Top 5 Use Cases of Robotic Process Automation in Finance

1. visit :www.sphinx-solution.com Call :+91-020-26434646 Top 5 Use Cases of Robotic Process Automation inFinance 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 toreduce the overall cost and increase employee’s productivity. • Today,wearetalkingaboutRPAusecaseinfinance. Herearethetop5 areaswhereitcan beimplemented. • Also, read our blog on RPA here: https://www.sphinx-solution.com/blog/category/robot- process-automation/ • PayableAccounts: • 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.Withtheuseoftheautomationprocess,theuncertaintywere balanced, whichis one of the greatestbenefits. • TaxAccounting: • 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,allthenecessaryinformationcanworkincombiningwithERPplatforms,financial

2. management and payroll processing software. Automate the tax accounting is themost common use case of RPA inaccounts. • BankSettlement: • 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 journalentriescanbeautomatedeasily.It alsoreducetheworkload andmakingtheemployee look after different processes withan ease. • DetectingFraud: • The RPA technology has also shown its impact in the field of fraud detection. As pera report by Javelin Strategy & Research, around 15.4 million customers were becoming sufferers of someformoffraudintheyear2016approximatingatotallossofabout$16billion. • WiththehelpofRPAtechniques,thebanksarenowabletomonitor andeliminatestheriskof 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 togeneratesecurity mechanism,sothattherealfraudtransactionscan • be identified andeliminated • Opening and Closing ofaccount • 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 defaultrisks, and • also complete eKYCprocesses. • Similarly,whenitcomestoaccountclosureof any customer,botscanworkontheservice requestgeneratedbythebranchandupdatethebankingsystem. • WecanhelpyouwithhighlyefficientRPAsolution.Contactustodayfora free consultation!

3. USA :+1 732-947-4310 | UK : +964 07717777 916 | Malaysia:+6017-2126274 IRAQ : +964 0771 7777 916 | BRAZIL : +55 21 2258-7260 | INDIA :+91-020-26434646 https://www.sphinx-solution.com Copyright© 2018 Sphinx Solutions Pvt Ltd. All rightsreserved.