Our Innovation Analysts recently looked into emerging technologies and up-and-coming startups working on solutions for Financial Services. As there is a large number of startups working on a wide variety of solutions, we decided to share our insights with you. This time, we are taking a look at 5 promising Robotic Process Automation (RPA) solutions.
Heat Map: 5 Top Robotic Process Automation Solutions In Finance
For our 5 top picks, we used a data-driven startup scouting approach to identify the most relevant solutions globally. The Global Startup Heat Map below highlights 5 interesting examples out of 160 relevant solutions. Depending on your specific needs, your top picks might look entirely different.
CloudStorm – Reporting & Invoice Automation
RPA in reporting and invoicing automates the process of manually filling in data. It enables stage approval and storing synchronized documents in one place. This includes automating report generation, consolidating data into standardized reports, electronic invoicing and supporting preliminary order entry processes. Hungarian startup CloudStorm creates software robots that are taught to fill in data to the required information tool or software application as well as prepare financial reports by extracting data from multiple financial or banking systems.
Kryon – Bank Statement Reconciliation
Automated transaction reconciliation includes extracting data from bank statements, comparing data across various accounts, and supporting systems synchronization. The main issue RPA solves here is automating the manual process with a lower risk of recording mistakes during data manipulations. Kryon, from Israel, reconcile necessary documents with contracts that should be shared with external agents. Their RPA system verifies the data before sending, approves main stages of the payment procedure, highlights key issues and copies the delivered information to Enterprise Resource Planning (ERP) systems.
Aurorpa – Fraud Prevention
RPA in fraud prevention automatically identifies suspicious behavior of specific accounts to verify whether these actions are fraudulent. Constant monitoring of such accounts with the help of a virtual workforce allows financial workers to focus on their core tasks. US-American startup Aurorpa offers a wide range of RPA services aimed at detecting fraudulent activities and closing fraudulent accounts to prevent from bad debts and keep customers’ money and personal data secure.
AutomationEdge – Customer Account Management
When it comes to customer service, RPA can save time by filling in information into customer accounts. This application of RPA includes verification of new accounts, validation of all input data, change of customer details and opening and closing bank accounts. The USA-based AutomationEdge helps banks to automate account closures which are usually done via applications. With RPA, the status of a service request gets updated along with changes in transaction ID and the financial institutions get notified about the next steps in the process of account closure.
Maxatta – Trading Automation
By eliminating manual workload done by financial traders, RPA allows them to focus on processes that cannot be resolved automatically. RPA also allows them to pay attention to evaluating and executing trade opportunities by automating trade matching and settlement. British startup Maxatta provides traders with the opportunity to focus on risk management by automating processes like data capture, on-desk processes, and desk analytics mainly by using their pricing analytics, trade opportunity analytics and risk analytics services.
What About The Other 155 Solutions?
While we believe data is key to creating insights it can be easy to be overwhelmed by it. Our ambition is to create a comprehensive overview and provide actionable innovation intelligence for your Proof of Concept (PoC), partnership, or investment targets. The 5 startups showcased above are promising examples out of 160 we analyzed for this article. To identify the most relevant solutions based on your specific criteria and collaboration strategy, get in touch.