In an era where digital transformation is paramount, Robotic Process Automation (RPA) stands out as a key enabler for efficiency and innovation in the finance sector.
In a series of articles about hyperautomation in finance, we explore the transformative role of RPA from three different angles, from specific customer case studies to the foundational strategies that ensure successful implementation. We discuss the efficiency gains and strategic advantages observed in real-world applications, delve into best practices for deployment, and in the last article in the series, we explore the importance of governance and change management in maximising the value of RPA investments.
As part of automation projects in the Finance sector, Itecor was requested to handle the following use cases:
• Automation of compliance control
• Temenos reservation process automation
case study 1 – automation of compliance monitoring
Before the general meetings of quoted companies, the back-office team carries out a reconciliation process by checking the alignment of its internal records (information on the client’s identity and positions of the shares held by the client) with the register. Any discrepancies are corrected by sending rapid messages to GT Exchange.
itecor's achievements
Following an analysis of the business process, Itecor designed the automation on a perimeter defined according to priorities, legal requirements, and technical constraints. The automated process allows SWIFT messages to be sent to GTX via the GTFrame platform.
consulting
- 25 person-days investment for design, development, and UAT tests
- 5 days for smoke tests, training, and production deployment.
benefits & results
50
time required for reconciliation processing has been reduced by 50
100
SWIFT messages were sent on busy days
15'
time for the automation process, compared to 13h20 minutes for the manual
case study 2 – automation of temenos reservation processes
Intervention to correct and improve existing automation consisting of a sequence of 5 robots that mainly generate and validate reservations on the Temenos T24 platform. The main pain points were the slowness of a specific “Validation” part of the robot, a high dependency on the IT team to manage the restart of the robots when needed, manual handling of identified errors, and a manual process needed to improve data quality before execution automation.
itecor's achievements
After re-evaluating the process, the scope was extended by including new functionalities. Performance was improved by correcting known and detected errors. The sales team is made autonomous to launch robots from existing sequences. Robot automation is adjusted to perform manual actions historically carried out by the IT team, improving the autonomy of the sales team and reducing the operational workload required.
benefits & results
31%
improvement of the booking validation performance by refining the robot and developing more efficient navigation within the T24 platform
2-3h
time saved by with the version delivered by itecor's, measured on busy days
1.75 FTE
improvement in overall process efficiency
The authors of this insight are Cyril André – Senior Consultant & Yuval Keren – Head of Digital Solutions at Itecor.
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