Cash Allocation Automation Assessment

Executive Summary

For any wealth manager, deposits from clients must be allocated to their accounts as soon as possible. Any delay or mistake can result in a poor customer experience and impacts operational processes. 

psKINETIC conducted a rapid assessment of the processes, assessed options and implemented a proof of concept showing how the process could be transformed within 3 weeks.

The Challenges

The existing cash allocation process is manual and uses various reports from external banks and transfers this to complicated spreadsheet ‘cashbooks’. These contain complex formulae to analyse the data which is a cumbersome task and can be prone to errors.

Existing legacy systems are used to hold client account information and are used to perform allocations to these accounts. These existing applications to provide APIs for integration.

RPA is the next logical option for automating this manual step of the process.

The Solution

Over a 3 weeks of engagement, the problem was explored in more detail mapping out the process and data flows. A pure RPA solution and a broader intelligent automation solution was evaluated. 

The recommendation from psKINETIC was that an intelligent automation platform provided a better fit for requirements providing RPA, workflow, task management and reporting features.  

The demonstration of psKINETIC’s understanding of the problem, identification of requirements and rapid development of a proof of concept provided great assistance to the client in their first steps of automation initiatives.