Robotic process automation is improving the way we work, enabling our people to focus on higher-value analytical tasks.
In 2016, BNY Mellon become an early adopter of robotic process automation (RPA), resulting in greater accuracy and efficiency, risk reduction, quicker turnarounds and cost savings. Doug Shulman, Senior Executive Vice President and Global Head of Client Service Delivery explained in an interview with American Banker magazine why the organization took the leap. “If you think about smart automation, robotics is a piece, workflow is a piece, and we’re combining smart forms, optical character recognition, workflow and robotics to get momentum around automating tasks.”
RPA involves web robots – also known as Internet bots – which are software applications designed to run automated tasks. Bots are everywhere in technology and, with advances in machine learning, will soon be ubiquitous in other industries, including financial services. At BNY Mellon, a RPA team works with our business leaders and the transformation team to find places to use bots. Bots have been implemented in everyday operations, not just in pilots. For example, our bots have streamlined trade settlement by performing research on orders, resolving discrepancies and clearing trades. It takes a human five to 10 minutes to reconcile a failed trade. A bot can do it in a quarter of a second. Bots are also used in data-reconciliation, enabling the team to focus on exceptions and quality control.
Through automation and digitization, we’re freeing people from uninspiring, mechanical, routine and repetitive tasks. By giving that work to bots, our people can focus their time and energy on applying their industry knowledge and expertise to develop and deliver value-added services.
A 2016 BNY Mellon Star, Sandeep Gawade champions innovation in many of the projects he leads. He currently manages the Robotics initiative in Client Service Delivery in Pune, India, and has been instrumental in implementing the first bot in Global Institutional Accounting (GIA). Sandeep took the lead in partnering with the RPA Center of Excellence to initiate GIA’s first three robotics projects. He also played a key role in successfully transitioning the GIA operating model to the functionalized model and led important technology initiatives that are generating significant automated improvements and efficiencies for our organization. Sandeep’s keen technical knowledge, deep accounting expertise and innovative mindset are highly valued and integral to the progression of our robotics initiative.
“As part of a broad transformation and digitization program at BNY Mellon, we’re developing and deploying new technology as much as we can. There’s a real energy around trying new things – always, however, with the right risk framework and controls in place. We’re building know-how, momentum and success every step of the way.”Sandeep Gawade, Robotics initiative in Client Service Delivery in Pune, India and 2016 BNY Mellon Star