Automation of financial management processes by utilizing robotic process automation : a Finnish banking case

Abstract

This thesis discusses the utilization of Robotic Process Automation (RPA) in financial management. The thesis incorporates a qualitative case study methodology to examine a Finnish SME Ltd. in banking industry. The case company is also compared to another, larger Finnish enterprise in the field of insurance. This thesis aims to examine two RPA pilot processes within a case company and one process within a reference company. The processes are examined in order to understand the current situation of RPA implementation within the main case company and to analyze feedback from the pilot processes. Some emphasis is also put on to gain insight on the future possibilities of the case company in their financial management related operations. This includes a list of concrete recommendations for the main case company to improve their further RPA pursuits based on the collected data and existing academic literature. 
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\nThe existing literature suggested that RPA can be used to effectively automate various business operations that are high in volume, manual, repetitive, based on a certain set of clear rules and are in a stable IT environment. As for the processes, various traits such as the need for a long-term RPA business vision and strategy, setting up an RPA governance board and a center of excellence as well as ensuring proper employee expectation management and communication procedures were mentioned. 
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\nIn conclusion, the first RPA pilot created approximately 0.0 to 1.0 FTEs reduction in the amount of workload faced by the employees and the second pilot from 0.07 to 0.12 FTEs. The employee satisfaction on the automation solutions was high with the first process and moderately high with the second automation solution.