Blog: How RPA can boost transforming of BFSI services

Blog: How RPA can boost transforming of BFSI services

BFSI companies are undergoing lworkflow transformation using advanced and automated technologies. Streamlining processes, simplifying tasks, reducing costs, and maximizing efficiency are a few attributes of modern day automated banking solutions which are preventing process delays resulting in faster decision making with minimal human intervention. 

BFSI companies are increasingly adopting RPA enabled Hyperautomation solutions to perform multiple tasks simultaneously with accuracy and convenience. Processes such as KYC, fraud detection and invoice processing can be automated to facilitate seamless tracking and data extraction based on past behavior and futuristic predictions. 

What is Hyperautomation

A blend of Robotic Process Automation (RPA), Artificial Intelligence (AI) and Machine learning (ML), Hyperautomation facilitates improvement of business processes by reducing complications and maximizing productivity. 

How RPA in Hyperautomation benefits enhancement of financial services

Financial professionals in the past few years became overburdened with increasing complexities in transaction processing, managing data from unstructured sources, performing time consuming routine tasks resulting in human induced errors and intermittent delays. Implementing RPA in these instances can enable them to increase accuracy and boost ROI. Listed below are ways where RPA usages can be fruitful.

Forecasting and Budget Planning

Financial institutions can use RPA tools to estimate cash flows to ensure accuracy in budget planning. This is because AI powered RPA software is capable of obtaining real time insights related to revenue projections, interpreting diverse data from multiple sources, reconciling them to a centralized database for generating prospective leads, updating balances, etc. 

Appropriate utilization of RPA using ML techniques makes data extraction error free leading to faster decision making. For example, Intelligent Character Recognition and Optical Character Recognition help in converting images and documents into machine readable form to achieve customized and desirable business outcomes. 

 

Invoice processing

RPA can automate invoice generation by extracting data from various sources and integrating them in a centralized system to be reconciled and merged with other relevant information. Thus this automation technology facilitates avoiding penalties and costly errors in case of incomplete or late payments. 

Accounts receivables

This process requires RPA solutions to streamline rule based and repetitive activities for generating reliable goods and services bills. Automating the billing processes for current accounts helps in making the payment collection cycles streamlined. 

Tax Reporting

Use of RPA enables automating tax reports which involve calculating adjustments, validating data, updating tax returns workbooks etc. RPA functionalities backed by AI and ML algorithms can predict tax outstanding by creating reports and reconciling complex data from multiple sources. By reconciling reports and documents using ICR and OCR techniques, it ensures seamless tax filing and faster submission to the concerned authorities. 

How Neebal can help

We at Neebal are committed towards delivering improved and customized automation solutions applicable for businesses across Pharma, BFSI, FMCG, and Agro industries. Having more than a decade’s presence, our solutions are helping companies globally  to  stay ahead of the competition with purpose driven and outcome oriented results. Our technology experts develop customized solutions suited to your requirements to ensure accuracy, simplify processes and maximize productivity. 

Are you looking for RPA solutions to boost your financial services? Feel free to consult automation solution experts from Hyperautomation companies like us to enhance your business profitability and increased revenue generation. 

Conclusion

BFSI services desperately require RPA solutions to streamline tasks and enhance productivity. From data extraction to updating customer details, automated technologies equipped with ICR and OCR functionalities are helpful in simplifying transaction monitoring and updating KYC dashboard. As BFSI companies rely extensively on data, applying automated technologies like AI and ML enable them to perform predictive analysis following past trends and patterns and generate futuristic scenarios for assessing market requirements. 

Topics: RPA Solutions, Hyperautomation