Asset Management industry is proliferated with manual processes. Staff often have to work with legacy systems and carry out repetitive data extraction and workflow tasks to manage critical processes such as KYC, Suitability and Compliance Monitoring to name a few. High level of manual intervention leads to greater operating costs and result in business outcomes that are prone to human errors. To address this, asset managers have to significantly digitise their front to back operating model and increase automation. But this requires huge investment and firms often end up with long running transformation programmes where the intended benefits are not realised for many years. Could there be a parallel option where automation could be achieved at a fraction of a cost and in much shorter timer frame (e.g. days, weeks and not years).
RCloud offers RPA or Robotic Process Automation for asset managers to rapidly automate manual and repetitive desktop tasks. At a very basic level, the RPA bots mimic user keystrokes and mouse clicks to execute a task that normally a human would perform on a desktop. This simple but highly effective feature allows RPA to interact with various internal and external application, websites and emails. RPA can be used to collate data from disparate sources, process and organise data based on set of rules and upload the results in various applications. Our latest offering ‘AA IQ Bot’ can extract unstructured data from PDFs, Images, handwritten forms using Optical Character recognition (OCR) and convert it into structured digital data leveraging Natural language processing (NLP) and AI.
RPA bots are typically low-cost and easy to implement, requiring no custom software or deep systems integration. In the last few years demand for RPA has increased exponentially across industries. Many asset managers are now using RPA to automate manual aspects of critical buy-side processes such as such as Regulatory reporting, KYC, Suitability analysis, compliance monitoring, custodian reconciliations, trade confirms, asset servicing, fund distribution.
Gartner considers RPA as the fastest-growing segment of the global enterprise software market. Our technology Partner – ‘Automation Anywhere’ are considered the market leaders in RPA technology and have been funded for $840 million.