Robocs Process Automaon for Trade Finance Banking & Financial Services Copyright © 2017 Virtusa Corporaon. All Rights Reserved. Robocs Process Automaon for Trade Finance Trade Finance - Need of RPA The Trade Finance market place is ever changing, increasingly global and increasingly compeve. The banking industry is facing complex and dynamic challenges and aware of the need to implement changes in order to adapt to this era of declining revenue. The Roboc Soſtware Agents are a relavely new technology that is commonly termed as Robocs Process Automaon (RPA). Their objecve is very straighorward – to carry out the business processes that would normally be done by human beings. This works best when the processes are repeve, rules-based and frequent. Trade Finance Operaons are the core acvies in the Back Office Processing Locaons. RPA is a potenal competor to any outsourcing deal that involves business processes (Business Process Outsourcing, or BPO). Soſtware robot would cost around one ninth of a Full Time Equivalent (FTE) resource. RPA for Trade Finance Process opmizaon is the long-term transformaon strategy which will lay the groundwork for the future and drive excellence while controlling costs, maximizing capacity and scalability. RPA can interact with a Trade Finance Applicaon through the soſtware user interface to support the process opmizaon. RPA - Emerging Trends in the Market • RPA is proving to be a game-changer in financial services and it’s potenally the most disrupve and valuable, new tool in business operaons today • RPA is playing an important role in enabling Trade Finance instuons to offer low cost, customized, value added soluons to meet the requirements of diversified customer segments • RPA is fast emerging as a highly efficient and demonstrable way to help corporate banking firms to reduce IT spending. RPA is much more than tradional process automaon, which requires programmers to write programming scripts, that automates the individual tasks Trade Finance - Process Identification Framework for RPA Enablement The main focus areas for automaon is during the processing stage - in parcular, all data entry, validaon of data with supporng documents and supporng systems, reference to market data, charges calculaons, selement calculaons and account validaons. Most of these acvies are manually driven and error prone. There is a important need to idenfy the processes which qualify for RPA enablement. Soluon Highlights Our soluon framework for RPA driven improvements in Trade Finance will enable organizaons to quickly idenfy potenal areas within Trade Finance for operaonal efficiency improvements – along with helping to design and implement the soluon in a faster me. Key Benefits • Technology driven Virtual workforce powered by automaon soſtware agent available by 24/7 with 3 to 5 mes faster processing and minimal errors • Significant reducon in cost for operaonal and infrastructure. 25-50% overall cost savings • Brings the Operaonal efficiency in the Trade Processing Units. Rule based decision making mechanism and machine learning helps in reducing the equivalent workforce and manpower needed • Data entry in the TF applicaon by taking input from data sheet, taking input from supporng documents and systems Everything that can be automated will be automated. “ ” Steve Jobs