Using natural language processing, these records in the local language Marathi are translated into English, stored in the bank database. Using RPA, these translated records are then compared and matched to the records in the Mahabhulekh government portal. Once validated, the loan application continues on its journey forward.
The bank database has a memory, which once created, remembers prior loan disbursals, previous defaults—eliminating the need to recreate a new database every year. Before RPA touched their lives, this entire process used to be manual, tedious, and prone to errors involving lengthy, clerical data entry, where language translation magnified the risks.
Manual validation and reconciliation were the rate-limiting steps in the workflow, not actually helping the situation, rather making it worse at times. Today our banks can focus on efficient, accurate, fraud-free loan disbursals – and the credit again goes to the technological enablement.
So, to conclude, as torch-bearers of digitization, there is no denying that technology is just not limited to targeting the low-hanging fruits anymore. Technology is shaping the future of all industries, including the most traditionally driven one that is farming. So, undoubtedly, the new dawn of farmers advocating the human-tech symbiosis is not far away!