FINANCIAL SERVICES Robotic Process Automation for Financial Services Delivering cost effective and assured process excellence with advanced automation Delivering Transformation. Together.
Combining our proven robotic process automation services with Lean techniques to create an optimised virtual workforce Meeting today s (and tomorrow s) challenges with RPA Today s Financial Services companies are being challenged on many fronts. They need to satisfy the needs of demanding customers as well as meet the requirements of increasingly watchful regulators. That s why so many leading organisations are looking at automating their key processes with Robotic Process Automation (RPA). Meeting the challenges of customers, regulators and the market Regulators are seeking increasing transparency on risk and liquidity and enforcing greater regulatory scrutiny and control. Additionally customers are becoming more demanding in their requirements, expecting services across an ever growing number of digital channels. What s more, they are becoming vocal in communicating dissatisfaction often over social media if they don t receive it. Delivering an innovative, enhanced and streamlined customer experience To be successful in a highly competitive marketplace, organisations need to offer an innovative, enhanced and streamlined customer experience whilst increasing transparency, reducing costs and fuelling efficiency. But business leaders are being hampered with legacy IT systems that are inflexible, inefficient and not fit for purpose. This is where RPA can offer significant benefits by empowering agility and introducing innovation. What is Robotic Process Automation? Robotising an activity involves streamlining and automating a highly labour intensive, time consuming process by introducing proven techniques to ensure consistent, repeatable actions happen on time, every time. Put simply, it means that highly complex procedures can be carried out quickly, accurately and with total compliance. Significant benefits: Right first time, every time customer facing processes Higher customer satisfaction, increased scores, sales and revenue Streamlined, optimised, rapid process completion Enhanced analytics and incisive MI to track customer behaviour and enable cross selling and next best action decisions Enhanced consistency and regulatory compliance Increased agility and management of peaks and troughs in demand Reduced staff attrition and retraining costs Life of legacy systems is extended Better data quality due to removal of human errors in processing Improvement of staff morale enabling staff to work on more interesting and strategic work rather than administration. In its January 2016 report, Business Process Automation - the future of white collar BPS, TechMarketView stated: Many early use cases for RPA have seen workers being redeployed into higher value roles that are aimed at improving operations and customer engagement. This is exactly the sort of gains that would be hoped for from automation. 2
Optimise processes, reduce costs and increase flexibility Whilst outsourcing has proven to be an effective strategy for gaining competitive advantage in Financial Services, the introduction of advanced automation opens up even greater opportunities to optimise processes, reduce costs and increase flexibility. Automating a highly labour intensive process and introducing Lean, proven robotic techniques ensures that a consistent, high quality and streamlined service is delivered on time, every time using a virtual digital workforce. What s more, RPA empowers organisations to free up highly skilled workers so they can focus on higher value and customer facing roles, leading to improved customer experience and satisfaction as well as increased staff morale. Bespoke RPA your rules, your processes, your way Sopra Steria s modular RPA solution has been providing clients with a virtual workforce of Robotic FTEs (full time equivalents) for many years. Our solution is configured to interface with existing IT applications to perform manual, rules-based back office tasks at a reduced cost and at unprecedented speed and accuracy. This results in the establishment of a virtual workforce, which is managed and controlled by department heads and operates on a 24/7 basis. McKinsey reported in 2015 that over the next 10 years, the work of 110 million to 140 million knowledge workers around the globe may be handled by cognitive robotic process automation systems. RPA is fully configurable and can be tailored according to individual organisation s requirements. Carefully designed and implemented RPA processes deliver consistently high quality and efficient transaction processing, in line with organisational security policies. What s more, our enhanced Lean process re-engineering capability embeds a continuous improvement culture throughout the organisation. This ensures that we can: Industrialise common business processes to ensure consistency using Lean, Six Sigma and BPM tools Group common processes and create modular, reusable and transferable components to drive down on-going costs Remain scalable, flexible and deliver rapid and realisable benefits to meet the ever changing business needs Maximise existing systems and investments without the need for further costly investment in IT or lengthy projects. Gain insight and empower better decision-making through enhanced analytics As all activity is rules based, this enables total transparency into the way that decisions are made, providing full visibility to both managers and regulators alike. In addition, RPA enables the collection and analysis of a wealth of information across all process areas. This enhances the Management Information (MI) for analysis and provides deep insight into the business process transactions, which then allows highly informed business decisions to be made. In 2016 Everest Group published a report on the impact of service delivery automation on services total cost of ownership: Change is on the way and never before has the need for agility been required more. Organizations on both the buy- and the supply- side of the market need to consider new style services and embrace change. If they do not, others will leaving the laggards behind in an increasingly competitive world. 3
Realising the benefits of Robotic Process Automation Process automation efficiencies are best realised in business functions that involve repeatable, standardised rules based activities. Processes within financial services organisations that are particularly suitable for RPA include; customer onboarding, account or policy servicing, invoice processing, claims and credit agreement processing, loan applications, etc. The principles of RPA In its report on RPA in Financial Services in 2015, Everest Group said: RPA technology is emerging as the biggest disruptive force to drive benefits across multiple dimensions cost savings, efficiency, accuracy, scalability, and regulatory compliance The combination of our RPA technical expertise with our award winning Business Process Services enables us to offer our customers confidence and assurance when introducing RPA into their organisation. Our highly comprehensive modular end-to-end proposition covers: Sopra Steria s modular RPA proposition MI & Analytics Operational Support Cloud Hosted & Priced Robotics As A Service Full Process Automation Development Managed Pilot Benefits Realisation Create Proof of Value Robotic Process Automation Process Redesign Organisational Design Project Management Identify Technology Solution Innovation Sandpit Offshore Delivery Testing On Premise Solutions Governance 4
Some of the key features and benefits of RPA are summarised below: Robotic Cloud Use a private Robotic Automation Cloud to create resources on demand Lights Out Workforce Virtual workforce from first principles Enterprise Strength Built on proven scalable and resilient technology and following standard architecture principles End to end data governance and logical access management Execution Intelligence Continuously verifies outcomes; applies a digital level of insight to human processing activity Increased Efficiency Reduces operational costs and re-work Increases customer satisfaction Adaptive Capacity Management Virtual employees are multi-skilled across all automated processes Robotic Analytics Draws insight from the wealth of data captured by virtual workforce Complete Compliance With Zero Deviation Virtual employees always follow documented processes to the letter, without error, omission or deviation Knowledge Hub Processing expertise is combined and available to all appropriate digital employees and centralised repository provides ease of maintenance Removes overhead and risk associated with distributing process definitions Technology Operations Regulatory and compliance benefits As well as operational efficiency and customer experience benefits, RPA also helps to ensure regulatory compliance throughout all activities as rules are built in to processes and automated. Rules can be amended as regulations are updated, providing a clear audit trail of compliance. Benefits include: Enhanced process controls and data quality - tighter data governance. Every process step is recorded with the ability to report through MI essential for regulatory compliance. Detailed analytics improvements in risk, fraud and compliance reporting. Automated preparation of reports for regulatory authorities information is accurate and produced in a timely fashion. IT benefits A clear advantage of using RPA is the longevity it adds to legacy IT systems. The ability to use advanced workflow via a robotised rules based workforce reduces the need to provide systems and support to functional heads and members of staff. Also, as RPA uses non invasive technology, it extends the life of legacy systems and ensures they can flex as operational requirements change. Benefits include: Faster, more accurate throughput cut data entry costs by up to 70%, with a virtual FTE costing as little as a ninth of an onshore FTE. Life of legacy systems extended through the use of non-invasive technology helping IT to stretch budgets. Improved data quality - removal of human errors in processing, so data is right, first time. Secure, managed and scalable environment - without the need for end-user computing or shadow IT. 5
Blue Prism and Sopra Steria building a digital and dynamic workforce for the future Sopra Steria has partnered with Blue Prism, the market leading developer of Enterprise Robotic Process Automation (ERPA) software to deliver a comprehensive, innovative yet proven service to expedite the delivery of their core processes more efficiently, accurately and cost-effectively. Sopra Steria s Robotic Process Automation combines our award winning Business Process Services (BPS) expertise with Blue Prism s ERPA technology, to achieve increased efficiency and profitability through: Our specialist domain knowledge - we have more than 40 years experience working in Financial Services across the top 10 European banks and leading insurance companies. Our Enhanced Lean process re-engineering capability: ensuring your business has an embedded continuous improvement culture. > > Previously, Shared Service Centres / Centres of Excellence and service providers have sought to industrialise the common business processes through various methodologies (Lean, Six Sigma) and with BPM tools. > > Our Robotic Process Automation takes this a step further by grouping common processes and creating modular, reusable and transferable components, driving down the ongoing development needs for the Virtual Workforce. > > For example, an automated business process module can be created to acquire information for new company starters, which could also be applied to the similar process of onboarding new customers. Our Assessment Methodology and Framework ensure clear operational benefits are delivered. Our comprehensive IT change and delivery capability for wider systems integration requirements. Our ability to remain scalable and flexible, and deliver rapid realisation of benefits, to meet changing business challenges and demands. Our approach to making best use of existing systems, experience and expertise without the need for costly investment in IT tools and lengthy projects. Our customer success stories Corporate Pensions Contributions Challenge: administration of 50,000 scheme cases Moved from lunar cycle to calendar month contributions Payments moved from weekly to monthly > > Avoided an 800 man day project using 3 weeks of RPA development > > Completed by the robots over 3-4 days Savings - New Book of Business Challenge: policies administration of newly acquired business Manual process: 15-20 min per case Automated process implemented: 6,000 cases processed at an average of 3 mins per case > > Avoided the need for 30 FTEs for: > > obtaining new quotations > > writing to policyholders > > handling policyholder responses Administration System Gaps Challenge: gaps to be filled in new policy administration process 85% of administration process in strategic system was automated, and 15% gap needed filling Potentially required a new 8 FTE business team to manage new manual processes > > Robotic process negated the need for increased workload and additional FTEs Customer Credit Agreements Challenge: processing 70,000 cases per month Process included: Confirming credit agreements with customers Handling direct debit default charges Managing processes and correspondence for non-return of credit agreements > > Efficient automated process implemented cost effectively - processing at 20-40 secs per case 6
Direct Debit Changes Challenge: inefficient manual application of direct debit amendment process Eliminated all manual intervention and fully automated the direct debit amendment process > > Customer satisfaction significantly improved > > SLA of 3 days reduced to 2 hours Insurance - Account Migration Challenge: volumes were suboptimal for a large scale migration programme and the alternative option was manual effort RPA is re-keying from source to target system utilising new system validation, and moving accounts across to strategic system over a 13 month period. > > Clean data everything validated on entry > > Tactical programme- robots can be re-purposed, process stored in library for future re-use Why Sopra Steria? We have market leading, certified capability and a proven track record of delivering complex, innovative, RPA and other digital solutions that provide real and immediate benefits to our clients. We go beyond simply providing stand-alone solutions, instead offering comprehensive, modular, end-to-end process management that truly transforms the way our clients design and deliver services to their customers. Interested? See for yourself how advanced robotic automation could transform your ways of working. We would be delighted to develop a Proof of Vision to provide a swift and demonstrable view of RPA within your organisation and what an RPA journey can deliver for you. Sopra Steria in Financial Services Sopra Steria is a true digital enabler, connecting large scale IT services with responsive delivery of business outcomes in Financial Services. With over 40 years experience across Financial Services, Sopra Steria has delivered landmark industry initiatives for the UK s leading banks, insurers and asset managers. As a trusted strategic delivery partner, we work with our clients to ensure successful delivery across both established and emerging technologies. We recognise our clients needs to deliver products and services to a consistently high standard in an increasingly complex and demanding environment. To find out more contact us now at: Sopra.Steria.UK.Financial.Services@soprasteria.com 7
Sopra Steria Three Cherry Trees Lane Hemel Hempstead HP2 7AH +44 (0) 370 600 4466 Sopra.Steria.UK.Financial. Services@soprasteria.com BR019V04 www.soprasteria.co.uk