Software Robotics

In recent times, there has been a lot of buzz on deploying software robotics or a virtual workforce to bring efficiency in operations while reducing operations headcount, error rate, time-frames and increasing through-put in number of clients being on-boarded. A smart mix of automation and robotics applied to CLM can deliver faster results in days/weeks.
With the advent of KYC utilities, there is uncertainty on tasks that need to be in-sourced or out-sourced. CLM systems in many banks are disjointed across multiple regions and LoBs. Software robotics can bring in a quick fix solution without incurring high cost of IT projects and with little or no capital expenditure.

CLM and Robotics

Virtusa has a built a strong CLM practice working with the top banks and developing in-house solution accelerators. By combining software robotics to our solution offerings higher savings and efficiency can be realized at a much faster pace.

Potential areas for Robotics automation in CLM

  1. Client data entry from multiple data vendors or KYC utility, can be automated or given to a software robot for entry. If there are any missing fields, it can be referred to a client services person
  2. This involves taking client data from the CLM system and feeding an external risk scoring system. The KYC risk report can be uploaded in the CLM system.
  3. Automating basic rules for determining client classification type using software robotics for regulatory norms such as KYC, FATCA, MIFID etc.
  4. Contributing in credit and legal steps like preparing a credit report and draft legal documents.
  5. Account-setup/modification process involves client data (sub-account/SSI) being entered in a number of systems. This can be done by a software robot.

Business Benefits

  • Direct headcount reduction through automating manual processes
  • Error free business operations
  • Higher process efficiency
  • Lower capital or upfront expenditure