We stepped in, we deployed bots, and helped the company reconcile the bank statements via Robotic Process Automation
The Beginning
The client is a prominent global leader in technology, engineering, construction, manufacturing, and financial services. They want to smoothen every business process internally to empower businesses and communities worldwide. However, they faced significant challenges in their bank reconciliation process, which was handled manually across multiple locations.
The Discovery
When work is complex, it consumes more time to complete and is prone to errors, inconsistencies, and data integrity issues. The company’s process was to download large volumes of bank statement files from the bank’s website, match them with ERP data, and identify discrepancies. So, the client was looking for an efficient solution to automate and streamline the process, ensure accuracy, speed up processing, and reduce manual involvement.
The Hurdles & Leap
Error-prone manual process
Hurdle
The reconciliation process was highly manual. It involved downloading large files, comparing data, and identifying discrepancies, which led to frequent errors and inconsistencies in the financial data.
Cumbersome legacy process
Hurdle
The client was habitual with the legacy process, which was time-consuming and did not comply with evolving industry standards.
Non-practical and non-accessible
Hurdle
Using multiple files, data formats, and transaction details led to data integrity issues. These banking operations required the intervention of dedicated individuals.
The Transformation
The RPA solution we provided to a billion-dollar company had a major impact on its banking operations. We revolutionized the client’s bank reconciliation process, delivering substantial benefits that far surpassed what traditional automation could barely achieve.
Technologies
