Finance RoboticsTreasury, Tax & Accounting

A Pioneers Report

1. 2. 3. 4. 5.

Quality

Human errors are eliminated and compliance is

improved.

Implementation

Fast implementation processes and unrestrictedly

scalable software.

Compliance

Existing law and regulation is ‘rule-

based’ and can therefore be

coded.

Costs

Processing costs reduced by up to 80% and payback in up to 3 months.

Productivity

Robots work faster than human

employees and are available 24/7.

Robotic process automation (RPA) is able to automate tasks as if a real person was executing them. Virtual workers are functional trained robots, which execute rule-based information processes.

Supported by real-time data and analysis,RPA is able to interact in the same way as a human does, without any complex system integration.

Conclusion“Workforce virtualization through robotics has the potential to fundamentally change the way financial services firms address multiple areas of process execution, while reaping substantial business benefits.” Source: Forbes

Source: Accenture

Advantages of Robotics

Investment 2016

$23Billion

Investment 2015

$ 1.7 Billion

Investments in the field of

robotics

Changes in the Finance Function

Sources: KPMG

Operational Finance consists of recurrent financial activities, executed in Shared Service Centers.

Those actions can be automated and are a use case for robotic process automation (RPA).

Functional Finance relates to activities which require specialist knowledge, such as tax, compliance and treasury, carried out at Centers of Excellence.

Cognitive Robotics as a tool can support or replace these resource-intensive actions.

Finance within the Business focuses mainly on businesspartnerships and added value to the organization.

These elements will be at the core of financial functions in the future.

#BF

#SSC

#CoE

• Establish sales quotes.

• Validate sales orders.• Monitor customer

credit. • Create and distribute

customer invoices. • Process customer

payments and apply cash.

• Review of account openings with paper statements.

• Paper trade entry.• Paper statement

uploading accounts. • Transfer disclosure.

• Perform evaluation of credit limits.

• Calculate risk of credit loss.

• Determine causes for limit breaches.

• Recommend or perform remediation action based on circumstance.

• Validate customer due diligence info and enter into account opening system.

• Compile information into standard reporting formats and act on results.

Order to cash Personal account dealing

Limits management

Client onboarding & reporting

Sources: Accenture

Examples of technologies changing the business

Finance Robotics Use Cases

Sources: Underwrite.ai, XephorSolutions, Active.ai

Startups disrupting the financial industry

Finance Robotics Startups

Active.ai provides a tech platform for banks, wealth managers and financial services companies to interact with customers and enable 1:1 interaction without human costs.

Xephor Solutions is a fast-growing early stage AI Startup, based in Vienna, that is replacing risk managers in financial institutions with virtual agents.

Underwrite.ai applies advanced artificial intelligence technologies to provide lenders with non-linear, dynamic models of credit risk that radically outperform traditional approaches.

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