Case Study: RPA Implementation for Automation of Financial Contracts Validation and Summary Reporting using Automation Anywhere for a Leading Investment Banking Firm

Client: Leading Investment Banking Firm Consulting Company: VerticalServe

Objective The objective of this case study is to demonstrate the successful implementation of Robotic Process Automation (RPA) using Automation Anywhere for automating financial contracts validation and summary reporting for a leading investment banking firm. The implementation included BOT development, BOT monitoring and governance, and custom Natural Language Processing (NLP) modules implementation.

Background The investment banking firm faced challenges in managing and validating a high volume of financial contracts and generating summary reports due to the manual and time-consuming nature of the process. To improve efficiency and reduce human error, the firm sought VerticalServe’s expertise in implementing an RPA solution using Automation Anywhere.

Solution VerticalServe designed and implemented an RPA solution using Automation Anywhere to automate the validation of financial contracts and generate summary reports. The solution comprised the following components:

1. BOT Development: Designing and developing custom Automation Anywhere bots to automate the contract validation and summary reporting process.
2. BOT Monitoring and Governance: Establishing a monitoring and governance framework to manage and control the performance of the bots.
3. Custom NLP Modules Implementation: Integrating custom NLP modules to enable bots to understand, process, and extract relevant information from complex financial contracts.

Implementation VerticalServe began by analyzing the client’s existing contract validation and reporting process. They then developed custom Automation Anywhere bots to automate the tasks, which involved:

• Reading and extracting data from financial contracts in various formats.
• Validating the extracted data against predefined rules and criteria.
• Identifying discrepancies and flagging them for review.
• Generating summary reports with key information, validation results, and discrepancies.

Next, VerticalServe integrated custom NLP modules into the bots to improve their ability to understand and process complex financial contracts. These modules allowed the bots to accurately identify relevant information and handle contracts with varying structures, languages, and terminologies.

The team then established a monitoring and governance framework to track bot performance, ensure adherence to the client’s policies, and make necessary adjustments to maintain optimal performance. This included setting up alerts, performance metrics, and reporting mechanisms.

Finally, VerticalServe trained the client’s staff on how to use the Automation Anywhere platform and manage the bots, ensuring a smooth transition to the automated process.

Results With the successful implementation of RPA using Automation Anywhere, the investment banking firm experienced the following benefits:

1. Increased efficiency: The automation of financial contract validation and summary reporting significantly reduced the time and effort required, enabling the firm to process a higher volume of contracts with the same resources.
2. Reduced errors: By automating the process, the firm minimized human errors, leading to more accurate validation and reporting results.
3. Improved compliance: The automated process ensured consistent adherence to the firm’s policies and regulatory requirements, reducing the risk of non-compliance.
4. Enhanced decision-making: The timely and accurate summary reports provided better insights into the firm’s financial contracts, supporting informed decision-making.

Conclusion The RPA implementation using Automation Anywhere proved to be a successful solution for the leading investment banking firm. VerticalServe’s expertise and effective implementation allowed the firm to streamline its financial contracts validation and summary reporting process, resulting in increased efficiency, reduced errors, and improved compliance.

About:

VerticalServe Inc — Niche Cloud, Data & AI/ML Premier Consulting Company, Partnered with Google Cloud, Confluent, AWS, Azure…50+ Customers and many success stories..

Website: http://www.VerticalServe.com

Contact: contact@verticalserve.com

Successful Case Studies: http://verticalserve.com/success-stories.html

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