For years technology has provided its unrelenting support in transforming the workspace to a more effective environment, automation through RPA is the newest addition to the sect.
RPA is the new emerging technological trend in the industrial space. RPA is considered as the best substitute for all the monotonous tasks that have been previously performed by humans. The introduction of RPA in the industrial space ensures a break from all the mundane tasks carried out by skilled resources and automation aids in allocating the resources for better tasks. RPA is the process in which programmed technologies are employed in accomplishing different kinds of tasks such as; generating business agreements, handling Data, activating actions, and interacting with existing digital applications for performing the required actions.
RPA in BFSI
Today the BFSI industry is facing acute pressure to maintain a sleek operative approach while delivering excellent customer satisfaction. Embracing RPA can help organizations in cultivating a productive environment.
RPA can be effectively applied in the BFSI sector to complete the whole process or a set of process to bring out the best possible error-free output. RPA is the comprehensive approach towards the intelligent union of Artificial Intelligence and Machine learning to automate applications that are prone to human error, especially in those sectors that include a huge amount of monetary transactions and processes. RPA brings in the desirable transformation from ancient practices prevailed in the BFSI sector and give a strapping boost for business processes, IT support processes, workflow processes, remote infrastructure and back-office work.
- Constructive tracking of Account Management Documents and other day to day Transactions
- Interconnection and Integration of different Legacy Systems
- The distinct boost in efficiency and performance of systems with minimal human involvement
- Productive and accurate processes in Account Origination
- Processing of Mortgage, Cheque, Loan, and Investment
- Receivable and Payable Accounts
- Automation in the undertaking of Surrenders, Lease, Billing, Collections,
- Service Desk and Customer Service
- Support in Underwriter and Employee On-boarding and Off-boarding
- Maximizes benefits and complies with Data Restrictions
- Enterprise scalability, control, and management of Information Reporting
- Recruitment of customers, their documentation and close monitoring of progress
- Procedures related to Compliance, Legal, Credit, and Identification
- Creation of Accounts of Trading, Collateral and Settlement Systems
- Continuous System Data Mapping
- Attestation of KYC/AML
- Efficacious detection of fraud, money laundering, and other financial discrepancies
- Force match option facility for reconciliation and settlement of un-reconciled entries of entries
- Numerous levels of rapprochement process extended to all domain networks
- Rapid collection and release of dividends and interest
- Integration and data transfer from existing legacy systems to new and improved application systems
- Auto enrollment of pension policies
- Collective approach to Recoveries and Payments
- Effective handling of Lead Management Systems
- Credit card approval, Rejection, Documentation, and Audit
- Sales and Marketing strategies made easy
- Rectification of mismatched documents such as Standing Order, Direct Debit and Address details
- Processed reports in Unallocated Cash Report, Deceased Notification, and Compliance Reporting Automation
Benefits of RPA
RPA is expected to revolutionize the existing approach of industries in their processes providing them with all comfort they want that were once unthinkable, the innumerable benefits provided by RPA are indeed the reason for its fast growing acceptability.
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 involve:
RPA offerings from KGiSL
- Consulting on RPA
- Botjects (Projects Management)
- Botshoppe (Onshore Talent Engagements)
- Bot Farming (Offshoring/BPO Model)
- Profiling Services
- New Age Bundle
- Integration with Bots