Meet your Newest Recruits: A Digital Workforce for Financial Services

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Financial Services companies need to respond quickly in the face of mounting pressure on profits and changing customer demands

Financial Services companies are fighting on different fronts. Tech-savvy customers, new competitors, financial criminals and regulatory compliance are all demanding immediate attention. And, of course, COVID-19 is impacting how we all live and work.

The winners are already renewing their organizations to meet these massive challenges. They are building agility, resilience and innovation into the fabric of their companies. They are re-imagining how and where work will be done in the future. The winners are thinking in radically new ways about the role of technology to deliver that vision.

AUTOMATING YOUR FINANCIAL COMPLIANCE

Intelligent Automation: The Second Wave of Change

Automation is long-established in financial services, and Blue Prism has been at the heart of that first wave of change, driving productivity and efficiency. Our digital workers now automate many of the processes that had been holding back organizations with large, inflexible legacy estates and high volumes of unstructured data.

The second wave is now here with Intelligent Automation. Combining RPA with new technologies such as AI, Machine Learning and Natural Language Processing, Intelligent Automation allows companies to create a Digital Workforce that will change the way work is done in the future. Put simply, it will empower humans to do all the thing we do best- communicating, reasoning and building empathy. Beside them will sit a digital workforce to flawlessly carry out the thousands of mundane, repetitive tasks required to keep the wheels of finance moving forward. They operate 24/7, never make mistakes, never quit and have a 100% audit trail on what they have done.

Greater regulatory agility

  • Automate new regulatory processes at speed
  • Implement changes to existing compliance and risk policies with ease
  • Proactively monitor performance for faster resolution of issues

Be robust in compliance

  • Non-repudiation through automatic logging for an irrefutable audit trail
  • Provide regulatory reporting with 100% compliance
  • Faster and more accurate system and process execution audits

Secure financial operations

  • Consistently and automatically monitor and maintain security tools
  • Robustly audit and enforce internal security policies to reduce risk
  • Faster identification and resolution of fraudulent activity

Seamless customer journey

  • Faster onboarding of customers with automated due diligence
  • Frictionless switching for a smoother customer journey
  • Deliver multi-channel and self-service options to meet rising customer expectations
Select A Business Function
Regulation & Compliance
Regulation & Compliance Operations Financial Crime Customer Experience

Comply and adapt to changing regulation with ease

Financial institutions are managing and digesting a raft of regulation and compliance requirements. Moreover, the changing digital landscape raises questions about the use and ownership of data and the boundaries of regulation. This in turn is increasing the complexity and volume of data to be collected, cleansed, processed and used. With banks operating and reporting under the scrutiny of their board, internal audit and the regulators, there is no room for human error.

Compliance Monitoring & Reporting

Generate financial reports automatically through the extraction and configuration of data across multiple platforms.

Reconciliation

Blue Prism automates the reconciliation of trading and accounting platform data by extracting and reconciling across multiple platforms.

AML Compliance

Digital Workers can connect multiple customer contact systems, cleanse and maintain customer records to meet Anti-Money-Laundering compliance requirements.

Drive productivity across operations

The aftermath of the financial crisis continues to attack the margins and revenue of the leading banks. Financial services organizations have been using automation for many years to drive down costs through greater efficiency and to minimize the role of individuals to administer standard processes. The advent and development of enabling technologies such as OCR, AI and Machine Learning mean that Intelligent Automation is already playing a more strategic role in fundamentally changing the way they manage their operations.

Trade Processing

Blue Prism automates a manually intensive process requiring reconciliation across front, middle and back office. Obtaining information from multiple systems to feed into the process, Digital Workers perform rules-based aggregation, reconciliation and compilation of the data. They take actions to resolve simple breaks or, by using decision engines, can take more complex decisions on matching criteria, identifying more complex breaks and resolving.

Loan Applications

Digital Workers automate the review and approval of loan applications, increasing application processing bandwidth and revenue opportunity. Customers get 24/7 access to applications and real-time answers to their financial questions.

Card Management

End-to-end automation of credit card management processes, including upgrade, replacements and loyalty points.

Minimize the risk of financial crime

Criminals are deploying ever more sophisticated ways of ways to defraud financial services organizations. Despite significant investment in areas such as Know Your Customer (KYC) and Anti-Money Laundering (AML), traditional banks with disparate legacy platforms and processes can find it difficult to scale to meet these challenges. Using new technologies such as AI and ML, Blue Prism Digital Workers perform checks round the clock ready to detect and anticipate financial crime across all channels.

Payments Clearing

Automated management and monitoring customer requests for outbound payments to prevent fraudulent money transfers.

Anti-Money Laundering

Monitoring customer transactions across all systems to identify money laundering activity. A Digital Worker receives suspicious transaction alerts from an analytics tool, creates and populates a case file, extracts data from multiple bank records, contacts the customer for information, identifies the suspected fraud and presents the case to a human worker for decision.

Deliver a digital omnichannel experience for customers

Customers now expect a digital experience where onboarding is fast, switching is easy, seamlessly multi-channel and self-service reaches deeps into the customer relationship. With FinTechs able to provide fast, differentiated and attractive new services to customers, traditional banks need to respond effectively, while still operating with legacy processes, unstructured data models and old-world infrastructure.

Intelligent Contact Center

Automate time intensive tasks and allow agents to focus on providing a high-touch, high quality experience for financial services customers.

Customer Onboarding

Enabling new customers to open a new bank account and apply for additional products in minutes with automated KYC, AML checks and affordability calculators.

Loan Application

Process 99% of loan applications the same day by using automation to extract data from multiple legacy platforms.

Mortgage Calculator

Using automation to reduce the time taken to provide a customer with a mortgage calculation from days to minutes.

Want to know more?

We support your business across its functions. Discover the benefits of RPA applied to your challenge in the financial services sector.

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Why Connected-RPA?

Compliance

  • Comprehensive, irrefutable audit logs
  • End-to-end object & process change history
  • System & process execution audits
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Scalability

  • Re-usable & shareable objects/processes
  • Many-to-many process assignment
  • Processes in parallel
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Rapid Deployment & Methodology

  • Process Discovery
  • Robotic Operating Model (ROM®)
  • Success Accelerator
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Security & Access Control

  • Veracode Verified Continuous
  • Decoupled build & run
  • Disk level encryption & data masking
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Performance & Stability

  • Database layer resilience
  • Supports hybrid-cloud infrastructure
  • More productive & efficient
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Intelligent & Extensible

  • Drop-in AI skills from DX
  • AI Labs & Innovation Center
  • Data Gateways
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Hear it from one of our customers

Delivering Digital Innovation in the Financial Services Sector with Intelligent Automation

One of UAE's leading financial institutions with a growing retail presence in the Middle East, Mashreq focuses on providing customers with access to a wide range of innovative products and services, making it one of the highest performing banks in the region. The cornerstone of Mashreq’s philosophy is to focus on innovation across its organization to maintain its digital leadership position. From its back office operations in India to its customer branches across the UAE, Mashreq has made an investment in Intelligent Automation as part of its transformation strategy.

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Automation you can bank on…

Intelligent automation is grown-up, governed, enterprise-ready, people-first automation that’s smart, secure, scalable, and sure to increase your business success.

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