A large number of financial organizations invest most of their time in managing things. Irrespective of the size, location, and the number of transactions in question, the scenario remains the same throughout when it comes to checking and matching transactions manually, preparing and posting journals to complete the required bank reconciliations.Although size doesn’t matter, various [...]
As more and more countries push their initiatives related to a cashless economy, the payment card industry is expected to grow by leaps and bounds in the coming years. However, the current industry is crippled with its own set of challenges. In this article, we will have a closer look at how banking process [...]
Manual accounts payable processing is one of the most tedious jobs for accountants. Here, the concerned authorities need to ensure that all the outstanding invoices from varied departments are processed, and paid. As it turns out, manual accounts processing is not the best option today. It doesn’t do any good for your business, keeps [...]
Banking and Financial industry is growing exponentially, to support this growth, the industry has always adopted new age technologies that enables organizations to provide secure, faster and self-service solutions to customers. In the array of technologies, Robotic Process Automation is one of the fastest and widely adopted technologies. Robotic Process Automation represents the next wave [...]
Call it adopting to Robotic process automation or settling for it, RPA is here to stay. According to a report put forth by Transparency market research, the IT-enabled Robotic Process Automation (RPA) market has been growing rapidly at a CAGR of 60.5% from 2014 and is expected to reach US$5 billion by 2020. The figures [...]
Artificial Intelligence and Robotic Process Automation together became the biggest technology revolution for industries nowadays. The applications that have cognitive capabilities, deals with creating software with self-learning capabilities that are able to recognize their environment and solve problems, like humans. Artificial Intelligence will naturally alter the banking, insurance and other financial services over next few [...]
RPA is growing exponentially. Recent RPA trends and forecasts report shows that by 2021, RPA will be $2.9 billion industry. That’s huge increase from $250 million in 2016. In order to remain competitive in an increasingly saturated market – especially with the more widespread adoption of virtual banking – banking firms have had to find [...]
RBI has made mandatory to comply with the Bank Secrecy Act and should implement Anti-Money Laundering (AML) rules. The purpose of the AML rules are to help detect and report suspicious activities including the predicate offenses to money laundering such as securities fraud, market manipulation, etc. The latest technologies like Robotic Process Automation (RPA), machine learning, analytics and [...]
The success of any business lies in its Customer relationship management strategies. With the advancement of cognitive technologies such as artificial intelligence, chatbot, natural language processing (NLP), intelligent automation of customer care services has become priority for businesses. AI has been integrated within the platforms that aid in the smooth running of businesses. According to [...]
Insurance sector has always been facing numerous challenges, whether its profits, regulations or compliance; this has led to the birth of ‘Digital Insurers’. Yes! Digital Insurers are the ones for whom customer experience and operational efficiencies matter a lot. Like other industries digital insurers leverage technology to respond quickly to customers’ demands, are available [...]
