How the Finance Industry Can Benefit from Automation
In today’s finance industry, being able to deliver processes that are more streamlined and more efficient could be the key to future success. In many cases, workforces are tied up completing repetitive and time-consuming tasks, which takes away value from other areas of the business. With Robiquity, you could automate a lot of these processes to increase efficiency and staff fulfilment, resulting in a much more productive business at the forefront of its industry.
The finance industry in particular is rife with lengthy processes due to compliance, monitoring and customer enquiries. Through process automation, you have the chance to achieve growth and scale while also developing internal skills and assets. Here, we take a look at some of the instances where this has a been a huge success for organisations across the financial services sector.
Adopting new technology
In most cases, workforces within businesses can be very wary and even resistant to change. When it comes to automation, there’s no doubt your workforce is even more sceptical, as they could feel as though their jobs are being threatened. However, robotic process automation and intelligent automation can be integrated into your business alongside your human workforce, not instead of.
We worked with one of the biggest insurance brokers in the UK to help improve their legacy systems and implement the right automation technology and tools to make employees’ lives easier. Swinton Insurance had a well-established customer base and trusted brand already, but its infrastructure was limiting its agility in a world where speed and on-demand interactions were crucial. At Robiquity we carried out an assessment and review to help them find an automation tool that would help them to improve their internal systems.
In the first 12 months alone, over 25 automations were delivered. This resulted in year-on-year benefits in excess of £2 million. Since then, the technology has been adopted by Operations as a true digital workforce, with staff being upskilled to continue delivering a better service overall.
Improving business monitoring
Many of the functions within financial organisations includes checks that must be made in order to ensure accuracy. These checks are often done on paper, requiring manual processing to check over 100 pieces of data on different systems and documents. This back office function can be incredibly time-consuming, and can be required up to 65 times a day, with each process taking between 25-40 minutes.
For example, offers that are made from funders to clients must be checked, but each funder can have different rules that must be considered throughout the process. This must be done carefully before being logged and marked as complete.
By automating the process with an electronic version of the checklist, a robot can be implemented to answer more than 70% of the checks, while some will still require human input. Working with a BMU team, we delivered a solution that accurately processed 100% of cases with <5% exceptions. What’s more, handling time was reduced from 24 minutes to 10 minutes per case, with high accuracy.
Compliance is of the utmost importance in the finance industry. Compliance checks are often part of the final monitoring activity before equity can be released. In many cases, these checks are on paper. By digitising this, 80% of the process can be completed automatically.
Such compliance processes still require a human workforce to reach completion, but recent use cases have shown that automation can save around 7,000 hours per year. What’s more, ROI can be reached in just 6 months when implemented efficiently, resulting in reduced risk, improving accuracy and staff enrichment.
Within the financial services sector, fraud can be a huge problem for organisations. What makes it worse is how long it takes to deal with fraud enquiries. The current process requires an equivalent of 1.5 full time employees.
We have worked with various financial and insurance organisations who are tasked with replying to outside providers requiring information on customers suspected of fraud. In some cases, this process is required up to 50 times a day. In particular, working with Aviva showed that the biggest problem was their portal’s tendency to crash when overused.
We worked with the team to create a solution that was set to start at times of the day when there was a lower chance of this happening. If it did happen, email notifications were set up to make the right people aware, giving them a chance to rectify it and continue with the process. This resulted in better operational efficiency, with 96% reduced case handling time and an ROI that was realised in just 8 months.