Banking, Financial Services, Insurance

Current State:

If we look at the latest trends and studies in Banking it simplistically boils down to managing -

  • Proliferation of data and the inability of banks to derive benefit out of it
  • Fin-tech start-ups disrupting traditional ways of working
  • Connected and collaborative GenY forming a significant percent of customer base
  • A mobile first approach

Post crisis era also demands better transparency, credit and risk management from regulators and at the same time customers have been demanding faster processing times, data security etc. which has been prompting C level executives to have a simplified approach. So taking a holistic, ongoing, enterprise-wide approach is important than starting off directly with automation technologies.

10XDS Capabilities – RPA in Banking:

At 10XDS we help our clients with functional skills in banking and digital expertise in RPA, Analytics and Cognitive technologies to ride the wave. We bring in a mature transformative approach to organisations which is between 'jumping off the cliff' and 'waiting for clarity'.

Review and Redesign of Processes:

Any automation technology is only capable of automating a process as it is, which means there is a good chance that all existing inefficiencies, inconsistencies and duplications in the process will be repeated by RPA,limiting its potential benefits.

As part of its approach, 10XDS assessesredesigns and standardizes processes to improve effectiveness. In some cases, the critical path ofa processmay need to be reassessed.

Robotic Process Automation:

RPA changes the way we think about process management and execution in new transformative and simplistic ways. It is a solution that runs unattended by people working like a virtual employee and sits on top of legacy applications performing repetitive tasks.

Benefits:

  • Achieve fast speed-to-value
  • Reduce people expense by automating frequent manual tasks, improving exception handling and moving work to best location
  • Improve auditability, consistency and control over error-prone activities that elevate risk, noncompliance, financial or reputational harm
  • Reduce end-to-end time to handle of peak periods, meet deadlines
  • Smooth post-M&A integration by virtually connecting disparate systems and data sources
  • Improve knowledge worker value-add by increasing focus best activities and improve satisfaction by eliminating dull routines

Current State:

Some of the challenges faced by insurance sector include heavily routine and manual activities like -

10XDS Capabilities – RPA in Insurance:

  • Create sustainable operations in a heightened quality and customer-centric environment
  • Unwind legacy of people-based quick fixes
  • Perform laborious and repetitive tasks reliably
  • Scale up and down to match peak loads
  • Emulate the best business user behaviour
  • Shift control toward the business and reduce reliance on IT to get things done
  • Deliver ROI in weeks through a rapid, agile approach

Benefits:

  • Business Led Automation
  • Auditable Management Information
  • Faster ROI
  • Works Across Legacy Systems
  • Central Governance
  • Improved Security
  • Scheduling
  • Learning
  • Improved Quality