Alzone always try to make unique case studies by mining into client needs and help them with suitable RPA solutions. A leading Non-Banking Financial Company from India who is associated with 40 other different banks was concerned about performing their massive transactions on a daily basis which was quite repetitive, mundane and time-consuming process. Here Alzone had associated with the bank and by leveraging perfect RPA tools, we had automated their bank statement extraction and reconciliation processes as part of their digital transformation journey.
Extraction of Bank statement and reconciliation was one of the major challenges faced by the client in which the account statements were taken periodically for the review, but these statement formats vary from bank to bank. Using the statements, respective closing balance sheet and the statement sheet were prepared and uploaded to an ORACLE fusion-built ERP system called ORION. Different types of reconciliations were performed manually. An industry like Banking and Finance cannot entertain delays in their financial operations. Only when all these comparison gets successful, the process gets completed. Any mismatches were manually reconciled, which increased the process complexity. A huge amount of skilled human effort is required to perform these repetitive mundane tasks and a huge volume of transactions are to be done within a limited timeframe. Alzone has derived an end-to-end solution for performing the Bank statement extraction and Reconciliation processes. Individual RPA Bots were deployed to perform these activities as per the schedule defined by the business. Now the bot will do statement extractions and its conversions irrespective of their formats to the closing balance sheet and the statement sheet. It does the required validations without any human interventions. Then the bot will log on to the ORION financial systems, and upload the sheets under the specified menus. Then the tedious work of four type matching process and reconciliation is done by the bot in minutes.
With this RPA individual bots Alzone had made the bank reconciliation and statement extraction process to a simple one touch task. We had deployed about 10 unattended RPA Bots which can perform 20 to 30 employees work at a time and this many FTE hours saved and dedicate them for other value added tasks. When done manually the process took almost 24 hrs to get done with the execution, for bots it takes only 20 to 30min for completion. This timely reconciliation helps our customer to have most accurate budget and financial forecasting. In this way we had increased our client’s customer satisfaction index by providing timely outputs with much more accuracy.