Process Automation in Financial Services - A Boon to the Sector

PROCESS AUTOMATION IN FINANCIAL SERVICES - A BOON TO THE SECTOR

AGENDA

1

Introduction

2

Process Automation in Financial Services - A Boon to the Sector  KYC Documentation

3 5 4

 Consumer Onboarding  Report Generation Conclusion

INTRODUCTION

The finance sector involves a lot of mundane and repetitive tasks that can be automated. Some of the major processes that benefited from the use of robotic process automation in finance are as follows:

PROCESS AUTOMATION IN FINANCIAL SERVICES - A BOON TO THE SECTOR

KYC Documentation

Consumer Onboarding

Report Generation

KYC DOCUMENTATION

Know Your Consumer (KYC) is an uphill task and the ideal process for modernization since it is an extremely data-intensive process. They can extract the KYC information from excel files and enter it with the help of figurative bots.

CONSUMER ONBOARDING

With the implementation of RPA, the entire consumer onboarding process can be made much easier since the bots can capture the data from KYC documents leveraging the optical character recognition technique (OCR).

REPORT GENERATION

Traditionally, the compliance officers had to read the reports manually and fill the SAR form. Using natural language processing capabilities, the figurative bots can read through the lengthy compliance documents, extract the required information and fill the necessary details in SAR.

CONCLUSION

Process automation in financial services has eased the operations of the banking and other finance related companies by aiding the routine functions of the industry. It makes processes accurate, easier, and faster.

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