Financial technology and traditional technology complement each other and have gradually become the core driving force for the development of the securities industry. Whether it is "open banking" or "open brokerage", the financial industry has put forward new strategic requirements for data quality, operational efficiency, and intelligence.
Driven by financial technology, the securities industry has pressed the "fast forward button" on digital transformation and upgrading. New financial technology technologies represented by "ABCD" (artificial intelligence, blockchain, cloud computing, big data), through close integration with asset management, risk management and other businesses, continue to drive financial services to become online, digital, and Intelligent transformation. Among them, Western Securities Co., Ltd., as a Class A securities company in the 2021 securities company classification results of the China Securities Regulatory Commission, is adhering to an attitude of exploration and innovation in this digital transformation of securities companies and actively starting the transformation of the securities industry. explore.
Which department should the digitalization of the securities industry start from? What kind of overall strategy should be formulated? Western Securities’ automation experience is of great reference value. Based on automation technology and taking key application scenarios as a breakthrough, Western Securities is actively realizing the in-depth automation of digital employees and accelerating the digitalization process of enterprises.
In order to smoothly start and expand automation, in December 2021, Western Securities officially established a project-level "AI Process Special Team", aiming to form Dedicated strength in digital workforce promotion and building. Through the construction of this team, various aspects such as pilot selection, deployment promotion, and effect evaluation will be more efficient and smooth, creating favorable conditions for promoting AI-powered business scenarios in depth.
Western Securities summarizes the characteristics of each department. Which businesses are cumbersome? What are the most pressing needs for automation? Western Securities is well aware of this information. For example, in the centralized operation business scenario of the wealth management department, some processes rely heavily on manual operations. Although the Planning and Finance Department has automated various processes in the financial system through the Financial Sharing Center, the extent of this still needs to be explored. In addition, investment banking business lines, custody business departments and other departments also need to be automated step by step.
Western Securities plans to make every effort to improve the efficiency of corporate business processes, reduce manual operation risks, improve customer experience, and achieve "quick win" business results through the deployment and implementation of digital employee projects.
The evaluation of the pilot effect is a very critical step. It is not only related to whether the early judgment and investment are correct, but also related to the adjustment of the enterprise's internal automation popularization strategy.
Western Securities has completed the pilot implementation of digital employees through the construction and collaboration of front-end and back-end software robots, and it is expected to achieve significant results.
For example, the daily back-end operations of traditional brokerage businesses of securities firms involve a large number of data operation and configuration processes. Although these processes do not involve core data operations, the data configuration, processing, and verification processes in the process are all completed manually. Moreover, the operation involves multiple systems, numerous parameters, and cumbersome processes, which are very labor-intensive and prone to errors. If this scenario can be used as a pilot for digital employees, operational risks can be reduced, and the accuracy of the original manual processing process can be greatly improved. At the same time, the processing time can be greatly shortened, and the operation can even be completed in advance. It is expected that the average process processing time will be reduced by 80%.
Another example is the financial business processing process at the headquarters of a securities firm. It is necessary to merge the forms submitted regularly by all branches and conduct cross-system verification. This process has a large amount of data and is cumbersome. Manual operations are often difficult to do in a timely manner. Follow-up is also error-prone. If this scenario is replaced by digital employees, the average process processing time is expected to be reduced by 60%.
Based on the effectiveness verification of the pilot, Western Securities can begin to use digital employees on a large scale to automate and accelerate these processes. It is foreseeable that digital employees will also bring great value to other scenarios.
From pilot to operation system construction to platform construction, the digital deployment of Western Securities can be divided into three steps.
Western Securities has rich experience in implementing pilot scenarios. Western Securities divides digital employee users into seed users and core users, and adopts a more comprehensive digital employee operation plan based on user profiles. For businesses with cumbersome and labor-intensive processes, Western Securities quickly built digital employees, implemented digital employee pilot scenarios, and measured efficiency improvements to fully prepare for the company's large-scale deployment.
In establishing a digital employee operation system, Western Securities aims to embed digital employees into various departments to form a digital employee empowerment culture and lay the foundation for subsequent internal promotion and business empowerment. By establishing a multi-dimensional digital employee comprehensive performance system, a digital employee training system and a full life cycle management system, employees can independently design, develop and adopt digital employees. Through sharing methods such as offline salons and online digital employee cloud classrooms, employees have more opportunities to learn digital employee knowledge. When a department needs to apply for digital employees, it can start deployment according to the full-life management system of application, adoption, upgrade, offline, and return to work.
In building a basic platform for digital employees, Western Securities has built a complete basic platform, covering the design platform, management platform and execution platform for digital employees. First, digital employees are designed. Employees use various AI components to quickly create the required digital employees in a low-code form. Secondly, digital employee management. When digital employees reach a certain scale, they can be managed uniformly with the help of a management platform. Finally, how well are digital workers performing? What should I do if the operation is abnormal? Digital employees of specific businesses can be viewed through the execution platform of Western Securities and abnormal alarm resolution can be achieved.
Generally speaking, based on UiPath's cutting-edge automation technology, rich training resources, and mature and complete service system, Western Securities is making digital transformation a reality. At the same time, the UiPath solution can also help Western Securities realize on-demand iteration of digital employees and complete self-research and expansion of automation technology, forming a powerful driving force for Western Securities to continue to expand automation.
Huang Yuyang, head of the Digital Transformation Office of Western Securities, said, “With the in-depth application of digital employees, we will have more business benefits. It is expected that with this form, employees will have more energy to do relevant tasks. value work, and continue to reduce costs and increase efficiency. In addition, we hope to use our own digital transformation experience to set an example for the digital exploration of the securities industry."
The birth experience of Western Securities’ digital employees will be used by more securities industries Customers bring reference value. Facing the future, Western Securities will seize development opportunities, fully release the power of data, and bring efficient and reliable financial services to securities customers. At the same time, UiPath will continue to penetrate into the securities industry, create more digital transformation benchmarks, and help the securities industry "ride the wind and waves"!
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