RPA Solutions For Financial Services–RPA Services Provider

Robotic Process Automation (RPA) can eliminate the billing errors that delay payments and reduce days sales outstanding (DSO) by automating sales order entry, invoice processing, cash application, and many other repetitive processes in the financial sector. It results in accelerated transaction processing capacity and streamlined payments and reconciliations. The BFSI sector, comprising big industries-banking, finance, and insurance, is one of the most important industries in the world. In recent years, the industry has been transforming its processes by leveraging RPA Solutions For Financial Services while improving the speed, efficiency, and accuracy of specific tasks.

When software bots automate rules-based and repetitive finance and accounting tasks, you can empower your team of experts to take on a more strategic, consultative role. It can also help your business grow by increasing your capacity to expand into new markets, onboard new vendors and partners, and integrate new acquisitions.

Besides automating tasks, banks and financial services companies capitalize on RPA tools to interact with various enterprise systems, such as Enterprise Resource Planning (ERP) and Customer Relationship Management (CRM) platforms. The bots can manipulate data, trigger responses, and communicate with these systems in a way that previously required human interaction.

RPA Use Cases in the Financial Industry

Here is a list of various tasks that are being automated through RPA in the financial industry:

Automatic Report Generation

It takes a lot of time to create compliance reports of fraudulent activities in the form of suspicious activity report or SAR which have to be verified by the compliance professionals. RPA tools can complete the entire process in a few minutes wherein it can read through the process and extract the required information automatically and generate the required reports.

Client On-boarding

Client on-boarding is a time-taking process because numerous documents are required for verification. This whole process can be easily automated by RPA tools that can extract the data from KYC using OCR (Optical Character Recognition), which can then be matched with the documents submitted by the customers. It eliminates the chances of error in addition to saving time and effort put in by the employees.

KYC and Anti-money Laundering

These data-intensive tasks can be easily automated through RPA Solutions For Financial Services. The automated KYC and AML processes such as entering customer data, compiling customer information, and catching suspicious banking transactions lead to reduced operational costs, high quality, and being fairly compliant with regulatory requirements.

Account Opening

To reduce the waiting period, software bots can be deployed to validate the customer’s identity, their past credit score, and their employee records and address details. It also validates if the customer fulfills all the compliance requirements and informs the validation team in case of any discrepancies. Once the validation is done, the bots automatically create a new account and share the details with the customers.

Loan Processing

Digital bots can help you in delivering fast, seamless, and hassle-free loan services to your customers. It can reduce loan processing time from many days to a single day. From extracting customers’ data from Loan Processing System (LMS) to validating and submitting validation reports into the LMS, RPA Solutions For Financial Services can automate various high-volume and tedious tasks while playing an important role in improving efficiency and productivity in the loan process of financial institutions.

Client Service

There is a high volume of common customer queries making it difficult for the employees to respond to them with a low turnaround time. RPA chatbots allow them to automate such mundane rule-based tasks to effectively respond to queries in real time, thereby satisfying customers.

Credit Card Processing

Automation tools help in reducing human efforts by running the compliance rules and validating the card request. In case of discrepancy or an issue, the bot automatically flags the issue to the concerned department, which leads to faster resolution. The faster validation and approval process accelerates the speed of activating the cards and boosts customer satisfaction. Proven Advantages of RPA in Financial Services

There are various key advantages of RPA in financial services –

• Boost revenue and cash flow
• Reduce operational costs
• Better compliance
• Faster sales order process
• Eliminates errors
• Enhance process efficiency
• Increase customer satisfaction

ESS helps clients transform their business processes and automate redundant and time-consuming tasks by providing advanced automation solutions. Our highly qualified RPA experts can assist you to leverage technology advancement and reinvent your business processes. To know more, contact us at marketing@essindia.com

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