Although front offices of financial institutions have become increasingly digitized, back offices continue to contend with very manual processes that are running on fragmented legacy systems. Transaction volumes continue to increase and the regulations governing these transactions continue to become more stringent. To accommodate this increase in work, banks need to maintain large teams across the globe to manage processes such as customer onboarding, loan operations, know your customer (KYC), post-trade processing, trade finance, and regulatory reporting.
Robotics has a disruptive effect on operations. The combination of rule-based robotic agents that work on structured data sources with artificial intelligence that processes unstructured data results in maximum possible STP, reduction of manual effort, more efficient and less error-prone processes. With robotics, banks can reduce operational expenses, achieve better regulatory compliance, and increase transaction processing capabilities.