Banks Invest in Robotic Process Automation
Japan has launched a utility for investment banks to incorporate robotic process automation in post-trade operations as banks increase investments in a digital workforce.
Nick Fry, director at Sapient Global Markets, told Markets Media that most banks are investing heavily in robotic process automation to enable a digital workforce to mimic simple repetitive human tasks, such as reconciliations or data input.
“They can free up headcount, increase accuracy and scaleability,” Fry added. “One firm reported a tenfold increase in efficiency after introducing RPA.”
Nomura Research Institute said in a statement that its Prime Settlement Service, Japan’s first utility for investment banks, will incorporate robotic process automation to replace manual processes for post-trade operations from this month.
For payment record processing, each data file was received through email and manually uploaded to back-office systems before being manually reconciled. The process is being automated to remove the potential for human errors and increase volumes using the technology provided by UK-based UiPath.
Michiko Matsubara, PSS Group Manager of Nomura Research Institute, said in a statement: “The automation of post-trade operations is one of most consistently in-demand upgrades that we receive from our customers. Investment banks are looking to create the most efficient environments possible, and freeing up their teams from grating and time-consuming tasks through innovative technology solutions is the first step towards upgrading a workforce.”
In January this year Accenture and Blue Prism, a provider of enterprise robotic process automation software, said more than 40 organizations are using them to introduce RPA including Raiffeisen Bank International.
Raifeissen Bank International said in a statement it worked with Accenture to implement Blue Prism technology to automate business processes in four countries with further roll out planned in 2017.
Markus Stanek, head of group efficiency of Raiffeisen Bank International, said in a statement: “We had been considering RPA as a way to accelerate business results, but we needed a solution that could be housed internally, scale rapidly, and be up and running within two months.”
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