Robotics in finance - an analysis of effects

A Norwegian financial group engaged Itera to evaluate the effect of robotizing some of the group's processes. Itera recommended to conduct a “proof of concept” with limited investment needs to be able to identify the processes with the best potential for robotization, and to estimate the business gains which could be expected in the short and long term.

 

Robot-hand using calculator. Illustration.

Itera started by drafting hypotheses of which processes to robotize based on each process’ volume and the potential effect that could be obtained for the end customer in terms of efficiency and user experience. 

The strongest candidates were benchmarked and detailed in process diagrams. The technical solution was assessed and chosen technology (UiPath) was used as its license model requires limited investments. 

The report presented a gross list of all processes that met the criteria for robotization, and outlined the benefits that could be expected. Among other things, the report showed that the introduction of robotics could release 1 man-year already from the start.