With the rapid development of Internet informatization and even digitalization, the business response speed of financial institutions is rapidly improving, the scale of business services is rapidly expanding, the demand for external docking is gradually increasing, and the original mature and stable technical systems within the institution are becoming increasingly complex, resulting in information islands everywhere. At the same time, due to the rapid growth of business volume, it has brought about the dilemma of insufficient human resources. The actual execution of business still requires a large number of repetitive manual operations, which has the problem of low efficiency. Business personnel are tired of dealing with complicated operations and their work is ineffective. Feeling low.
01 RPA applicability
On the premise of ensuring safe and stable operation, how to improve the quality and efficiency of business operations is an important issue currently faced. The rise of Robotic Process Automation (RPA) technology has provided new ideas and solutions to solve the above problems.
RPA is a software that manipulates multiple different systems and automatically completes specific functions and tasks based on preset business rules. The core capability of RPA technology is to use automation and intelligent technology to simulate or replace people's repetitive, low-value, fixed process operations that do not require manual decision-making, thereby effectively improving work efficiency and reducing errors. After recent years of development, the application of RPA in the financial industry has become increasingly mature, and can help financial institutions improve efficiency, reduce costs, optimize experience, and improve decision-making.
By introducing RPA, the following problems faced by enterprises can be solved:
The first is to accelerate digital transformation and connect the last mile. In addition to their own huge business systems, financial institutions also need to interface with external systems such as tax systems and credit reporting systems. There are barriers to data exchange between internal and external systems. RPA can integrate various related business flows, connect the upstream and downstream of business processes through automation, form a closed business loop, accelerate the digital transformation of enterprises, and connect the last mile of business processes.
The second is to improve business efficiency and save labor and IT costs. The implementation cost of introducing RPA technology is low. By assisting manual operations with RPA robots, business processes can be quickly optimized, business efficiency improved, and labor and IT costs saved.
The third is to improve the level of intelligence and prevent business risks. For a large number of repetitive operations that need to be performed manually in business scenarios, there is a problem of uncontrollable operational risks due to physiological fatigue, external interference, etc. RPA, combined with artificial intelligence and other technologies, can quickly build digital processes without invading existing systems, improve the level of business intelligence, and eliminate the impact of human factors to a large extent.
These characteristics of RPA technology specifically solve the pain points faced in large-volume repetitive business scenario operations, and effectively meet the stable, efficient, safe and compliance requirements of financial institutions in business operations.
02 Application effect
RPA technology has experienced years of practice and application in the Shanghai Branch of China Securities Depository and Clearing Co., Ltd. (hereinafter referred to as "China Clearing"), and has gradually built an RPA application ecosystem that adapts to the new development pattern. The system is deployed independently in a privatized mode and is isolated from other business systems without affecting each other. RPA robots access various business systems by simulating manual operations, are seamlessly integrated into our company's existing technical architecture, and are responsible for more and more work. The application of RPA technology makes up for the shortcomings of slow system construction in digital transformation, freeing human resources from a large number of repetitive businesses to engage in higher value-added work.
RPA robots provide stable services to multiple departments of the company, achieving integration of industry and technology, and efficient collaboration. In practical applications, business processing efficiency has been greatly improved, and the processing time has been reduced by more than 65% on average. It has been deeply applied in many typical business scenarios such as finance, process, and report statistics, and has achieved a better user experience.
●A certain financial scenario. Compare the bank download receipt with the financial data of the company's internal system and archive the comparison results. Using RPA to replace manual processing, the processing efficiency can be increased by 600%.
●A certain process is handled. Internal process management originally required manual document processing and data entry. Through RPA implementation, the daily processing time can be reduced from 3 hours to 1.5 hours.
●Processing of a certain report. Process multiple EXCEL source data reports and summarize the results. The total data volume reaches several million pieces. Through the RPA robot, the total processing time is reduced from 3 hours to 1 hour.
The successful implementation of the RPA project of CSDC Shanghai Branch fully leveraged the connotation of technological finance, optimized the allocation of financial resources, effectively solved the problem of insufficient manpower during the epidemic, improved financial service functions, and used "digital + technology" to create a digital RPA robot workforce. Build a new "user + scenario" service system, promote resource sharing and human-machine collaboration, and achieve good economic and social benefits. Business processing efficiency has generally increased by more than 200%, and the return on assets has reached more than 7 times, which can save a lot of manpower. and IT costs, to achieve cost reduction and efficiency improvement, effectively solve "repetitive" problems in business operations, and reduce manual labor-intensive business operations. During the project implementation process, a complete process mining, development testing, and project management mechanism was established, and a mature scenario application theory, method, and evaluation system were formed, effectively playing the breakthrough and leading role of the pilot project. The project experience can be replicated and promoted, and it has introduced cutting-edge technology and advanced management experience, and has a strong pilot demonstration effect in the financial industry.
03 Summary and Outlook
RPA technology can not only effectively improve the efficiency of existing business processing, but its non-intrusive construction, rapid development, efficient operation and maintenance and other characteristics can often achieve immediate results under the premise of safety and controllability. The in-depth application of RPA technology in China Clearing Shanghai Branch has effectively enhanced the auxiliary role and degree of replacement of manual operations by intelligent services, accelerated the digital and intelligent transformation of the branch, and effectively improved service efficiency, quality and level. In the future, by paying close attention to the development trends of the RPA and artificial intelligence industries, strengthening communication with financial institutions such as securities firms and banks, and combining our own practical experience, we will explore a safe, efficient, and intelligent path that suits our company's actual development needs.
In the next step, the RPA system of CSDC Shanghai Branch will strive for stability, innovation, and pioneering. On the basis of maintaining existing results, it will further accelerate the digital construction process, continuously improve the business coverage capabilities of new scenarios and new channels, and cooperate with Intelligent technologies are organically combined to explore and transform business processes, drive business transformation and upgrading, realize in-depth services and intelligent reconstruction of RPA applications, and lay a solid foundation for the sustainable development of the system.
Article source: Shanghai Fintech Industry Alliance Bi-monthly Issue 13
Contributed by: China Clearing Shanghai Branch
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