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Pintec to Collaborate With International Technology Giants to Help Financial Institutions Drive Digital Transformation With RPA
April 16, 2020 News

 

Pintec Technology Holdings Ltd., a leading independent fintech solutions provider, announced the establishment of an Innovation Centre to promote the adoption of Robotic Process Automation (RPA) in financial institutions. Pintec will cooperate with several RPA giants such as Automation Anywhere and Blue Prism to help financial institutions drive digital transformation with RPA. Recently, Pintec assisted with the deployment of an RPA system for Hong Kong Stock Exchange (HKEX) to help them realise process automation in human resources, finance, and other office works.

 

Large market opportunity for the application of RPA in the financial field

RPA is an application, governed by business logic and structured inputs, aimed at automating business processes. A company can configure software or a “robot” to capture and interpret applications using RPA tools for processing abundant repetitive and rule-based works. RPA can be applied in multiple sectors including finance and tax, data analysis, risk management, customer services, IT, HR covering lots of critical industries such as finance, internet, education, manufacturing, etc.

The combination of RPA and AI will bring explosive growth to the financial industry, according to the Report on Robot Technology and Functional Automation: A Combination of Human Power and Machine released by EY in February 2019. Financial institutions such as bank, securities company, and insurance company have achieved a high level of informatisation, which is easier to adopt RPA technology than other industries. Currently, many large financial institutions are applying RPA tools in credit, insurance, and wealth management fields, covering key operational processes including KYC, loan processing, transaction execution, account processing, auditing, customer services, human resources.

The combination of traditional RPA and AI is able to realise end-to-end process automation without considering the current system environment in the development of AI technologies, which can highly improve the efficiency of financial services.     

 

Pintec’s significant strengths to facilitate the application of RPA in the financial field

Pintec has established cooperative relationships with large international RPA services providers such as Automation Anywhere and Blue Prism. Leveraging their mature products to combine with Pintec’s strong capabilities in artificial intelligence technology development and in-depth understanding of financial business, Pintec will provide financial clients with comprehensive RPA technical support in system counselling, deployment, implementation, and license acquisition.

“The development of RPA has entered the stage of ‘AI+RPA’ after over ten years of development. On the one hand, AI expands the application boundary of RPA. On the other hand, RPA requires full process optimization compared to other office automation systems. Leveraging AI technologies, it can well address the pain points that exist in the automation process. For example, RPA can automatically input and analyze unstructured mass data by leveraging image recognition technology to improve the efficiency of the entire process profoundly,” said Victor Li, Head of Technology Enablement at Pintec, “We apply AI technologies in our digital lending and wealth management systems. We have accumulated a wealth of experience in serving financial institutions and will continue to bring our experience to the current RPA system to facilitate the development of iRPA.”

In addition, Pintec has accumulated in-depth operating experience through various long-term cooperation with different financial and business institutions. Pintec’s rich practical experience will significantly improve the efficiency of RPA system as the key to RPA system deployment is to analyse each business process and design a reasonable deployment plan.   

In recent years, Pintec has strengthened investment in financial infrastructure services. Pintec acquired an Australian fintech company InfraRisk in 2019. The company developed Credit Value Maximiser (CVX), an automated tool for credit process management. The system has served lots of international financial institutions including National Australia Bank, Toyota Finance, and Judo Bank, which has greatly strengthened Pintec’s advantages in fintech capabilities.

“While facing the complex and changing economic situation and the impact of COVID-19, Financial institutions urge to increase income and reduce expenditures through optimizing business processes and human resources structures to improve operational efficiency and risk-resistance capabilities,” said Victor Li, “The RPA system has features of low investment, short-term construction period, and non-invasiveness, which is expected to be widely applied by financial institutions.”

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