Automating Stock Reference Price Updates with akaBot Solution

Banking automation has emerged as a “golden key” unlocking the door to this transformation. Among myriad operational processes, updating stock reference prices plays a pivotal role, directly impacting many critical activities. The application of automating stock reference price updates, especially when supported by advanced solutions like akaBot, not only optimizes this process but also vividly illustrates the comprehensive power of automation in restructuring and elevating bank operations.

Stock Reference Price: The “Foundation” for Many Banking Operations

Stock reference price is not merely a number; it’s a crucial economic indicator, permeating many core banking activities:

• Collateral Valuation: When customers pledge stocks as collateral for loans, banks must continuously monitor and update their market value. The accuracy and timeliness of reference prices directly influence the assessment of loan safety and credit risk management.
• Proprietary Investment Portfolio Management: For banks participating in the stock market as investors, updating reference prices is vital for making optimal buy/sell trading decisions, effectively managing portfolios, and maximizing profits.
• Valuation of Financial Derivatives: Derivative products such as options and futures based on stocks require real-time reference price updates to calculate contract values, price positions, and manage related market risks.
• Financial Reporting and Regulatory Compliance: Accounting standards and legal regulations often require banks to report the value of financial assets, including stocks, at specific times. Accurate reference price updates are a key factor in ensuring transparency and compliance.
• Investment Performance Evaluation: To assess the effectiveness of stock-related investments, banks need accurate and comprehensive historical and current reference price data.

Challenges from Manual Operations in Banking

The manual process of updating stock reference prices, while once standard, now reveals serious limitations, becoming a “burden” that hinders development and poses many potential risks for banks:

• Enormous Resource and Time Consumption: Employees must spend hours each day accessing countless different data sources – from financial websites and online trading boards to reports – then manually collecting, comparing, and inputting stock prices into the system. This is a repetitive, tedious task that wastes valuable human resources that could be utilized more effectively in complex and strategic tasks.
• “Fatal” Risk of Errors: Manual data entry with a large volume of data and high-time pressure easily leads to avoidable errors. A small mistake in recording prices can cause serious consequences, affecting asset valuation, risk management, financial reporting, and even investment decisions.
• Serious Information Lag: The stock market fluctuates every second. Manual price updates cannot keep up with this speed, leading to banks using outdated price data for critical operations. This delay can result in misleading asset valuations, sub-optimal trading decisions, and missed market opportunities.
• Threatened Data Consistency: When multiple employees are involved in collecting data from different sources, using varying methods and timings, ensuring the consistency of reference price data across the entire system becomes extremely difficult. This inconsistency can lead to discrepancies in reporting and analysis.
• Limited Scalability: As the number of stocks to monitor increases or higher update frequency is required, the manual process quickly becomes overloaded and unable to meet demand. This hinders the bank’s ability to expand its stock-related business activities.
• Negative Impact on Employee Experience: Repetitive work requiring high concentration and prone to errors can lead to monotony, stress, and reduced employee motivation. This not only affects individual performance but also impacts the overall morale of the entire department.

Automation with akaBot: Optimizing Stock Reference Price Update Operations

The application of automating stock reference price updates, especially with akaBot, thoroughly addresses the limitations of manual methods, while opening up new potentials for banking operations:

• Real-time and Absolutely Accurate Price Updates: akaBot RPA (Robotic Process Automation) can be programmed to automatically access and collect stock price data from reputable and reliable sources such as leading stock exchanges and professional financial data providers (Bloomberg, Refinitiv). These software robots can operate 24/7, continuously updating prices in real-time and ensuring absolute data accuracy, completely eliminating human errors.
• Up to 95% Time and Effort Savings: Instead of employees spending hours each day performing manual operations, akaBot RPA can complete this work in just a few minutes. This frees up valuable human resources to focus on in-depth analytical tasks, complex risk management, and customer interaction, bringing higher added value to the bank.
• Ensured Data Consistency and Reliability: akaBot is configured to adhere to consistent data collection and processing rules, ensuring that reference prices are updated from defined sources and according to a standardized process. This eliminates discrepancies and ensures data consistency and reliability across the entire bank system.
• Flexible and Easy Scalability: The akaBot platform offers flexible scalability, allowing banks to easily add new data sources, monitor more types of stocks, and increase update frequency without significant additional resource investment. This helps banks adapt quickly to market changes and expand stock-related business operations effectively.
• Enhanced Operational Efficiency and Cost Reduction: Automating the process with akaBot significantly reduces personnel costs for repetitive tasks, minimizes risks due to errors, and optimizes overall operational efficiency.
• Improved Employee Experience: By eliminating tedious and time-consuming tasks, akaBot helps employees focus on more interesting and challenging assignments, thereby increasing job satisfaction and motivation.

Typical Efficiency Figures When Applying akaBot

Implementing akaBot for the stock reference price update process can bring impressive efficiency figures:

• Up to 95% reduction in process execution time: The time needed to update reference prices can decrease from hours to just a few minutes.
• 100% reduction in data entry errors: Completely eliminates errors from manual operations, ensuring absolutely accurate data.
• Increased update frequency to real-time: Banks can continuously update stock prices throughout the trading session, ensuring the latest information is always available.
• Up to 80% freeing up of human resources: Employees can be reallocated to more strategic and value-generating tasks.
• 30% improvement in the efficiency of related processes: Having accurate and timely price data helps asset valuation, risk management, and trading processes operate more effectively.
• 15% reduction in process-related operating costs: Savings in personnel costs, reduction in expenses incurred due to errors.

akaBot: A Comprehensive Automation Solution for Banks

akaBot is not just a simple RPA tool; it’s an intelligent automation platform, providing a comprehensive suite of solutions to optimize banking operations in many aspects:

• akaBot RPA (Robotic Process Automation): Automates repetitive, rule-based tasks across various systems, reducing employee workload and increasing processing speed.
• akaBot AI (Artificial Intelligence): Integrates advanced AI technologies such as Natural Language Processing (NLP), Machine Learning (ML), and Computer Vision to automate more complex tasks requiring analysis, understanding, and decision-making.
• akaBot Hyperautomation: Combines RPA, AI, and other automation technologies (like BPM, iPaaS) to intelligently and flexibly automate end-to-end business processes.
• akaBot Discovery: A tool that helps analyze and discover potential processes for automation, providing optimization recommendations.
• akaBot Portal: A centralized management and monitoring platform for robots and automated processes, helping banks easily track performance and manage the system.

With this comprehensive suite of solutions, akaBot can help banks optimize not only the stock reference price update process but also many other important processes such as:

• Payment Transaction Processing: Automates data entry, verification, and reconciliation of payment transactions.
• Customer Record Management (KYC): Automates the collection, verification, and updating of customer information.
• Loan Application Processing: Automates document collection, credit assessment, and loan approval.
• Compliance Report Generation: Automates data collection and generation of reports as required by regulatory authorities.
• Customer Service: Deploys chatbots to support customers 24/7, answer queries, and handle basic requests.

Conclusion

In an era where speed and accuracy are key factors for competitiveness, banking automation with advanced solutions like akaBot is no longer an option but a mandatory requirement. Automating stock reference price updates is a prime example of how technology can completely transform a business process, bringing superior efficiency and reducing risks. By leveraging the power of akaBot, banks can build an intelligent, flexible, and more efficient operational platform, thereby enhancing customer experience, optimizing costs, and creating a sustainable competitive advantage in the challenging financial market. Start your digital transformation journey today with akaBot to unlock the immense potential of automation.