Objectway addressed the client’s needs of streamlining operational activities relating to both data digitisation and processing of a massive volume of contractual documents, thus reducing both cost and processing times, while improving accuracy.

The implementation considerably reduces processing times, increasing scalability and focusing human resources on value added activities.

Unveiling the Benefits of Business Process Automation

Our client was an asset management firm with more than €15 billion in assets under management (AUM) and 12 investment finds with over 70,000 accounts. It now manages 200-300 new contracts per day, processing 400 to 700 entries per week. It has over 70,000 active accounts, and this is growing continuously with over 30 asset management lines, covering both individual and business accounts.

The goal was to streamline operational activities related to both data digitisation and processing of a massive volume of contractual documents, through process automation. The objectives also included achieving benefits in terms of efficiency and accuracy, thereby reducing both cost and processing times.

The answer to these challenges was Business Processing as a Service (BPaaS) activities combined with Robotic Process Automation (RPA) technology to provide operational efficiency via an upgrade in accuracy and reduced error rates.

The robotic system takes care of document reading, through an OCR conversion system and extracts data and information. Real-time monitoring is carried out by a dedicated dashboard providing metrics, errors and alerts. It also allows a drill down into the detail of the underlying events for resolution and analysis. The system also verifies that the data extracted from the documents and the back-office application are consistent. The first control is related to congruity, while the second to consistency. A further step is to enter payments made by customers in the management system, retrieving data from the home banking application through an integration created specifically for the customer.

The automation plays applied to this project gave the client the chance to meet the ever-increasing challenges of this market head on with process efficiency and better data management. The implementation considerably reduces processing times and adds scalability. Going forward the increased volumes of files to be examined will not require an increase in the amount of resource assigned to the process. This has meant that the client now has the capacity to extend the range of checks to cover all transactions made by the customers including new elements that were not considered in an initial stage of analysis.

The resulting enhanced efficiency also means less time is now spent on manual processes and freeing up employees to focus on more value-added activities. Indeed, human interaction should focus on activities that can add value, such as management of exceptions reported by the solution’s robot.

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