RPA / AI Proof of Concept Implementation at International Bank
Our customer is an international bank that offers an array of financial services and products, including retail banking, mortgages, corporate banking, cash management, credit card, capital markets, trust and wealth management, and insurance.
Finance & Banking
The customer hired IBA Group to test, if the RPA (Robotic Process Automation) and AI (Artificial Intelligence) technologies for which they bought a license suit their needs.
The bank receives a daily list of transactions on currency exchange. Bank employees have to compare the list with data in the internal banking system. Data come in exls, pdf, html, and plain text formats. In cases of data error, clarification of information routed to employee (Human Task)
Classify input data, automate data extraction (cognitive automation with training model based on 1,500 documents), compare input data with data in the banking system (RPA task), and send messages on process results (bot task).
IBA and the customer worked together on the Proof-of-Concept, implementing the most typical business processes. The project duration was three months. Of these, IBA Group spent one month at the customer’s premises and two months working from an offshore location.
- Automation rate for extraction: 78%
- Average accuracy: 94%
- Reduction in manual effort per transaction: 63% (1 m 50 sec vs. 5 min)
- For Excel: accuracy 100%, automation rate 100%,
As the proof-of-concept yielded positive results, the project was put into production.