The BFSI sector is evolving at lightning speed. Online lending are overshadowing bank loans, and digital wallets are replacing physical cash. New entrants are making dents in the market share and taking larger established banks head-on by improving functional efficiency using the latest technologies. Chatbots and IVR are taking over customer service, RPAs are enabling faster management of large volumes of transactions, and streamlined workflows are simplifying tedious financial processes. To survive this evolution BFSI entities need to be on top of technological advancements and successful implementations.
Huge transaction volumes: Given the large volume of transactions, even slight delays in process during peak times can lead to significant monetary losses.
Data security: Since all transactions are related to money, ensuring data safety, encryption and data integrity is a prime concern.
Human-induced errors: Large transaction volumes and monotonous tasks are susceptible to human errors, which can turn out to be costly.
Interdependent processes: the BFSI sector in particular is heavily dependent on interlinked processes, which makes seamless implementation a necessity.
Over the past decade Neebal has been developing Hyperautomation-based solutions for leading global BFSI entities. We have successfully implemented real-time payment systems, improved loan application processes, developed mobile apps and verification processes for crypto currency exchange platforms, and reduced operational costs through automated processes for some of the leading BFSI clients.