In recent times, there has been a lot of buzz on deploying software robotics or a virtual workforce to bring efficiency in operations while reducing operations headcount, error rate, time-frames and increasing through-put in number of clients being on-boarded. A smart mix of automation and robotics applied to CLM can deliver faster results in days/weeks.
With the advent of KYC utilities, there is uncertainty on tasks that need to be in-sourced or out-sourced. CLM systems in many banks are disjointed across multiple regions and LoBs. Software robotics can bring in a quick fix solution without incurring high cost of IT projects and with little or no capital expenditure.
CLM and Robotics
VirtusaPolaris has a built a strong CLM practice working with the top banks and developing in-house solution accelerators. By combining software robotics to our solution offerings higher savings and efficiency can be realized at a much faster pace.
Potential areas for Robotics automation in CLM
- Client data entry from multiple data vendors or KYC utility, can be automated or given to a software robot for entry. If there are any missing fields, it can be referred to a client services person
- This involves taking client data from the CLM system and feeding an external risk scoring system. The KYC risk report can be uploaded in the CLM system.
- Automating basic rules for determining client classification type using software robotics for regulatory norms such as KYC, FATCA, MIFID etc.
- Contributing in credit and legal steps like preparing a credit report and draft legal documents.
- Account-setup/modification process involves client data (sub-account/SSI) being entered in a number of systems. This can be done by a software robot.
- Direct headcount reduction through automating manual processes
- Error free business operations
- Higher process efficiency
- Lower capital or upfront expenditure