Top 5 Use Cases of Robotic Process Automation in Finance

1. Call :+91-020-26434646visit : www.sphinx-solution.com Top 5 Use Cases of Robotic Process Automation in Finance RPA has the potential to disrupt different industrial processes. About one-third of the big companies across the world have started investing in RPA. The enterprises are continuously experimenting to reduce the overall cost and increase employee’s productivity. Today, we are talking about RPA use case in finance. Here are the top 5 areas where it can be implemented. Also, read our blog on RPA here: https://www.sphinx-solution.com/blog/category/robot- process-automation/ Payable Accounts: The RPA had shown its impact on accounts paying when there are variations and lack of structures in invoices. The tool OCR (Optical Character Recognition) technology, which were initially ineffective has now became so popular and gained maturity, can help with automation. With the use of the automation process, the uncertainty were balanced, which is one of the greatest benefits. Tax Accounting: In order to carry out tax, enterprises spend a lots of time and energy in tax calculation manually. It is no doubt a repetitive process as well with a little bit of changes every year. However, all the necessary information can work in combining with ERP platforms, financial

2. management and payroll processing software. Automate the tax accounting is the most common use case of RPA in accounts. Bank Settlement: It takes a huge time every year to review and validate the inline transactions manually. Challenges like transaction volumes, jumbled processes and the huge source of data still exists. A settlement was considered to be the most primary use cases which is recognized by the developers in automation. With the help of RPA, the data can be compared and the journal entries can be automated easily. It also reduce the workload and making the employee look after different processes with an ease. Detecting Fraud: The RPA technology has also shown its impact in the field of fraud detection. As per a report by Javelin Strategy & Research, around 15.4 million customers were becoming sufferers of some form of fraud in the year 2016 approximating a total loss of about $16 billion. With the help of RPA techniques, the banks are now able to monitor and eliminates the risk of fraud. The automated alerts and notifications can be opted to included stakeholders and can also be used to activate the events which confirm recovery. Furthermore, the predictive analytics and machine learning platforms are used to examine the current data and the previous risks to generate security mechanism, so that the real fraud transactions can be identified and eliminated Opening and Closing of account Automation has come as a relief to the bank. Recently, Axis bank in India transformed about 85% of household and savings account opening through tablets – of which 50% done through eKYC. This combined with RPA can streamline customer onboarding where they can easily monitor credit ratings and score, analyze default risks, and also complete eKYC processes. Similarly, when it comes to account closure of any customer, bots can work on the service request generated by the branch and update the banking system. We can help you with highly efficient RPA solution. Contact us today for a free consultation!

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