matter experts, RPA developers, and process improvement specialists to design and implement the RPA solution. The team has identified a set of key processes that can be automated, including data collection, analysis, and reporting. They have also defined the technical and operational requirements for the RPA solution and developed a detailed project plan to ensure its successful implementation.
After several months of development and testing, the RPA solution was successfully deployed across the bank. The results were impressive, with the bank realizing significant cost savings and efficiency gains. The process screening and business case evaluation process was completed in a fraction of the time it had previously taken, and the accuracy and consistency of the results improved significantly. Additionally, the bank was able to free up valuable resources that were previously tied up in manual data gathering and analysis, allowing them to focus on higher-value activities. Overall, the implementation of the RPA solution was a success and has helped the bank to stay competitive in a rapidly changing market.