RPA has become the go to technology for the banking industry, as it reduces costs and saves employees from doing tedious repetitive tasks so that they could focus on what is important; therefor many well-known banks have adapted this technology to their advantage. For example, the OCBC Singaporean bank were able to reduce the time that takes them to re-price home loans to just 1 minute where it took the trained employees 45 minutes to finish this task; the RPA robot was able to check if the customer is eligible to reprice their home loans, recommend options as well as draft the emails all in 1 minute. Another example of a well known bank that have adapted RPA to its disposal is the Bank of America were it is have been known to be including RPA for both front and back end operations, which helped them achieve greater consistency, accuracy and speed so much that it let them achieve 95% of their targeted benefits under the set budget.
With the market’s fast demand on technology, software companies are constantly searching for ways to provide their services as fast as possible to their clients with the highest accuracy as possible. That’s why most companies have adopted RPA to their disposal and included it in most of their departments such as tech support, data manipulation management, and testing. With RPA they can the employees can leave the repetitive tasks to the robot while they focus on their important tasks. As seen when the line mobile communication app developers included RPA to monitor and test the app resulting in a major reduction of quality assurance efforts. As well as when Cerner (American supplier of health IT solutions) Needed to migrate data from excel sheets to a Electronic Medical Records (EMR) as efficiently as possible, so in just 3 months they installed an RPA solution which resulted in $130K benefits per year, as well as 628% increase on return of investment.
RPA is already changing the way that businesses work across the world, by providing them with the capability to operate 24/7 and with high efficiency and accuracy, and oil companies specially have adopted it to give them more operational efficiency. They have adapted it to numerous areas such as logistics and processing services, operational reporting as well as in exploration analysis and analytics. To illustrate the effect of RPA in oil and gas industries, we shall take a US based energy company as an example, they were looking to reduce the time taken to audit historical data, as well as to reduce errors that happen due to too many manual touch points. Thus, they developed a RPA solution to tackle the problem, were it was able to record thousands of critical records in SAP as well as sending them a conformation email when its done with a summarized report about the files that have been stored in the shared drive. This solution helped them to achieve error free results as well as 35% reduction in total action time.
Headquartered in Atlanta, SunTrust Bank operates primarily throughout the Southeast and Mid-Atlantic regions. In an October 2016 presentation, we can find evidence of the bank’s implementation of robotic process automation: At that time, the bank reportedly formed a group within its IT department to support the deployment of banking RPA technology. SunTrust has implemented Pega Robotic Desktop Automation in payment-operations areas such as Consumer Bank Cards, Wires, and ACH. Among the results delivered by robotics, the bank noted that average transaction speed improved 3.8x, average training time improved 4x, and the average error rate was reduced by an impressive 65 percent.
Media reports have discussed this Winston-Salem, North Carolina-based financial institution’s interest in intelligent automation, such as RPA, to improve the efficiency of its operations. This is evidenced by the bank’s reported $50 million investment in fintech companies, making it clear that digitization of company services is a bank priority. While specific use cases have not yet been shared, similar to SunTrust Bank (case study below), Pega lists BB&T as one of its RPA clients. And according to BB&T’s 2017 annual report, the bank lists “robotics” among eight initiatives to improve its profitability.
Walmart. CIO Clay Johnson says the retail giant has deployed about 500 bots to automate everything from answering employee questions to retrieving information from audit documents, freeing up employees “who are tired of the work,” as he described it.
Vodafone has been highly optimistic and excited as the leading telecommunication company introduced RPA. Said Israel Exposito, Vodafone’s global process lead of big data: “RPA became attractive not just because of the opportunity to reduce costs but also because it liberates our employees from boring and repetitive tasks, giving them back time to focus on more interesting activities that require higher competencies. Nobody wants to spend years and years of study to wind up in a job doing copy-paste over and over again.” Since implementing RPA, Vodafone has surpassed its goal of a perfect-purchase-order rate of 80 percent, achieving a record 92 percent.
US-based multinational energy corporation, with headquarters located in Texas. After a detailed analysis , a pure play RPA implementation was proposed. Bots were designed and implemented to : Read emails from the user and extract the information required, Run Monarch Process to convert PDF to excel, Perform excel operations and Run Plant statement process in SAP, Send out confirmatory mails on completion of the process 100% Error free outcomes, 100% invoices in STP mode, 40% reduction in TAT.
US-based multinational energy corporation, with headquarters located in Texas. After a thorough analysis of the operations, a pure play RPA implementation was proposed as the solution for six use cases under these processes Business Benefits , 80% reduction in full-time employees ,30% reduction in cost of operations ,40% reduction in turnaround time ,70% invoices in STP mode. The BOTs were designed and implemented to: Perform extraction and pdf file operations for these processes Perform data transactions in SAP application Send out confirmatory mails on completion of certain operations within these processes