Our alliance partner Appian provides a low-code automation platform that accelerates the creation of high-impact business applications. Many of KPMG's biggest clients and some of the world's largest organizations use Appian's applications to improve customer experience, to achieve operational excellence, and simplify global risk management.
This demo case shows an example of how Robotic Process Automation (RPA) can work with an advanced rules engine in a Business Process Management (BPM) application. RPA automates critical steps in the quality assurance process financial institutions undertake prior to selling residential mortgages in the secondary market. By automating these steps, they eleviate repetitive comparison and “copy & paste“-processes. This means cutting seven manual processes taking about an hour per loan to only two- if there is an exception. There are zero manual steps if the transaction is auto-approved, cutting time by 75 - 100% and allowing associates to focus on higher-value activities.
Once a mortgage is ready for QA review, a bot extracts data to validate borrower income from the tax form and other customer-provided documents. While the forms in this demonstration are typed, hand-written forms may require optical character recognition capabilities. The bot then feeds the extracted data into a BPM solution that houses business rules and provides an interface for exception handling and curing. The rules in the BPM solution automatically validate if the mortgage data is compliant and if each transaction passes the rules. If correct, the system auto-approves the item and there is no need for human intervention. If the system identifies exceptions, it routes items for human validation. When the BPM solution finds an exception, it consolidates the transaction and customer data for a human associate, so it is easy for them to review and quickly determine why the exception occurred.
In our demo case, a tax form is missing, which causes data to be excluded. The associate researches, finds and uploads the omitted customer form to the BPM solution. Once uploaded, the bot reengages to extract data from the new form. It loads missing data to the BPM solution and routes the item back to a human for final review. Once the associate receives the revised item, they ensure missing data is provided and the item passes the rules. If compliant, the associate completes the transaction.
This solution also enables power users to use a simple wizard to update their own business rules and thresholds without assistance from IT experts. For control purposes, the BPM solution submits a completed validation request to the manager’s mobile device for approval before moving to production. It creates a full audit trail to track changes, approvals and dates.
Similar applications can be built quickly to help address many banking process and technology needs, for example in asset management, cards and payments, wealth management and other financial services.