Use Cases for the Banking & Finance Industry

1. Overview:

As the financial industry continues to evolve, it is essential to ensure that financial institutions are operating in compliance with regulatory standards. In this context, KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations play a crucial role in identifying and preventing financial crime. However, verifying the authenticity of documents submitted by potential loan beneficiaries can be time-consuming and expensive.

2. Solution:

• The robot designed for KYC AML verification works by automating the process of gathering and analyzing data from potential loan beneficiaries. It is programmed to collect and analyze various documents and data sources, such as government-issued IDs, utility bills, bank statements, and more.
• The robot uses advanced technology to extract relevant data from these documents and cross-references this information with various databases and watchlists to identify any red flags or potential risks. This includes checking for individuals who may be on government sanctions lists, have criminal records, or have been involved in financial fraud.
• If any issues are identified during the verification process, the robot is programmed to flag them for further review by a human analyst. This ensures that potential risks are properly evaluated and resolved.

3. Results:

Our solution has had a significant impact on our partners enabling them to verify the authenticity of KYC AML documents in a fraction of the time and at a reduced cost. By automating the verification process, our client has been able to save time and resources, while minimizing the risk of human error. Additionally, our solution has helped our partners meet regulatory compliance requirements, while also enabling them to provide a faster and more streamlined customer experience.

In addition to the positive impact on the client’s operations, our solution has also contributed to reducing the organization’s carbon footprint. By automating the KYC AML verification process, our client has significantly reduced the amount of paper-based documentation, which has led to a decrease in their overall carbon emissions.

According to studies, it is estimated that the production and use of one ton of paper results in the emission of approximately 1.5 tons of carbon dioxide; if automating the document verification process eliminates the use of 50% of the paper previously consumed, it can be estimated that carbon dioxide emissions are reduced by 0.75 tons for every ton of paper saved.

1. Overview:

One of the key challenges faced by banks is the process of sending out notifications to customers when their loans are sold or transferred to another financial institution. This process can be time-consuming, complex, and prone to human error.

2. Solution:

The robot automates the loan notification process by performing a series of pre-defined actions, which are programmed into its software. The actions typically include the following steps:

• The robot first logs into the necessary applications and systems to access the data required for sending the notifications. This may include the bank’s loan management system, customer data management system, and email or messaging system.
• The robot then retrieves the necessary data for each customer whose loan has been sold or transferred. This includes the customer’s name, contact information, loan details, and any other relevant information.
• The robot then generates the notification message, based on pre-defined templates and rules. The message typically includes details about the sale or transfer of the loan, the new loan servicer, and any other information the customer needs to know.
• The robot then sends the notification to the customer via email, SMS, or other channels, based on the customer’s preferred contact method.
• Once the notification has been sent, the robot logs out of the necessary applications and systems, completing the process.

By automating this process, the robot can complete the notification task quickly and accurately, without the need for human intervention. This saves time and resources, while minimizing the risk of errors and improving customer satisfaction.

3. Results:

Our solution has had a significant impact on our clients, allowing them to send notifications to customers about the sale or transfer of their loans in seconds and at a low cost. By automating the notification process, the business has been able to save time and resources, while minimizing the risk of human error. Additionally, our solution has helped the client meet regulatory compliance requirements, while also enabling them to provide a faster and more streamlined customer experience.

1. Overview:

As part of its regulatory compliance requirements, partners are required to generate various certificates and reports, including certificates of status and certificates of beneficial ownership, for its clients. However, manually generating these certificates can be a time-consuming and error-prone process.

2. The solution:

To help our client streamline the process of generating certificates and reports, we provided them with a solution that leverages the RECOM platform and automation technology from our partner, UiPath. The solution allows the company to automate the entire process of generating certificates, from data extraction to report creation, all without the need for manual intervention.

The robot automates the process of generating certificates and reports for partners’ clients by performing a series of pre-defined actions, which are programmed into its software. The actions typically include the following steps:

• The robot first connects to our client’s systems and navigates to the relevant customer data, extracting the necessary information for generating the certificate or report.
• The robot then uses the extracted data to populate the appropriate fields in the certificate or report template.
• The robot validates the accuracy and completeness of the generated certificate or report by cross-checking the data against predefined rules and regulations.
• Once the generated certificate or report is validated, the robot saves it in the appropriate location within the customer’s systems.
• Finally, the robot sends the generated certificate or report to the appropriate recipient, based on predefined rules and communication channels.

By automating this process, the robot is able to complete the certificate and report generation tasks quickly and accurately, without the need for human intervention. This saves time and resources, while minimizing the risk of errors and improving compliance with regulatory requirements.

3. The results:

The automation of the certificate generation process has had a significant impact on our client’s operations. By eliminating the need for manual intervention, the solution has increased the speed and accuracy of the certificate generation process, reducing the risk of errors and freeing up resources for more strategic tasks.

1. The overview:

In the financial sector, processing large volumes of invoices and bills can be a time-consuming and labor-intensive process. One of our partners, a leading financial services provider, faced similar challenges in their accounts payable department. They had to process hundreds of invoices and bills every day, which took up significant resources and time. To overcome this challenge, they turned to our solution to automate the data extraction and entry process for invoices.

2. The solution:

We provided a solution that leveraged advanced OCR technology and UiPath’s automation platform to extract data from invoices and bills automatically. Our solution was integrated with SAP, an enterprise resource planning system. The solution was designed to recognize and extract key information such as invoice number, date, supplier name, and amount from various types of invoices, regardless of their formats.

The solution worked by:

• Our robot reads the invoices and extracts the necessary data.
• The robot processes the data and enters it into the appropriate fields in SAP.
• The robot validates the data to ensure accuracy and consistency with the invoice.
• The solution is scalable and can handle large volumes of invoices and bills with high accuracy and speed.

3. The results:

The solution helped our client streamline their invoice processing, reducing the time and resources required for manual data entry. With automation, the invoice processing time was reduced significantly, allowing the company to process invoices and bills quickly and accurately. The solution also eliminated errors and improved the accuracy of invoice processing, resulting in fewer rejections and disputes.

Overall, the solution has enabled the company to improve the efficiency and effectiveness of the accounts payable department, saving time and reducing costs. By automating data extraction and entry, our client was able to focus on more strategic tasks that added value to their business while maintaining compliance with regulatory requirements.

1. The overview:

Managing and archiving client documents is a critical process for financial services providers. The company was struggling with the time-consuming and manual task of organizing and storing documents for their clients. To overcome this challenge, we developed a solution for them that could automate the document archiving process, making it faster, more accurate, and less labor-intensive.

2. The solution:

The solution leveraged UiPath’s automation platform to extract and organize relevant documents from client emails and store them in SharePoint or SFTP.

The solution worked as follows:

• The robot downloads a report which helps identify any new partners added to the client’s system.
• It identifies the partners’ documents in SharePoint, then downloads the ones necessary for storage (ID cards, company certificates, etc.)
• Using OCR, the robot extracts data from the ID cards.
• The extracted information is then stored in the appropriate location in SFTP, ensuring that the data is easily accessible and searchable.

3. The results:

With our solution, our client was able to automate their document archiving process, saving time and resources while ensuring accuracy and compliance. The solution reduced the time spent on manual data entry and allowed the company to access client documents faster and more efficiently. The solution also improved accuracy and reduced the risk of errors associated with manual data entry.

The automation of document archiving also enhanced security and compliance, as the solution ensured that client documents were stored in secure locations.

Overall, the solution enabled the company to enhance their client service by providing faster and more efficient access to their documents. It also enabled the company to focus on more strategic tasks, such as analyzing client data, while ensuring compliance with regulatory requirements.