Cyclone RPA injects more energy to Fintech innovation in Wuxi Rural Commercial Bank

Today, amid the innovative development of financial technologies and the acceleration of digital transformation, technology-driven core financial businesses in areas like risk management and decision-making have seen a stronger demands. A growing business volume is pushing the Wuxi Rural Commercial Bank to make a difference in business efficiency and capability building.

To accelerate the technological innovation and realize the future-oriented intelligent automation, Wuxi Rural Commercial Bank introduced the Cyclone RPA intelligent robot, as the assistant to employees to automate those routine, repetitive and low value tasks in its businesses, in a bid to increase business efficiency, and unlock employees' potentials to innovate.

Business pain points

The business units of the bank is seeing quite a lot of repetitive rule-based processes, which may take up much time to handle and be prone to errors.

Scenarios like position estimation, account information reporting to PBOC, PDF recognition, G01 balance sheet reporting etc. need to be addressed very often, with the extremely high requirements in data accuracy and complex logic to be followed for verification, which is time-consuming, and error-prone. Take the position estimation as an example, the staff needs to retrieve the data from online businesses like bond repurchase based on the Master Table of Timely Fund Transfers in its payment platform every day, to verify the account transactions in the Excel-based data sheets for position management, which contributes to the position estimation. In this business, the data should be highly accurate and delivered in a more timely manner. In peak hours, the staff is stressed with the on-time response.

Introducing Cyclone RPA

Through the study of  15 business processes from the finance department, compliance department, and operation management department in the bank, Cyclone Robotics built its position management robot specifically for position estimation, to automate the process at regular intervals everyday, which involves retrieving the data from the COMSTAR system, exporting the details into a table, then logging in to the payment platform of the bank to retrieve the data for verification according to the logic rules, and finally generating the results for human inspection. With the robot, a significant boost in business efficiency has been achieved in the bank. Data shows that the position estimation can be completed each time within 3 minutes only, down 10 times compared to 30 times before.

The PDF recognition robot can automatically scan the PDF files in the folder, read the key data from them, rename and classify the files as per rules, then compare the classified PDF files with the pre-classified statements in the investment register for  consistency check, and carry out a second classification. With the Cyclone RPA robot, the data can be automatically recognized without errors, and further verified, therefore pushing the business efficiency to a higher level. Data shows that it can now take only 30 minutes per month to recognize the PDF files, down 80 times compared to 2,400 minutes before.

Besides the above, automation can be also seen with the PBOC reporting robot and the G01 balance sheet reporting robot, which can automatically log in to the internal system,  download files and fill in the data in the fields based on rules, then upload them to the relevant system. With the flexible schedules configured for the tasks, the data can be processed and uploaded within the business processing window as specified.

In addition to meeting the security compliance requirements, Cyclone Robotics also enables the cross-network robots with its professional solutions. These robots can connect the processes across intranet and extranet together, while keeping their tasks isolated with each other, giving full play to the characteristics of flexible scheduling and efficient execution of robot tasks.

Noticeably, the Cyclone RPA robot has also been deployed in the instant communication system of the bank, which can notify the relevant person in charge about the status of the automated processes by seamlessly integrating the processes with the instant communication system, laying the foundation for the future promotion of the enterprise.

The Cyclone RPA intelligent robot implemented in the Wuxi Rural Commercial Bank has automated the 15 incumbent business processes, which helps save 300 man hours per month, cut the overall operating cost, and boost the business efficiency to the largest extent.

In terms of data security and business specifications, The robot can also run the processes strictly following the rules to achieve 100% standardization of the business operations, and mitigating the business risks brought about by manual operations. This contributes to the data security and business standardization.