Processes are a totality of successive, influencing procedures within a company, which achieve business objectives by transporting information and materials. The process landscape of a credit institution defines the daily work routine within an organization and is mapped in the system landscape and corporate structure. In order to reduce costs, an automation of process steps that can be standardized by using technology is aimed at. The goal of automation is to handle the processes of a process by technical components with little manual effort. The manual effort results from the initiation of the process and the evaluation of the process results.
The use of novel technologies enables the visualization of the lived process landscape with the help of data analyses beyond system boundaries in order to compare these with the desired process images, to recognize optimization potential and to bring about a holistic reduction of process complexity. By reducing complexity and standardizing process activities, a targeted automation of process activities is achieved with the help of suitable technology.
- The matching of nostro accounts is a common challenge in financial departments. Most institutions have automated the preparation of the matching process to a certain extent. However, some parts of the matching is still executed by humans.
- The use case offers solutions to get closer to an 100% automation.
- In the Accounting Standard IFRS 9, the classification of financial assets and especially the derivation of SPPI criterion for loans as well as bonds is a highly manual process.
- The use case combines Robotic Process Automation and natural language processing to improve the level of automation in the SPPI criterion determination
- Robotic Process Automation (RPA) has in recent years launched a fundamental new paradigm on how to automate and optimize processes. Practical RPA projects have been a great success but focused on the repetitive tasks always following the same patterns.
- Hyperautomation extends the scope to include the (algorithm-driven) decision-making in the automated process.
- The use case shows the combination of machine learning and RPA (implemented in UiPath & Python).