The client was an asset management firm with more than €15 billion in assets under management (AUM) and 12 investment funds with over 70,000 accounts. It manages 200-300 new contracts per day, processing 400 to 700 entries per week. It has over 70,000 active accounts, and this is growing continuously with over 30 asset management lines, covering both individual and business accounts. The goal was to streamline operational activities relating to both data digitisation and the processing of a massive volume of contractual documents, through process automation. Other objectives included achieving efficiency and accuracy gains, thereby reducing both cost and processing times.
The answer to these challenges was Business Processing as a Service (BPaaS) activities combined with Robotic Process Automation (RPA) technology to provide operational efficiency via an upgrade in accuracy and reduced error rates.
The robotic system takes care of document reading, through an OCR conversion system and extracts data and information. Real-time monitoring is carried out by a dedicated dashboard providing metrics, errors and alerts. It also allows a drill down into the detail of the underlying events for resolution and analysis. The system also verifies that the data extracted from the documents and the back-office application are consistent. The first control is related to congruity, while the second is to consistency. A further step is to enter payments made by customers in the management system, retrieving data from the home banking application through an integration created specifically for the customer.
The automation plays applied to this project gave the client the chance to meet the ever-increasing challenges of this market head-on with process efficiency and better data management. The implementation considerably reduces processing times and adds scalability. Going forward, the increased volumes of files to be examined will not require an increase in the amount of resources assigned to the process. This has meant that the client now has the capacity to extend the range of checks to cover all transactions made by the customers, including new elements that were not considered in the initial stage of analysis.
The resulting enhanced efficiency also means less time is now spent on manual processes and freeing up employees to focus on more value-added activities. Indeed, human interaction should focus on activities that can add value, such as the management of exceptions reported by the solution’s robot.
