AI Case Study
Bank of NY Mellon reduces processing and trade entry turn around time by 88% and 66% respectively using robotic process automation.
BNY Mellon has deployed more than 20 bots since the start of 2017. Using robotic process automation, the bank uses the bots to complete repetitive tasks, from back office tasks to customer service, enabling its employees to focus on value-adding services. Using software from Blue Prism, the company has improved its processing and trade entry turn around times and estimates that it will achieve an annual saving of $300,000 through its funds transfer bots.
"In May 2017, the bank announced that over the past 15 months the company has rolled out more than 220 bots for handling tasks that are often repetitive in nature and normally handled by staff.
Bots run automated task in everyday operations, such as streamlining trade settlements by performing research on orders, resolving discrepancies and clearing trades. It takes a human five to ten minutes to reconcile a failed trade. A bot can do it in a quarter of a second. Bots are also used in data-reconciliation, enabling the team to focus on exceptions and quality control."
"BNY Mellon uses robotic process automation software from Blue Prism, which is built on the established and proven Microsoft.NET Framework. It automates any application and supports any platform (mainframe, windows, WPF, java, web, etc.) presented in a variety of ways (terminal emulator, thick client, thin client, web browser, Citrix and web services). And it provides a single capability for automating all of the applications used within an organization. Through the use of distributed Software Robots, Blue Prism is highly scalable and can be provisioned in the cloud or as an on-premise enterprise deployment."
"The Bank of NY Mellon states the following results:
* 100 percent accuracy in account-closure validations across five systems.
* 88 percent improvement in processing time.
* 66 percent improvement in trade entry turnaround time.
* 1⁄4-second robotic reconciliation of a failed trade vs. 5-10
minutes by a human.
* The bank estimates that its funds transfer bots alone are saving it $300,000 annually, by cutting down the time its employees need to spend on identifying and dealing with data mistakes and accelerating payments processing"
"RPA integrates artificial intelligence and is carried out by software applications, known as web robots or Internet bots, programmed to process automates tasks."
Accounts Payable And Receivable
The bank aims at "freeing people from uninspiring, mechanical, routine and repetitive tasks. By giving that work to bots, our people can focus their time and energy on applying their industry knowledge and expertise to develop and deliver value-added services." "The robotics push comes as the banking sector ramps up the use of artificial intelligence (AI) and automation to save money and time on cumbersome and manual processes."
Data sets vary according to task. Examples include “data requests from external auditors” and “funds transfer”.