Intelligent Automation Solutions for Banking Industry
Payment Processing
Payment Processing streamlines financial transactions, encompassing fund transfers, check processing, and electronic payments. It ensures secure, timely money transfers through various methods, including checks, wire transfers, and online transactions.
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Intelligent Automation (IA) verifies, ensures compliance, and handles errors, reducing processing time by 90% and leading to 70% cost savings by minimizing manual labor and additional resources.
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Client Onboarding
Client onboarding in banking involves verifying customer information through advanced automation. This includes KYC checks and system integration. IA technology gathers data, ensures compliance, and updates systems, reducing manual work
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and enhancing accuracy. See how we can reduce onboarding time by 100%, enabling faster account openings and 100% accuracy in data entry and document verification, improving compliance.
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Journal & Ledger Reconciliation
It involves comparing and aligning transaction records (journals) with the general ledger to ensure accuracy and consistency in financial reporting.IA technology is used to automatically compare transactions, detect inconsistencies, produce reconciliation
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reports, and alert stakeholders. This streamlines the process, minimizes manual work, and generates financial records.
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Account Opening
The process through which a bank or financial institution establishes a new account for an individual or business. IA helps for extarcting and collecting customer information, verifying their identity,
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conducting risk assessments, and creating a new account in the bank’s system. This process is essential for Integrating the data in the core systems enabling customers to access banking services and products, such as savings accounts, credit accounts.
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Account Closure Process
When a customer wants to close their bank account. The bank checks their identity, pays off any money owed, moves remIAning funds, and deactivates the account. This process deals with challenges
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like pending transactions and validations, while keeping data safe. Use IA- technology to automate account closure by extracting data from related forms and initiate the account closure process by using IA-based document processing and update information in different banking systems, making it all smoother.
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Data Validation
Data validation is the process of checking and confirming data accuracy which involves reviewing data using predefined rules to find errors or missing info for analysis and decisions making.
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Automation helps to verify and validate data from various sources, such as customer records, financial transactions, and account information. The bot performs data checks and comparisons, identifies discrepancies, and generates reports to ensure data accuracy and integrity.
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Application Processing
The procedure of receiving, reviewing, and processing various types of customer applications, such as loan applications, account opening, credit card applications, etc. Extracting data from
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various application forms and validating it for accuracy and completeness can be complex, especially when dealing with unstructured data. Automation helps in accelerates the application processing time, reduces manual errors, and enhances customer satisfaction by extracting unstructure data into structure format and verifying information, conducting risk assessments, and making decisions based on predefined criteria to approve or reject the applications.
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Mortgage Origination
Mortage process involves assessing the borrower’s creditworthiness, property value, and finalizing the mortgage agreement where a lender evaluates and approves a mortgage loan application.
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The challenge of handling numerous unstructured documents and data from various sources for borrower and property assessment can be slow and error-prone. Using automation technology can helps in streamlining this by collecting and verifying customer data, conducting credit checks, assessing risk, and generating mortgage offers. This accelerates loan approvals, reduces manual work, and enhances the origination process.
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Customer Updates & Address Verification
Use IA-based technology to automatically validate and update customer information, particularly addresses. This technology streamlines the process by comparing
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provided data with external sources,
ensuring accuracy and records. This helps to enhances customer data quality, reduces manual efforts, and improves regulatory compliance.
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DIAly Reports
Dealing with large volumes of data such as business’s activities, finances, or performance on dIAly basis. from various sources and systems. Integrating and consolidating this data to generate dIAly
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reports can be challenging. The automation can extract and analyze data, generate customized reports, and send them via emIAl or other communication channels and streamlining the reporting . This makes reporting easier, saves time, and makes sure the important information is projected.
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