In preparation for the upcoming NOAH London, we have chatted with Zappy about the company and current trends in banking automation. The CEO and founder of Zappy Ambuj Agrawal is going to pitch at the conference on 30-31 October at Old Billingsgate. Learn how this new London startup is using AI to free employees from repetitive tasks and increase productivity.
Could you tell us more about Zappy?
Zappy is a desktop application that learns user behaviour at work, identifies repetitive processes and creates automation for these processes. With no technical knowledge required, a cost-effective automation can be created in minutes — users can automate tasks involving manual data entry, data extraction and data gathering steps.
Here is an example — John, a banking employee, uploads settlement data manually from excel file to internal application. As soon as he finishes uploading one row of data manually, Zappy learns his actions, identifies the repetition and creates the automation for him. John can use this automation to upload all the remaining rows of data from this excel sheet and similar files in the future.
”Globally, repetitive tasks have a $5 trillion annual cost in lost productivity
When was Zappy launched and what was the reason behind it?
Our founder Ambuj Agrawal was working in Citibank and was spending a lot of my time doing manual data entry and form filling tasks. There was no easy way for him to automate these tasks and all the existing solutions required extensive efforts and steep learning curve.
Robotic process automation solutions for entreprises required technical knowledge, long deployment time (more than 3 months) and were not cost effective (more than $15,000 per automation).
Only a fraction of repetitive processes were being automated by these solutions. In fact, only 9% of SMEs and 24% of large organisations have implemented these tools. Office workers are spending around 69 days per year on administration tasks, globally this represents lost productivity in the region of $5 trillion annually.
We started developing Zappy in December 2017 to solve this problem. We are democratising automation so that every employee can get rid of their repetitive work.
What is your target market and how big is it?
Tools such as Zappy will add $15.7 trillion to the global economy by 2030. Our initial addressable market is the Intelligent Process Automation market which is worth $15.4 billion by 2021 according to HFS Research. Our goal is to have Zappy installed on every office employee computer (acquire more than 500 million users) and allowing employees to automate their mundane tasks so that these employees can spend more time doing what they love to do. We can make $ 50 billion revenues annually with our software (based on total addressable user base of 500 million employees at $100 per user on average).
Why do you think the company will be successull?
Business process automation can be successful only when it is driven by ground level employees rather than managers. Therefore, we are democratizing automation so that every employee can get rid of their repetitive work. Zappy is like Microsoft Office for Desktop Automation.
Our software learns and generates automation by observing user behaviour. It is installed on users machine and collects data on mouse click, keyboard actions and the window the user is working on. Using this data points it creates relevant automation for repetitive processes.
We have the worlds best team on board to solve this problem. Our founder Ambuj Agrawal is the world’s leading expert in Artificial Intelligence and Process Automation. He has received numerous innovation awards from Citibank, Imperial College London, Ministry of Justice UK, Bristol University, among others. He is also one of the youngest recipients of the “Exceptional Talent Visa in Digital Technology” by the UK Government for expertise in Compiler Design and Machine Learning. Our co-founder Anil Agrawal is an experienced CFO and world leading expert in fundraising, strategy (M&A), negotiation, budgeting, business planning, taxation, audit and accounting with over 30 years of industry experience.
Why should potential corporate clients meet you at NOAH?
Zappy can be extremely helpful to accounting firms in automating their bank statement data entry to ERP systems. Without Zappy this process takes days to finish with high error rates. With Zappy, users can complete it in minutes with practically no errors. Asset management firms use Zappy to automate their daily report generation process. Employees have trained Zappy to fetch data from different data sources such as PDF documents, email and websites and generate reports from these data points. Now, Zappy automatically fetches these data points and generates reports in minutes. Zappy is used by banks to automate their trade reconciliation process and by large conglomerates to automate their manual day to day business processes.