Curo Fund Services has seen a 54% increase in efficiency in affected areas in the price source and scrubbing teams thanks to the implementation of Robotics Process Automation (RPA). This ...
Curo Fund Services has seen a 54% increase in efficiency in affected areas in the price source and scrubbing teams thanks to the implementation of Robotics Process Automation (RPA).
This was achieved by automating pricing information extraction, consolidation and updates from sources received, in addition to supplementary information sourced daily.
Vendor partner LarcAI delivered a competent robot process automation solution that improved the time it takes to complete approximately 250 instructions per day; reduce the error margin due to manual capturing of prices; and ensure that errors are identified in an auditable and standardised process. The solution delivers mission critical updates to accounting and reporting systems systems responsible for deriving daily closing positions which is inherently a high risk function.
Curo CEO, Barri Maggott explains, “As a business, we are really pleased with the results of our RPA implementation and have seen an improvement in our price sourcing process and procedures.
“The overarching aim of projects like this is to consider operational efficiencies that benefit our clients and streamline our operations”.
The business’ offices are not being overrun by robots, rather, the bots used are software tools that have simplified business process delivery. The automation delivered by these bots allows for an increase in exception management rather than manual input. Effectively, 65% of the targeted instructions are successfully performed by the introduced robot with the remaining 35% of the workflow instructions falling outside the robot parameters. Based on the benefits attained, further opportunities have been identified and implemented, also demonstrating positive returns in line with our business strategy.
Jannie Strydom, CEO of LarcAI affirms, “Success of the implementations is considered meaningful and allows Curo Fund Services to strategically position itself for future successes in robotic implantation to drive down cost of operations without impacting on customer centricity or social responsibility”.
Longer term, we aim to apply additional technology to enable higher efficiency, improved governance, additional controls and improved accuracy, all aimed at reducing risk for our clients.
Read the full RPA case study here.