Article

Top 10 Use Cases for Financial Services Automation

Windows, Linux, Mac OSX
Posted:
May 23, 2019
RPA in Finance

 

In today’s fast-paced world, people won’t stand for delays. Especially from their financial institutions. Customers want to be able to access and move their money at any time from any device, and in financial services, it’s your job to make sure nothing gets between your customers and their hard-earned money. But there are still a lot of paper-intensive processes and legacy IT systems that make it harder for organizations to integrate with newer technologies, making it difficult to deliver the quick, 24/7 service today’s customers expect.

In order to meet customer expectations and stay competitive with other institutions, you need the power of robotic process automation (RPA) software. Putting software robots to work for financial services automation allows you to more efficiently manage high-volume processes across complex infrastructures—and deliver the experience your customers desire. A great RPA solution will not only streamline your most tedious, repetitive, and manual processes but will also integrate with your mission-critical business applications—centralizing your automation efforts in one spot.

Here are the top ten processes and related tasks that you can have RPA software automatically execute for you in the financial services industry:

Top 10

1. Financial Review Preparation

  • Connect and automate data movement from various core banking applications for easy consolidation for executive reporting.
  • Cleanse data for easier formatting between applications—like Adobe or Excel—to create readable reports.

2. Account Reconciliation

  • Download subaccount balances into pre-approved formats.
  • Upload transaction data from various sub-systems and different formats.
  • Perform data validation and exception research and handling.
  • Create and balance journal entries, noting and remediating discrepancies.

3. Standard Journal Entries

  • Create standard monthly journal entries.
  • Enter and manage data into your ERP.
  • Perform validation analytics to ensure accurate entries.

4. Bank Reconciliations

  • Automate bank statement download workflows for individual accounts.
  • Create text files and store them in appropriate folders.
  • Reconcile balance and transactions to core finance sub-systems.
  • Create balancing journal entries to handle discrepancies.

5. Intercompany Reconciliation

  • Check and reconcile balances on intercompany accounts.
  • Conduct basic research and reporting for any exceptions between accounts.
  • Create exception files and email reports for review and approvals.

6. Accounts Payable Processing

  • Setup and maintain processes for paying different vendors.
  • Create workflows for accounts payable approvals.
  • Enter data to complete payment preparation and processing.
  • Process payments and bulk payment files for sub-system journal entries.

7. Financial Planning and Analysis

  • Connect pre-population of forecasts using historical and market data.
  • Load balances into planning systems to record.
  • Create variance reports that show pre-population and actuals.

8. Operational Finance and Accounting

  • Conduct pricing review approval process to handle multiple variations for customer accounts.
  • Calculate and process rebates.
  • Download detailed monthly sales data and commission calculations.
  • Create files and emails to gain approvals.
  • Post necessary information to general ledgers and sub-systems.

9. Regulatory Compliance and Reporting

  • Pre-populate annual complex reporting and routing.
  • Capture and manipulate data to support auto-generated regulatory reports.
  • Create an audit trail or reports and get confirmation of receipt.

10. Accounts Receivable Processing

  • Credit approvals and maintain a customer master file.
  • Route and process customer orders.
  • Process accounts receivable cash receipts.
  • Send late payment notifications.
Discover the Power of Robotic Process Automation for Financial Services

See these processes in action with a live demo from an automation expert. Schedule a demo of Automate, a powerful RPA solution from HelpSystems, to see how RPA software can streamline your most tedious financial services processes.