As banking industry involves large number of mundane, repetitive and manual tasks, it is tedious to manage the daily tasks. Automation provides operational efficiency and reduces costs with increased compliance and also reduces implementation cost with its simple and faster methods. It can also can streamline processes and relieve resources from mundane work cutting down huge amount of cost.
Repeated manipulation of the buy/sell debt security deal documents from internal trading application is tedious. To upload the manipulated files into the trading portal and download confirmation feed file which is to be again uploaded into the internal trading application. Multiple systems were to be accessed to complete this critical process. The manual process also involves 4 eye authentication and hence processing time is more.
The bots can be designed to log into the trade application and download the buy/sell debt security deals. Bot can perform data massaging and generating up loadable file, which can be uploaded into the trading portal. Upon successive upload into the trading portal, confirmation feed file can be generated, bit downloads the feed file and can upload the same into trading application. Also, bots can be scheduled to work at regular intervals during the trading hours.
A high volume of transaction requests (averaging 400–500 daily) arrives in the form of largely unstructured data, and to handle in a heavily manual process with lack of visibility into risk of errors was highly difficult. That process was controlled by one large document, consisting of up to 20 different sub-documents. Existing process suffered from lack of data tracking, monitoring and procedural records. Process also included multiple compliance checks using various documents.
Automated solution involves accepting, classifying and extracting data from various internal systems. Bot can also handle verifying adherence to compliance checks and updates to internal systems. Bot can be designed in such a way that, it constantly awaits for new documents for classification and extraction.