Verinite Cards Conclave: Intelligent Automation - How Robotic Process Automation(RPA) and Artificial Intelligence(AI) are transforming the Card Operations
- 1. Intelligent Automation - How RPA and AI are transforming the Card Operations Verinite Cards Conclave Philippines, 2019 Think Cards, Think Verinite !
- 2. © 2019 Verinite - All rights reserved All work described was performed by Verinite or a Verinite affiliate Few ? for Consideration 2 05 01 Are you struggling to launch new products because of low bandwidth? 02 Is there any scope of improvement of efficiency in your business processes? 03 Are you still dependent on BPOs for day- to-day operations? 04 Are there regular customer complaints arising out of manual errors? Do you have concerns that your sensitive data may get leaked from your systems? 05
- 3. © 2019 Verinite - All rights reserved All work described was performed by Verinite or a Verinite affiliate Evolution of Intelligent Automation 3 Structured Data Interaction Robotic Desktop Automation Robotic Process Automation Machine Learning Natural Language Processing Artificial Intelligence Supports Human Actions Structured Data Mimics human actions Structured Data Mimics human actions Structured Data Augments human intelligence Unstructured Data Augments human intelligence Unstructured Data Mimics human intelligence Unstructured Data
- 4. © 2019 Verinite - All rights reserved All work described was performed by Verinite or a Verinite affiliate Intelligent Automation – Value Drivers 4 Ease of deployment Enterprise Solution Business Process 24x7 Availability Efficiency Cost Benefit Scalability Accuracy
- 5. © 2019 Verinite - All rights reserved All work described was performed by Verinite or a Verinite affiliate RPA – The first frontier of Intelligent Automation 5 70% Manual and rule based process 92% Improvement in compliance because of action traceability 20% Equivalent work of FTE resources done by Robots 55% Cost savings on rules based processes
- 6. © 2019 Verinite - All rights reserved All work described was performed by Verinite or a Verinite affiliate Guidelines for successful RPA implementation 6 1 Roadmap for implementation of RPA in Card Operations Steps to create a roadmap • List of all processes that are good fit for RPA • Identification of processes which require process optimization • Evaluation of benefits and ROI for each process • Prioritization of processes based on highest potential for success and impact Major risks to consider • Process with insignificant business impact • Process with higher cognitive tasks • Sub optimal process Quick Statistics 77% organizations with RPA initiatives have less than 10 RPA bots
- 7. © 2019 Verinite - All rights reserved All work described was performed by Verinite or a Verinite affiliate Guidelines for successful RPA implementation 7 2 Setting the expectations right for different stakeholders Expectation • Single RPA tool will automate all manual processes • The process efficiency increases because of use of RPA Reality • Pre requisite - Process optimization More than 40% RPA initiatives fail to meet business expectation Cost and Headcount Revenue, Faster Service, Customer complaint, compliance issue Standard digitalized data and rules based process RPA Non-standard process and complex decisions AI / ML
- 8. © 2019 Verinite - All rights reserved All work described was performed by Verinite or a Verinite affiliate Guidelines for successful RPA implementation 8 3 Selection of right process to ensure quick impact 50% of automation projects fail because of wrong process choiceHigh volume and high availability Error prone or Standard process, no exceptional workflows Swivel chair integration Stable process and applications Fraud alert or system health-check Data Entry for Cards Origination Rekeying data between multiple systems Dispute management and transaction posting
- 9. © 2019 Verinite - All rights reserved All work described was performed by Verinite or a Verinite affiliate Guidelines for successful RPA implementation 9 4 Complementing tools for enhanced service Myth RPA is a silver bullet for all challenges. This tool will be able to automate all processes RPA Advantage • Continuity in service – 24x7 • Scalable solution • Compliance • Faster execution RPA++ Advantage • Complex decision making – AI/ML • Unstructured data - NLP • Creating data insights – RPA and AI / NLG How RPA++ is making a difference in cards domain Banks are now able to automate complex processes like Underwriting using RPA++
- 10. © 2019 Verinite - All rights reserved All work described was performed by Verinite or a Verinite affiliate Guidelines for successful RPA implementation 10 5 Collaboration between IT and Business team from start • Process Automation took 3 days while deployment required additional 5 days • Process had to be rebuilt as IT deployed a change which impacted the workflow Process Team • Build process • Optimize process • Configure bots • Update bots IT Team • Deploy process • Regular maintenance • Digitalizing data • Application security and testing Recommendation – Make IT part of your RPA journey from the start
- 11. © 2019 Verinite - All rights reserved All work described was performed by Verinite or a Verinite affiliate Real Life Implementation and Benefits 11 Automation of Data Entry for Credit Card Origination CRM system and Origination systems Data Entry by outsourced BPO team 4000+ Credit Card Applications per day 10 minutes per application No API available from Origination system Create / Cancel / Update/ Stage Reversal Requirement Result Bots deployed - 4 15 seconds per application 100% (No data issues during DE) ~7500 USD per month Process was stable and had structured data Cost saving potential – BPO outsourced
- 12. © 2019 Verinite - All rights reserved All work described was performed by Verinite or a Verinite affiliate Questions 12 Any Questions?