Robotic Process Automation (RPA)

Decision Minds has a proven approach, templates and processes that can accelerate the creation of your RPA strategy and deliver RPA based robots in as little as 6 weeks depending on use case.

RPA (Robotic Process Automation) is a software-based approach that automates user actions, to reduce or eliminate human intervention in mundane/repetitive, and manually intensive processes. In some cases, the decisions can also be recommended by the machine/deep learning and cognitive agents. Today RPA combined with Deep Learning (DL) and Machine Learning (ML) can create virtual agents that can be deployed 24/7 to reduce latency and drive very high levels of productivity.

Decision Minds has in-depth experience implementing several robots across many banks and credit unions. Areas in banking operations that have been very successful leveraging RPA are:

  • Sales and Distribution - Customer Onboarding, Prospect Management, Account Origination and Onboarding
  • Payment and Lending Operations – Payment Initiation, Transaction Processing, Loan Application Processing/Validation
  • Back office processing - Fraud Monitoring, KYC, Anti Money Laundering, QA/QC of transactions, Regulatory reporting formatting and document preparation

Business Drivers

  • Competitive advantage
  • Proactive & 24x7 service
  • Free up key resources for strategic decision making
  • Speed up key business processes
  • Reduce human errors
  • Cost savings as high as 65%
  • Achieve regulatory compliance with minimal IT development

Our Value

  • Implement RPA solution in as little as 6-8 weeks, or as little as $5K per robot per year
  • Proven experience with credit unions and banks
  • Partnerships with key RPA vendors like BluePrism
  • 25+ experts with RPA experience
  • Easily leverageable prebuilt bots for popular use cases

Approach

We have a proven approach, templates and processes that can accelerate the creation of your RPA strategy and deliver RPA based robots in as little as 6 weeks.

Use Case Selection

 

Tool Selection

 

Prototype

 

Testing and Rollout

 

Scale up/down

Assess use case and ensure that it is suitable for RPA

suitability analysis

ROI analysis

Process selection/scoring

 

Choose right tool, topology vs. controls

Assessment framework

 

Pilot in controlled internal environment

Scenario, Roadmap, Criteria samples

 

Test and deploy

Well defined success criteria

 

Multiply or reduce or stop all robots based as needed for business

Establish and enforce rule based controls

Sampling of Use cases that can be automated

Account Opening

  • Account Origination, New Account Entry across systems, eForm extraction, Refinancing Entries, Periodic disclosure attestations with changes, Review of account openings with paper statements, Transfer disclosures

Approvals

  • Loan Approval – Moving data place to place and making calculations

Operations 

  • Loan Processing, Deposit Processing, Underwriter Support, Processing of credit card orders – from web form to mainframe, Check Processing

Risk & Compliance

  • Pricing reviews, Fraud detection, Anti-Money Laundering (AML),  Purging known old data

Collections    

  • Collections, Notification of delinquent loans – emails and letters to clients

Finance & Accounting

  • Accrual Support, Fixed asset amortization FX accounting and write-offs, Month end close heavy lifting,  Credit note accounting entry, Billing, Reconciliations

Customer Service    

  • Monitor email boxes and use information from the email to fill out service request forms, Automated Data Entry eg: loan onboarding from origination systems to servicing systems and its data validation

HR

  • Employee onboarding and off-boarding

IT 

  • Service Desk, Patch implementations, Automation of manual DB activities, User access changes, Shared drive access changes, Examine system logs to identify suspicious or illegal activity

Vendor Management Office

  • Systematically vetting of contract details, SOW approvals

Investments & Insurance

  • Investment Processing, Surrenders

Sampling of technologies we work with

  • Amazon ML Recognition, Azure Machine Learning (Cortana)
  • Microsoft Bot Service, Blue Prism, UIPath, Workfusion
  • Amazon Lex, Microsoft Zo, Google Allo, Facebook Messenger
  • Python, R, Spark ML, Tensorflow, h2o.ai