For large financial institutions, the task of automating day-to-day operational tasks is beyond the scope and resources of over-burdened IT departments. Low-code/ no-code application platforms (LCAP) offer a simplified but still robust alternative to traditional IT development.
As part of a larger digital transformation drive at one of our main banking clients, Monocle assisted in driving out and embedding the use of Power Platform (a low-code application platform) throughout the group financial consolidation and controls function. Through targeted process automation, the bank aimed to reduce time spent on repetitive, admin-intensive tasks and improve controls around end-user computing (EUC).
Through close collaboration with our business stakeholders, Monocle designed, built, tested and launched various process automation robots to replace various tasks, including tasks related to:
- Data integration between applications where no API or formalised ETL tool existed
- Data transformation, consolidation, formatting, and ETL for various financial reporting tasks
Critically, we were also involved in the design and development of various monitoring and governance tools and processes that not only supported the bots, but ensured any low-code development did not lead to operational and IT risk. These tools/processes included:
- Automation request portal to log and track all requests from business stakeholders
- Bot monitoring tool to consolidate and oversee the operation of bots, their performance and any errors/exceptions
- Assisted in the establishment of a Centre of Excellence to drive out and support citizen-led development, provide training as well as enforce IT best practice
While robotic process automation was our primary mandate, Monocle was instrumental in ensuring longevity of the automation by considering coding approaches, deployment procedures, licensing requirements and general guidance and management on the use of low-code/no-code application technology.
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Power Platform
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IT Governance
