Cyclone RPA, as an Intelligent Assistant, innovates a branch of Huaxia Bank with the financial technology

Huaxia Bank strives to promote its business growth with financial technology by putting its strategic focus on financial technology innovation. In a bid to expand its businesses, increase its financial gains, and build its digitalized and automated online business processes.

In line with the organization development strategy, a branch of Huaxia Bank has partnered with Cyclone to integrate RPA technology into its existing information systems to help automate manual work, increase business efficiency, and expand business capabilities.

Business Pain Points in the Business Management Department

In the branch of Huaxia Bank's business management department, there are several system data queries and manual data processing tasks, such as collecting business metrics, reporting large-sum transactions, and verifying RMB settlement accounts. These tasks take up much time and energy of the business personnel. Some of them are required to complete within the allocated time slot, which poses massive pressure on the business personnel at peak hours.

Most notably, financial institutions are now facing increasingly higher regulatory requirements from the People's Bank of China and the China Banking and Insurance Regulatory Commission. Taking anti-money laundering as an example, the fines imposed on financial institutions in the first four months of this year amounted to nearly RMB 200 million yuan. The RMB settlement accounts should be verified regularly from the People's Bank of China settlement system and the intra-bank system to identify those mismatched accounts for further processing. This is an essential task in the supervision of banks. But it requires quite a lot of manual work to complete due to the large numbers of accounts.

Cyclone RPA Intelligent Assistant solution

Having examined and analyzed these processes, Cyclone realized that most of these tasks follow logical rules, which is suitable for implementing RPA business automation.

Taking the business metrics collection and the large-sum transaction reporting in the branch as examples, Cyclone RPA Intelligent Assistant can automatically log in to the system to collect and download data, generate relevant reports, and conduct complex logical processing and calculation. Which significantly relieves the human burdens and helps complete the data processing and reporting within the specified business hours.

 In verifying the RMB settlement accounts, Cyclone RPA Intelligent Assistant can automatically check those accounts from the People's Bank of China settlement system and the seals validation system regularly, identify the mismatched accounts, ensuring the efficiency and accuracy of these tasks. Which would otherwise take up much time and energy in the past. Furthermore, it can also flexibly configure the business operation cycle.

The Cyclone RPA Intelligent Assistant solution transforms the repetitive and tedious manual work into an intelligent automated process in the branch. Data shows that the time spent collecting business metrics in the branch has decreased to 10 minutes from 60 minutes earlier. Its efficiency is seeing 6 times increase; The error rate in the large-sum transaction reporting has reduced to 0.

And the RMB settlement account now can be verified daily rather than monthly as before. And it can be completed within only 5 minutes. The result of KYC is more accurate and timely.

Cyclone RPA Intelligent Assistant can also be used in the internal instant messaging platform of the branch, where it facilitates human-machine interaction including receiving manual reports and transmitting the results of the automation processes to the relevant persons. The seemless integration of business processes with the instant messaging platform sets an excellent example for people-robot-system coordination with a friendly, interactive experience, thus paving the way for later application at scale.

Through the increasing Cyclone RPA Intelligent Assistant application, the branch has realized the multi-dimensional management based on the operational model, staff functions and data technologies, etc., improved economic benefits, and built a fluid integration of organization and systems, thus better adapt to the constantly changing market demands.