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Robotic Process Automation for Banking & Financial Institutions

By adopting RPA, organizations can overcome many of the barriers like 4 eye authentication process, error-prone transactional processes, rule-based time-consuming back-office operations, and can achieve operational efficiency with enhanced performance at an enterprise level.

 

Robotic Process Automation for Financial Institution - Case Study

Business Case: 

The objective of this process is to validate/verify the credentials of the client to which vehicle loans have been issued by Financial Institution's lending arm along with hypothecation details.

  1. A team member logins into Vahan* website with necessary credentials.
  2. After login, they feed the engine number and chassis number of the vehicle into the “search box” of the website and proceeds with the search.
  3. If the result is found for searched data then team member clicks on the results to open the pdf.
  4. Then the team member opens the pdf, reads the data and inserts the data into the final excel sheet with flag indicator as “successfully downloaded”.
  5. If search results in “no customer data”  then the team member updates the final excel sheet with the status “no vehicle found for the customer”.
* Vahan: Centralized Online Indian National Registry for Registered Vehicles.

Problem Statement:

  1. The team would perform the same procedure for each customer number of times daily, so this high volume of transactions and repetitive tasks was prone to errors.
  2. Monthly transactional volumes of around 60K loans issued by the lending bank. Volumes surge to around 100K+ during festive seasons.
  3. The team was not able to focus on the other business processes that were part of their job description.

 

RPA Implementation: 

  1. A Robot was designed that could log into Vahan website with necessary credentials.
  2. After login, the robot feeds the engine number and chassis number of the vehicle into the “search box” of the website and proceeds with the search.
  3. If the result is found for searched data then robot clicks on the results to open the pdf.
  4. Robot opens the pdf to read the data and inserts the data into the final excel sheet with flag indicator as “successfully downloaded”.
  5. If search results in  “no customer data”  then robot automatically updates the final excel sheet as “no vehicle found for the customer”  and saves a screenshot of the webpage.

Results:

  1. Automating login, search, pdf read, excel entries.
  2. Reduced processing time by 40% which further increased operational efficiency.

 

 

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About Greysoft: Greysoft is an emerging global software technology company. We help Fortune 500 companies to reach their potential through ‘tailor-made technology solutions. We have been working hand-in-hand with the Global Banking & Financial Institutions for 16 years, to solve their tech challenges and help them conquer the larger quest of “Digital Transformation”.

 

  • murali

    hai