Enabling RPA is a necessity in today’s business world as it not only transforms and contours your enterprise economically, but also elevates business process with a flexible environment that provides tailored responses to the specific requirements. Only a great mind can foresee the future and fabricate their business, and the constant aspect in that future is undoubtedly the Robotic Process Automation.
Robotic Process Automation (RPA)’ is the application of software to carry out operations that have been previously accomplished by humans. The technology can capture and interpret existing applications in order to process transactions, manipulate data, trigger responses and communicate with other digital systems, a method of using automation and technology to perform a process or a part of the process in any existing business applications.
RPA for BFSI
The financial sector is all ready to commission RPA in their process to tune themselves in entering the digitization era. RPA acts as a mechanical colleague in the BFSI sector with the capacity to work at least 10 x times faster with excellent accuracy. It’s an intelligent amalgamation of Artificial Intelligence (AI) and Machine Learning (ML) to automate routine, high-volume tasks that are sensitive to human error, which is of paramount importance in the financial institutions. RPA subtly fuses in the financial sector and helps in scaling costs without hiring additional resources by triggering swift task management. RPA also reduces or eliminates repetitive, time-consuming tasks which are innate in a financial enterprise.
Domains benefiting from RPA and the process involved
- Report generation & e-form extraction
- Account entry and account settlement
- Record updation & rendering continuous support to clients
- Approval of mortgage and diligent release of remittance notifications
- Application processing from initial to the final stage
- Reimbursement of fixed asset
- Write-offs of FX accounting and Bad Debts
- Account cleansing and fraud detection
- Processing calculations and entries like Journal accounting and Credit note accounting
- Process involves the embedding of new customers, including documentation and tracking of progress
- Compliance, legal, credit and identification Process
- Fabrication of account in trading, collateral and settlement systems
- Uninterrupted Data Mapping between systems
- Process involves the authentication of KYC/AML
- Fraud detection in the areas of money laundering, terrorist finance, or identity theft
- Reconciliation process and manual settlement of un-reconciled entries with Force match option facility
- Multilevel reconciliation that covers international & domestic networks
- Prompt release and timely collection of all dividends and interest allocations
- Convoluted entitlement policies made plain sailing
- Assistance in Pension Auto Enrolment
- Effective data transfer from legacy systems to new Applications, Systems, 3rd Parties
- Stalwart support in Products Sales and Marketing Campaign
- Comprehensive Recoveries and Payments
- Generation of Unallocated Cash Report, Deceased Notification, and Compliance Reporting Automation
- Comparison of insurance from the leads available on the internet and remitting data into Lead Management Systems
- Credit card Rejections and Audit
- Processing Redemption, Debt Recovery, and Payment transfer
- Emendation of Standing Order, Direct Debit and Address details
Benefits of our RPA service
Robotic Process Automation has the potential to offer high value in terms of inorganic reduction in costs and improvement in productivity for banks, insurers, pension funds and other financial services institutions. The benefits offered by RPA are therefore innumerable.
RPA could deliver improved Accuracy, Complete Data Capture, Efficiency & Quality output
The suitable process that has to be adopted for RPA can be recognized using this checklist.
The Robotic Process Workflow
Recruiting RPA to your process is not a herculean task as it requires only a few steps to get it started.
The proper employment of these steps can move your business in the right direction.
These steps involves:
RPA offerings from KGiSL
- Consulting on RPA
- PROBOT (Projects Management)
- Botshoppe (Onshore Talent Engagements)
- Bot Farming (Offshoring/BPO Model)
- Profiling Services
- New Age Bundle
- Integration with Bots