Automation Olympics with Keynote by Magic Johnson
Automation Olympics with Keynote by Magic Johnson
Digital transformation in today’s fiercely competitive financial industry requires unprecedented levels of speed, intelligence, agility and cost efficiency. The industry is coming under intense pressure from daring industry leaders and disruptive new digital entrants, who are nimbler and more tech-savvy than veteran companies with legacy infrastructure to support.
In terms of costs, the rising price of anti-money laundering (AML) and know your customer (KYC) compliance, regulatory scrutiny, and steep fines for non-compliance, is forcing financial institutions to consider new technologies capable of replacing manual tasks, improving compliance and lowering operating costs.
Many business processes at financial institutions are repetitive, time-consuming, and still rely on heavy manual labor. This high degree of reliance on manually-intensive processes is costly and inefficient, and can often lead to high error rates or compromised security levels.
According to a Thomson Reuters survey, an average financial firm spends US $60M per year on KYC compliance, customer due diligence (CDD) and onboarding. In 2016, US financial institutions were fined a total of $300B for violations of the Bank Secrecy Act (BSA) and AML regulations.
Banks have made a significant shift towards digitizing many of their customer-facing, front-end operations. Yet, the back office is still burdened by manual processes that rely on people and paper, resulting in needless expense, slow handling times, and suboptimal customer service.
Few banks have had the appetite for reengineering their processing structure. Redesigning outdated systems calls for time-consuming, complex system integration projects that can cost hundreds of millions of dollars.
Financial institutions face pressure to improve performance and scale their processes rapidly. But, the complexities and costs of new technology integration make this prohibitive.
Robotic process automation in the banking and financial sector can speed up operations, cut costs, and eliminate errors – all without changing the underlying systems on which it is implemented. Through non-invasive deployment within the existing IT architecture, our RPA platform does not disrupt day-to-day operations, and improves the accuracy and efficiency of processes already in place. Kryon Robots interact with existing business applications just as humans do, manipulating data within the presentation layer of the existing user interfaces. This makes it especially suitable for use on legacy infrastructure, thus enabling financial institutions to achieve greater efficiency without unwanted IT costs.
Financial organizations risk being overwhelmed by a myriad of costly, repetitive processes that prevent them from meeting growth and profit targets. By shifting much of these recurring manual tasks from humans to a virtual workforce, financial organizations remove the burden of this work from their employees, enabling them to focus on higher-value strategic tasks that drive the business. Offloading back office tasks to robots can impact everything from operational performance and agility to lowering OPEX.
Using robotics in banking operations can help decouple HR costs from process volume by enabling organizations to seamlessly scale RPA processes and the robotic workforce. Kryon’s RPA Platform allows you to easily add and expand existing automation workflows, as well as add more robots to your workforce on-demand, in order to meet growing workloads. This simplifies operation flows and frees up people allowing organizations to re-direct valuable human resources to other key areas of growth.
Robotic process automation in banking delivers value to compliance oversight operators in the financial industry. For example, Kryon RPA’s ability to monitor and aggregate data from multiple regulatory sources enables compliance officers to stay on top of new regulatory information or rules changes, and incorporate the updates into appropriate channels and systems.
In financial risk management, Kryon RPA makes it possible for organizations to detect changes in risk exposure and determine data or business-related causes for risks by setting up sensors in the Kryon Studio. Sensors can be used to evaluate credit limits and determine causes for limit breaches, with remedial actions generated automatically.
Implementation of Kryon RPA is seamless – it simply runs on top of your existing business applications. Our robots act as liaisons between old and new applications, allowing you to benefit from reduced TCO and achieve ROI fast.
Kryon RPA can be used to automate processes quickly and at scale. Designed for business users, our platform is easy to learn and does not require coding to build automation workflows. With Kryon, your RPA operations can be up and running in days – helping you meet business goals faster.
Kryon RPA incorporates best-in-class security at every level of automation. With features like multi-tenancy, permissions management, and our credentials vault, you can control access privileges to the various platform components and assign action-specific permissions to authorized users.
Once you’ve created automation workflows, the Kryon Console enables real-time performance monitoring, robot configuration, and scheduling, while providing the governance, control and visibility that may have previously been missing in your process workflows.
Compliance officers of a leading global bank needed to visit over 200 different websites daily to monitor any new regulatory information or rules changes and ensure that they were updated and integrated in the appropriate channels and systems.
The bank used Kryon Robots to log in to each of the different websites and run a smart search to quickly capture regulatory information and verify it against current inputs in the regulatory compliance systems. This saved the bank a significant amount of time and manpower.
Identify all of your processes that should be automated for time and cost savings, and let us generate automation workflows for you.
Offload mundane, repetitive and time-consuming business processes to your Kryon virtual workforce for quick and efficient execution on a virtual server.
Kryon Robots empower employees to complete tasks with greater speed, accuracy and efficiency, guiding them through processes or automating “swivel chair” activities.
Kryon enhances productivity at every step of your business processes by enabling collaboration between your virtual and human workforces.