Finance and Banking
AML KYC checks for potential borrowers
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.
- 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.
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.
Sending bank assignment notices to the client
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.
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.
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.
Generation of certificates of actual beneficiaries on the RECOM platform
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.
Extracting data from invoices and entering them into SAP
- 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.
Archiving client documents in SharePoint and on SFTP
- 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.
- 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.
- 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.
The healthcare industry is no stranger to technological advancements and innovations that have revolutionized the way we approach patient care. One of the most impactful technologies that have been introduced is automation. By leveraging automation, healthcare providers have been able to streamline processes and improve patient outcomes, particularly when it comes to the patient journey.
One of the ways we’ve used automation in healthcare is by developing custom apps that focus on improving the patient experience. These applications are designed to be user-friendly, with a simple interface that patients can easily navigate. We have found that these applications have been particularly useful in the areas of scheduling appointments, accessing medical records, and monitoring health progress. By automating these tasks, patients are able to have a more seamless experience, and healthcare providers are able to focus on delivering the highest quality of care.
- One of our custom business apps allows patients to easily schedule themselves. Patients can access the app from their mobile devices or computer and select the time that works best for them. The app automatically syncs with our healthcare providers’ calendars, ensuring appointments are booked in real-time. This has reduced the time spent on phone calls and paperwork, allowing our healthcare providers to focus on providing high-quality patient care.
- Another example of our custom apps is our medical records access feature. Patients can log in to the app and view their medical records, including lab results, medications and lab reports. This has enabled patients to take a more proactive approach to their health and helped them better understand their medical conditions. It also reduced the time spent on phone calls and emails between patients and healthcare providers, freeing up more time for quality care.
- Our custom apps also include a health progress monitoring feature. Patients can enter their daily vitals, such as blood pressure, heart rate and glucose levels, and track their progress over time. This feature has helped patients manage chronic conditions more effectively and has given healthcare providers the ability to monitor patients remotely. This was particularly useful during the COVID-19 pandemic, where remote monitoring was critical to patient safety and comfort.
Another way we’ve used automation in the healthcare industry is by integrating customer relationship management (CRM) systems. These systems provide healthcare providers with a centralized platform for managing patient interactions, allowing for the consolidation of data from multiple sources. This integration has enabled healthcare providers to gain a better understanding of patient needs and preferences, providing them with the ability to tailor their approach to individual patients.
Our customers in the healthcare industry have integrated a CRM system that allows them to manage their patient interactions more efficiently. The system consolidates data from multiple sources, including electronic health records (EHRs), medical devices and patient feedback surveys. This gave them a comprehensive picture of each patient’s health status, medical history and preferences, allowing them to provide more personalized care.
- For example, if a patient has a history of allergic reactions to certain medications, our clients can quickly access this information and adjust their treatment plan accordingly. In addition, if a patient prefers to communicate via email instead of phone calls, our healthcare clients can accommodate that preference, resulting in a better patient experience.
- Another example of how our CRM system has been beneficial is in patient contact. Our customers can use the system to send patients automated reminders for upcoming appointments, follow-up visits and medication refills. This has reduced the number of missed appointments and improved patient compliance with treatment plans.
- In addition, our CRM system allowed them to analyze patient data and identify trends that can be used to improve overall patient care. For example, if a particular treatment plan has been successful in treating a certain condition, they can use this information to develop best practices that can be shared throughout our organization.
One of the most significant ways automation has transformed the patient’s journey is through the automation of medical orders, invoices, and medical reports. Automation has enabled healthcare providers to streamline their processes, reducing the amount of time it takes to issue orders and invoices, and allowing for the automatic upload of medical reports to the patient’s platform. This has improved the speed and accuracy of patient care, providing patients with the information they need to make informed decisions about their health.
- For example, when a patient needs a prescription refilled, our customers can issue an automatic order to the pharmacy with just a few clicks. This has eliminated the need for phone calls and faxes, resulting in a more efficient process for both healthcare providers and patients.
- Similarly, when issuing invoices, our hive has integrated an automation for customers to automatically generate and deliver invoices to patients. This has reduced the time and effort required to issue invoices and given patients a clear understanding of their medical expenses.
- Furthermore, we have implemented automation that allows for automated upload of medical reports to the patient platform. This eliminated the need for patients to request medical reports from their healthcare providers and gave them real-time access to their medical information. This has been particularly useful for patients with chronic conditions who need to monitor their health on a regular basis.
We have integrated virtual agents into telemedicine platforms to provide patients with initial assessments and triage, helping to determine whether a patient needs to see a healthcare provider in person or can receive treatment remotely.
They are able to answer common patient questions such as “What are the side effects of this medication?” or “How can I schedule an appointment?”. By automating these interactions, healthcare providers can free up time for staff to focus on more complex patient needs.
Our clients use virtual agents to remotely monitor patients’ health. For example, a virtual agent can send automated reminders to patients to take their medication or monitor their vital signs using wearable devices. This can help improve patient compliance and provide healthcare providers with real-time data on a patient’s health status.
In addition to improving patient care, virtual agents bring ongoing benefits to healthcare providers by reducing administrative costs. By automating routine interactions and tasks, virtual agents can free up staff time, reduce errors and improve efficiency.
Overall, the integration of custom applications, CRM systems and automation technology is crucial to improving the patient’s journey. By providing more convenient and personalized patient experiences, healthcare providers can build stronger relationships with their patients and ultimately improve outcomes.
The use of automation is on the rise in financial services because it saves employees from the burden of repetitive and tedious tasks. In addition, automation can be integrated with other learning models to solve more complex tasks.
- Automated ID identifier and interpreter
This robot can identify the type of a Romanian identification document, reads it using OCR, scrapes the useful data, validates it with known rules and outputs the data in a structured file. Then, each file is processed and moved to a specific folder.
If the robot fails to identify the document type or if the data is not cleared, the file will be moved to a special folder, where you can correct it manually.
- Automation of correspondence between company and customer
Correspondence addresses are split and automatically formatted into a table, which can then be used to set up correspondence with customers. Basically, each element from the address is identified (street type <street, bld, alley, etc>, street name, number, etc.) and formatted in a table with each element in its column.
This automation was made possible by an NLP – Natural Language Processing algorithm, more precisely with NER – Named Entity Recognition algorithms.
Moreover, the process is divided into 3 parts:
- Address running and reading, then splitting by elements,
- Manual validation – where the user can correct addresses that are not trusted enough,
- Collection of corrected data to re-train the address detection algorithm to improve its score with more examples.
- Contract processing
It is a process of reading with OCR – Optical Character Recognition of contracts in PDF format and dividing them into templates, because each template must be processed differently.
This automation also performs the following tasks:
- Identifying the ID and extracting information from it.
- Extraction of key data from the contract (number, date, person, email, etc.) and generation of a centralized table with the extracted information.
- Processing of court decisions
After scanning the document, key data (court, type of decision, etc.) is identified, the most important to extract being the status of the decision (suspended, refused, admitted, admitted in part).
Often, the status is not written in a clear format, but must be extracted from the context. So, the robot will process all the text and it will assign a known status to the decision.
- Payment’s verification and comparing the extracted data
As part of the document processing, the robot checks whether the payments in the Excel file received from customers match those in the Excel file generated from the company’s internal database. Then, it generates a pivot table for each piece of information extracted, then it compares the pivot tables.
Using our automation, companies have been able to:
- Reduce operational costs
- Reduce human error rates
These benefits enable companies to:
- Grow Faster,
- Focus on more important activities, that bring profit to the company.
Separate invoices by category - inputs/outputs for suppliers/customers
One of our partners is a leading global law firm that deals with a large volume of invoices from suppliers and issues invoices to clients. However, manually sorting invoices into input/output categories for accounting purposes was a time-consuming and error-prone process. To address this challenge, our team developed a solution to automate this process using Power Automate, a cloud-based service that enables the creation of automated workflows between apps and services.
2. The solution:
Our team developed a solution to automate the separation of invoices into input/output categories using Power Automate. The solution included the following steps:
- The user logs onto their company bank account, runs the automation, it downloads the bank statement and separates all invoices based on which segment of the company the invoices are for.
- Based on the supplier/customer’s name, the flow determines whether the invoice is a client or supplier invoice and sorts it accordingly.
- Finally, the flow organizes all invoices in their corresponding folders on the system.
3. The results:
- The automated separation of invoices into input/output categories reduced manual sorting time by 90%.
- This process minimized the risk of errors and ensured accurate accounting records.
- The solution is scalable and flexible, making it suitable for handling an increasing volume of invoices.
The integration with existing email and accounting software streamlined the invoice processing workflow.
Entering invoices in SAGA C and SAGA P.S.
Legal departments struggle with the manual entry of invoices into their accounting software. The manual data entry process was time-consuming and often led to delays and inaccuracies in accounting records. To address this challenge, one of the largest attorneys network partnered with our team to automate their invoice data entry process using Power Automate.
2. The Solution:
Our solution involved using Power Automate to extract invoice data from email attachments and input it directly into the ERP and Accounting systems. The process involved the following steps:
- The invoices processed by the invoice robot are stored in a specific location on the system.
- Power Automate automatically reads the invoice and extracts the necessary data.
- The extracted data is then used to create a new entry.
- The entry is automatically updated with the invoice data, including vendor information, purchase order number, invoice number, and amount.
This solution was customizable and flexible to accommodate different invoice formats and business rules. It was also scalable to handle an increasing volume of invoices.
3. The results:
- The solution eliminated errors and improved the accuracy of invoice data entry.
- The process reduced the risk of duplicate entries and ensured the consistency of accounting records.
- Integration with the ERP and Accounting systems eliminated the need for manual data transfer, resulting in streamlined workflows and improved productivity.
- Overall, the solution improved the efficiency and effectiveness of our partner’s accounting department, resulting in significant time and cost savings.
Automating the extraction of bank statements from 2 different banks
Our partner, a global law firm, needed a solution to automate the process of extracting bank statements from two different banks. This task was time-consuming, and the company required a more efficient and accurate approach. BeeDigital has developed a solution using Power Automate to automate the extraction process for the two banks.
Our team developed a Power Automate solution that automatically extracts bank statements from the two banks, using their APIs. The solution was designed to run daily and extract statements from the previous working day.
- The process begins with the Power Automate flow being triggered manually after the user logs on to their company bank account using their physical token.
- The flow then uses the banks’ web platform and downloads the bank statements.
- The extracted statements are then saved in a designated folder on the system.
The solution was customized to meet the specific requirements of our partners, including the formatting and content of the bank statements, and the frequency of extraction.
- Our solution has provided partners with a fast, accurate, and reliable method of extracting bank statements.
- By automating this process, the firm has been able to reduce the time and effort required for this task.
- Additionally, the solution has provided greater visibility into the firm’s financial transactions, allowing for better financial analysis and decision-making.
Retail & Manufacturing
The retail and manufacturing industries have been transformed by technological advances and innovations that have revolutionized the way business works. One of the most impactful technologies that have been introduced is automation. By leveraging automation, businesses have been able to streamline processes, improve productivity, and enhance their customer experience.
The retail and manufacturing industries have been transformed by technological advances and innovations that have revolutionized the way business works. One of the most impactful technologies that have been introduced is automation. By leveraging automation, our customers have been able to streamline processes, improve productivity and enhance their customer experience.
Here are some examples of how automation is being used in the retail and manufacturing industries:
Supply chain management is an essential aspect of the manufacturing industry. Automation has played a significant role in streamlining this process, enabling seamless inventory tracking and order processing automation. This has led to increased efficiency, reduced lead times and improved inventory management. The bots can be programmed to pull data from various sources, such as purchase orders and invoices, and use this data to update inventory levels and initiate the order fulfillment process. They can also be programmed to communicate with suppliers and logistics providers to ensure timely delivery of goods. This automation has enabled our customers to automate the entire supply chain process from sourcing to delivery.
In the retail sector, automation is being used to improve the customer experience by providing personalized recommendations, improving order processing and reducing waiting times. For example, retailers use automation to manage inventory levels, predict demand and automatically reorder products when stock levels are low. This has led to reduced inventory costs and improved inventory accuracy.
Our custom document generation solutions utilize the latest in automation technology, including robotic process automation (RPA) and machine learning algorithms. RPA allows our clients to automate repetitive tasks such as data entry and formatting, freeing up valuable time and resources for more complex tasks. The machine learning algorithms used in our solutions can recognize patterns and extract data from unstructured sources, such as emails and scanned documents, further streamlining the document creation process.
Our solutions are cloud-based, which means that our clients can access their documents and data from anywhere, at any time. The customization aspect of our solutions means that we work closely with each client to identify their specific needs and tailor our solution to meet those needs.
Whether it’s creating custom templates or integrating with existing systems, our team of experts ensures that our clients get a solution that is both effective and easy to use. Overall, our custom document generation solutions provide businesses with the tools they need to streamline their document creation process, improve their efficiency, and reduce costs.
Business applications have been developed to provide several benefits to the manufacturing and retail industries. In the manufacturing industry, quality assurance (QA) applications have been developed to simplify the inspection process, automate the documentation process and improve quality control. In the retail industry, sales portals have been developed to enable sales teams to access product information, track customer orders and manage customer relationships.
Sales assistants are another example of the use of business applications in the retail industry. Sales assistants are digital assistants who provide customers with personalized product recommendations and advice, help them navigate the store and provide information about promotions and discounts. These digital assistants have been shown to improve customer engagement and increase sales.
In short, automation has had a significant impact on the retail and manufacturing industries, enabling businesses to streamline processes, improve productivity and enhance the customer experience. As technology continues to evolve, it is likely that we will see further advances in automation that will allow businesses to continue to innovate and grow.
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