Use cases for Robotic Process Automation (RPA) in equipment and auto finance

Leading asset finance companies have shown how Robotic Process Automation can make repetitive manual processes to improve business performance a thing of the past.

By adopting RPA, employees can be relieved of low-value manual tasks so they can focus their skills on generating business growth while improving customer loyalty and satisfaction.

During an online seminar sponsored by VIP Apps Consulting for the International Asset Finance Network, industry leaders demonstrated how RPA can transform business performance.

Gavin Dowding, Head of Technology at Propel Finance, said, “It’s the digital touchpoints with the customer or one of our other partners. When someone sends an email or a request for something, something else happens and something else happens on the back. It really is the full life cycle of interaction and then action so we are constantly automating that experience.

“I don’t think that has typically been possible for equipment finance companies in the past. Here are the opportunities. “

During the seminar, hundreds of online delegates heard how Volkswagen Financial Services used RPA to handle a massive surge in customer inquiries at the height of the pandemic.

Adam Goodacre, Head of Business Applications and Robotic Automation Development at Volkswagen Financial Services, said: “The phone kept ringing. One of the challenges was to shut down the answering machine and fix the problem. Otherwise the phone will always ring.

“We used RPA quickly to solve the problem. We initially focused on our customer operations and fleet areas because that is where the volume came from. It had to be something essential and not something someone only does once a week where you can live with a manual process.

“We were able to react very quickly because we had the technology.”

Panellist Daypesh Patel, managing director of VIP Apps Consulting (picture), said RPA is just one solution option as part of a comprehensive process automation strategy.

He added, “I think when you consider RPA, and especially when you combine it with other technologies (artificial intelligence and machine learning, optical character recognition and image recognition), these are all powerful components of an overall digital and automation strategy. What we call intelligent automation is really where the power lies. “

Download the report using the form below for a detailed summary of the seminar.

April 3, 2021