Today’s Financial Services organisations are being challenged on many fronts. They need to satisfy the needs of demanding customers whilst also meeting the requirements of increasingly watchful regulators. But all too often, labour intensive and ineffective back office processes and legacy IT issues hold companies back, resulting in dissatisfied customers, frustrated staff and worse still, potential fines from concerned regulators.
This is where robotic process automation (RPA) from Sopra Steria can help. How? By introducing new and efficient ways of working that drive more accurate, cost effective and compliant business processes.
A logical step from outsourcing to automation
Whilst outsourcing has proved highly effective for financial services organisations in the past, advanced RPA opens up even greater opportunities to optimise processes, reduce costs and increase flexibility. As a highly regulated industry, many processes within financial services organisations are particularly suitable for RPA. These include: customer on-boarding, account or policy servicing, invoice processing, claims and credit agreement processing as well as loan applications.
Boosts productivity, motivates staff and increases speed and accuracy
Mobilising a digital work force to deliver a highly labour intensive process frees up skilled staff from highly repetitive administrative tasks. Back office tasks can be completed with unprecedented speed and accuracy so employees can focus on adding value to the customer experience and managing more complex and meaningful activities that help to grow the business.
Increased accuracy and consistency delivers greater compliance
As well as delivering operational efficiency and a more responsive customer experience, RPA also helps organisations to embed regulatory compliance. Rules based activities are ‘built in’ to all processes ensuring a consistent and accurate result, on time, every time. Rules can be amended as regulations are updated providing a clear audit trail of compliance.
Extends the longevity of legacy IT
The use of advanced and non-invasive workflow as well as a robotised rules based workforce reduces the need to provide IT systems and support to functional heads and members of staff. RPA extends the life of legacy systems and ensures they can flex as operational requirements change. Data entry costs are reduced through faster and accurate throughput, and improved quality means that data is right, first time. What’s more, RPA delivers a secure, managed and scalable environment without the need for end user computing or shadow IT.
Market leading modular RPA
Sopra Steria has been successfully delivering RPA to Financial Services clients, providing a virtual workforce of Full Time Equivalents (FTEs) that boost both productivity and performance. Our solution combines our specialist domain knowledge gained from 40 years’ experience of working in Financial Services with our proven Business Process Services expertise. Our highly flexible, LEAN and modular RPA solution means that financial services customers can introduce automation at their own pace, adding in new functionality when required.
Dynamic and market leading partnership with Blue Prism
Our partnership with Enterprise Robotic Process Automation (ERPA) market leader Blue Prism enables us to offer a truly unbeatable service using the very latest technology.
- Optimised back office processes with enhanced consistency and regulatory compliance
- Flexes to ensure full compliance with existing and emerging regulation
- Access to a fully comprehensive and dynamic 24/7 service
- Delivery of a more responsive and accurate customer service
- Improved data quality leading to enhanced MI and analytics and a full audit trail
- Automated reports for regulatory authorities in the right format and timescales
- Increased agility and management of peaks and troughs in demand
- Empowered, more productive and motivated staff
- Lifecycle of legacy IT systems is extended