Exploring Automation, HSBC Bank Accelerates Digitalization with UiPath RPA

With the rapid development of business, the banking industry is moving towards a critical period of transformation and innovation, and efficiency, cost, security, etc. are all comprehensive considerations. So what is the path of digital transformation for banks? Let's take a look at the power of role models.

Take Ruifeng Bank as an example. This bank is the first listed rural commercial bank in Zhejiang Province, one of the "Top 100 Service Enterprises" in Zhejiang Province, and one of the "Top 10 Comprehensive Strength Banks" of Zhejiang Rural Credit Cooperatives. Since 2013, Ruifeng Bank has been awarded the title of "Benchmark Bank" of National Rural Commercial Banks for three consecutive times. Moreover, while upgrading its own business, it is also actively exploring more possibilities for digital and intelligent transformation.

Against the backdrop of the current boom in RPA, CBRC is optimizing its business by deploying RPA robots and seizing new opportunities for the bank's transformation.

Transformation starts with UiPath RPA

RPA is a key tool to help banks with their digital transformation. It accelerates the implementation of rich banking scenarios and provides a new way for the innovation and reshaping of the banking industry's business and operating models with its intelligent digital capabilities.

This is also the transformation path of HSBC Bank. Before using RPA, some of HSBC Bank's business processes had very obvious problems: cumbersome processes, large amounts of repetitive work, insufficient manpower, and difficulty completing tasks within the specified time, all of which directly affected business development.

Subsequently, after preliminary PoC testing and comparison of multiple products, HSBC Bank chose UiPath. Overall, UiPath meets HSBC Bank's needs in terms of product maturity, business satisfaction, and technological advancement. Currently, HSBC Bank has piloted UiPath RPA in the business departments of the head office.

Specifically, since July 2020, Ruifeng Bank has begun to deploy UiPath RPA, mainly applying RPA robots to batch information maintenance, automatic web data capture and other processes, and its business covers multiple lines such as finance, retail, inclusive finance, and operations.

Multi-process application, significant results

Through the deployment of RPA, Ruifeng Bank not only saved costs, but also greatly improved efficiency in many key processes. For example, in process A, the robot processes data, and the time for a single transaction is shortened from 5 minutes to 25 seconds, which is more than 10 times faster. Multiple robots can also run at the same time, which greatly saves labor costs. In process B, the robot receives messages and files, and after processing, it feeds back the result information, which improves work efficiency and accuracy and reduces labor costs. In process C, the RPA robot can synchronize web system report data to achieve real-time synchronization of data across network segments and systems.

Overall, UiPath has brought significant value in multiple processes, meeting or even exceeding the expectations of various business departments. At the same time, RPA has helped the technology department win innovation awards and received unanimous praise within the bank.

The project leader of CFG Bank said, "RPA plays an important role in our bank's digital transformation. It has changed our traditional way of working and enabled our business departments to adopt a digital mindset. It can be said that CFG Bank has been at the forefront of banks in the province in terms of its exploration and application of RPA. In the future, we will also develop our employees' digital mindsets, collect more automation requirements, and strengthen cooperation with UiPath to jointly embark on the road to digital transformation for the bank."

According to Gartner's forecast, global RPA spending will reach $2.4 billion by 2022. It is expected that by the end of 2022, 85% of large and super-large organizations will deploy some form of RPA. RFBC will continue its exploration of RPA. RFBC will conduct RPA-related training for business departments and branches, encourage employees to explore new processes and master basic development skills. It will also develop more common processes to empower the entire bank.