Transforming MM Trade Processing: A Case Study on Leveraging RPA for Efficiency and Accuracy in Global Financial Operations

Problem Statement:

A major global financial institution faced significant challenges in its MM trade processing department. The manual handling of MM trades was not only time-consuming but also prone to errors, failing to meet the increasing demands of the bank's clients. The inefficient processes hindered the institution's capability to capitalize on the growing trade flow projection

Solution:

To overcome these challenges, MindMap Team implemented a Robotic Process Automation (RPA) solution tailored to automate MM trade processing operations. The solution encompassed the automation of several components and processes:

• Trade Capture: Automated data entry and processing including data extraction, field validation, and transaction completion.
• Workflow Automation: Including order processing, credit approvals, and customer master file maintenance.
• Payment and Settlement Processes: Streamlined processing of payments, bulk payment journal entries, and trade settlement.
• Regulatory and Compliance: Enhanced fraud operations, regulatory controls, and compliance reporting.

Benefits Realized:

Operational Efficiency -

• Reduction in processing time for MM trades by approximately 60%, from an average of 10 hours per trade to 4 hours.
• Increase in the number of trades processed daily by 40%, from 500 to 700 trades.

Accuracy and Compliance:

• Achieved near 100% accuracy in transactions, a significant improvement from the previous error rate of 5%.
• Reduction in compliance-related issues by 75%, minimizing risk and potential fines.

Cost Savings:

• Annual cost savings of approximately $3 million due to reduced manual labor and decreased need for rectification of trade errors.
• Reduction in labor costs by 30%, reallocating staff from repetitive tasks to high-value activities.

Scalability and Future Proofing:

• The ability to add new functionalities and handle increased trade volumes without additional human resource investments.
• Implementation of new compliance measures within days instead of months, due to the flexible RPA framework.

Customer Satisfaction:

• Improvement in customer satisfaction scores by 25% due to faster processing times and fewer errors.
• Enhanced response times to customer queries about trade statuses, reduced by 50%.

‍