Pintec Joins Hands with International Technology Giants to Set Up Innovation Center for the Adoption of Robotic Process Automation in Financial Market
BEIJING, April 16, 2020 /PRNewswire/ -- Pintec Technology Holdings Ltd. ("Pintec"; NASDAQ:PT), a leading independent fintech solutions provider, today announced the establishment of an Innovation Center in Shanghai to promote the adoption of Robotic Process Automation (RPA) in financial institutions. Pintec will cooperate with several RPA giants such as Automation Anywhere and Blue Prism to help financial institutions drive digital transformation with RPA.
Large market opportunity for the application of RPA in the financial field
RPA is an application, governed by business logic and structured inputs, aimed at automating business processes. Using RPA tools, a company can configure software or a "robot" to capture and interpret applications for processing abundant repetitive and rule-based works. RPA can be applied in multiple sectors including finance and tax, data analysis, risk management, customer services, IT, HR covering lots of critical industries such as finance, internet, education, manufacturing, etc.
According to the Report on Robot Technology and Functional Automation: A Combination of Human Power and Machine released by EY in February 2019, the combination of RPA and AI will bring explosive growth to the financial industry. Financial institutions such as bank, securities company, and insurance company have achieved a high level of informatization, which is easier to adopt RPA technology than other industries. Currently, many large financial institutions are applying RPA tools in credit, insurance, and wealth management fields, which cover key operational processes including KYC, loan processing, transaction execution, account processing, auditing, customer services, human resources.
With the development of AI technologies, the combination of traditional RPA and AI is able to realize end-to-end process automation without considering the current system environment, which can highly improve the efficiency of financial services.
Pintec's significant strengths to facilitate the application of RPA in the financial field
Pintec has established cooperative relationships with large international RPA services providers such as Automation Anywhere and Blue Prism. Leveraging their mature products to combine with Pintec's strong capabilities in artificial intelligence technology development and in-depth understanding of financial business, Pintec will provide financial clients with comprehensive RPA technical support in system counselling, deployment, implementation, and license acquisition.
"The development of RPA has entered the stage of 'AI+RPA' after over ten years of development. On the one hand, AI expands the application boundary of RPA. On the other hand, RPA requires full process optimization compared to other office automation systems. Leveraging AI technologies, it can well address the pain points that exist in the automation process. For example, RPA can automatically input and analyze unstructured mass data by leveraging image recognition technology to improve the efficiency of the entire process profoundly," said Victor Li, Head of Technology Enablement at Pintec, "We apply AI technologies in our digital lending and wealth management systems. We have accumulated a wealth of experience in serving financial institutions and will continue to bring our experience to the current RPA system to facilitate the development of iRPA."
In addition, Pintec has accumulated in-depth operating experience through various long-term cooperation with different financial and business institutions. As the key to RPA system deployment is to analyze each business process and design a reasonable deployment plan, Pintec's rich practical experience will significantly improve the efficiency of RPA system.
In recent years, Pintec has strengthened investment in financial infrastructure services. In 2019, Pintec acquired an Australian fintech company InfraRisk. The company developed Credit Value Maximizer (CVX), an automated tool for credit process management. The system has served lots of international financial institutions including National Australia Bank, Toyota Finance, and Judo Bank, which has greatly strengthened Pintec's advantages in fintech capabilities.
"While facing the complex and changing economic situation and the impact of COVID-19, Financial institutions urge to increase income and reduce expenditures through optimizing business processes and human resources structures to improve operational efficiency and risk-resistance capabilities," said Victor Li, "The RPA system has features of low investment, short-term construction period, and non-invasiveness, which is expected to be widely applied by financial institutions."
About Pintec
Pintec is a leading fintech solutions provider. With its mission to "Power the Future of Finance", Pintec aims to advance financial services by providing customized and modular fintech solutions to its financial and business partners, including point-of-sale financing solutions, personal installment loan solutions, business installment loan solutions, wealth management solutions and insurance solutions. The company operates a unique SaaS Plus service model. In addition to the industry-leading SaaS service platform, Pintec also offers a full suite of value-added solutions to its customers, including decision support, traffic enhancement, joint operations, and advisory services. Pintec has cooperated with a number of business and financial partners, including but not limited to Xiaomi, Qunar, Ctrip, China Telecom BestPay, Vip.com, Minsheng Securities, Orient Securities, Yunnan Trust, Guoyuan Securities, Bank of Nanjing, East West Bank, China National Investment & Guaranty Corporation, Fullerton Financial Holdings. On October 25, 2018, Pintec was officially listed on the Nasdaq Global Market with American depositary shares trading under the symbol "PT".
For more information, please visit www.Pintec.com
SOURCE Pintec
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