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Need for RPA in Banking and Financial Industry

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Automation in banking and finance isn’t just about automating the system, it’s about automation through secure channels, about automation which is compliant to govt. mandates and central banks. Clover Infotech’s RPA solutions, designed to meet the needs of business in Bank processes and standardized error-free compliant and can potentially bring down operations cost significantly.

Bank allowing them to focus on value additions such as client engagement and growing the bank internally and externally KYC process account opening reconciliation risk management compliance loan approval credit assessment customer services day end process providing the banking industry with the right solution begins with an in-depth understanding of its particular challenges every bank or organization as routine tasks that demand accuracy, in fact, such repetitive processes are time-consuming and error approach can be a waste of precious resources a large manual data entry work involved in Bank also comes with a lack of quality of output speed accuracy.

The processes like account opening KYC involves large documentation work and handling those manually become an extra burden on the reconciliations of transactions. Often handled monthly in spreadsheets and due to multi-step processes and complex matching logic. The chances of errors are high end involve large resources nowadays banks are facing a major problem of fraud as per the latest figures revealed by the Reserve Bank of India. Bank fraud cases in India are on the rise, private banks in India account for 40% of all fraudulent cases. Thus, banks should ensure preventive measures to lower cheques. Clover Infotech’s RPA, designed to meet the needs of business in Bank processes and standardized error-free compliant and can potentially bring down operations cost significantly.

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