Robotic Process Automation in Financial Services Case Study

There are many automation use cases in the financial services space.

Be it report generation or data management, firms have a lot to gain by streamlining their processes.

And when focusing specifically on Robotic Process Automation, there is one particular investment management workflow that is ripe for automation transformation: alternative investments statement processing.

At Empaxis, we are experts in RPA and streamlining processes for private equity, venture capital, and hedge fund statement downloads.

See how one of our clients benefited from these automated solutions.

RPA Financial Services Case Study: How an RIA Automated Their Statement Downloads

The Situation

A multi-billion dollar Chicago-based Registered Investment Advisor had investments in alternative assets.

They worked with over 30 different private fund managers, and they had more than 700 unique commitments and subscriptions.

When it came to statement downloads, they struggled with the manual processes, both time-consuming and overwhelming. Dealing with the capital calls, distributions, valuations, and K1s, they needed a more efficient way to handle the work.

Statements would come in at random times, but they'd have to be processed right away. Stopping everything one is doing to process the statements was not a sustainable practice, not to mention it's a poor use of time for highly-skilled staff.

The Registered Investment Advisor knew of Empaxis automation capabilities, particularly in the area of RPA. They knew our team had experience and proven success with the exact same processes they needed help with.

Empaxis's RPA Solution and Approach

Having so much experience in this area, Empaxis developed a solution to automatically download and save statements related to private investments.

Automation tools were put in place to perform the following tasks:

  • Monitor and perform email and PDF processing related to private investments.
  • Program the automated bot to recognize characteristics that trigger the appropriate action, then move on to the next step.
  • Identify and download statements from emails and retrieve statements from websites/portals.
  • Rename and store files in desired locations.
  • Send notifications to the RIA when the processes are complete.

What's more, the RIA received a step-by-step timeline of how the automation setup will take place, when it will be completed, and how much the development will cost.

For communication, Empaxis established primary points of contact and set up regular meetings to share progress. The entire approach was straightforward and transparent, reinforcing the RIA's confidence in our team.

The Results and Benefits

Learn more about automation use cases in the financial services industry.

After working with the Empaxis automation development team, the RIA could finally enjoy automatically downloaded statements, no matter what times they arrived and where they came from. This was huge for the staff, as they no longer had to spend all their time on these activities.

With bots handling the workflows, the processes were completed in a fraction of the time it once took do everything manually, and with fewer errors.

And with time, the return on investment for the automation development will only grow greater and greater.

Even after the automation development project was complete, Empaxis remains available to maintain and reprogram the bots should workflows change.

Reap the Benefits of Automation

As mentioned before, there are many automation use cases in financial services, and downloading alternative investment statements is just one of those workflows.

RIAs including family offices that invest heavily in private equity and venture capital stand to benefit from the aforementioned RPA development that the Chicago-based firm had done.

Are you a Registered Investment Advisor that works with alternative assets? Are your statement downloads manual and tiresome? If so, schedule a free consultation with Empaxis automation development experts and enjoy the benefits of fully streamlined processes.

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