The banking institutions rely on multiple legacy system. This industry with large amounts of manual work are still performed daily between multiple core banking systems, all in an effort to reconcile and transcribe data to process transactions. As result tends to increase every day, the banks and their IT departments tussle to merge dissimilar legacy systems into a coherent workflow.
Automation in banking can help in reducing the manual work in various processes from account opening to anti-money laundering and providing better customer service.
To automate an operation in the reference data set up and pricing area to remove manual efforts and increase efficiency, productivity while reducing processing errors. The operation was volume-intensive and critical to the downstream process.
The robots can pick up the custodian requests from the input queue and process by validating ISIN with different financial service providers. The timely activity for pricing, like morning, afternoon and evening, can be scheduled and processed accordingly. The activity for corporate action, including daily dividend processing, Pay date check, Retro Corporate actions and retro dividend can be fully automated.
The customer needed to automate a back office process with a volume of 25000 receipts per month. The information was structured, with pre-determined rules and conditions. The process had 10% of exceptions and also involved the use of paper. The finance receipting process extracts the input from the source file. Based on transaction type, it separates the client details such as card/check and feeds the user information in back office accounting system.
The robot can handle the interface between SAP system and web. It can export various documents from SAP and upload & perform processing in the web portal. The system can generate receipt number for clients/customer and update the details to their respective template then send the template to brokers/adjustors.