Top 5 Use Cases of Robotic Process Automation in Finance

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Top 5 Use Cases of Robotic Process Automation in
Finance
RPA has the potential to disrupt different
industrial processes. About one-third of the big
companies across the world have started investing
in RPA. The enterprises are continuously
experimenting to reduce the overall cost and
increase employees productivity.

• Today, we are talking about RPA use case in
  finance. Here are the top 5 areas where it can
  be implemented.
• Also, read our blog on RPA here
  https//www.sphinx-solution.com/blog/category/robo
  t- process-automation/
• Payable Accounts
• The RPA had shown its impact on accounts paying
  when there are variations and lack of structures
  in invoices. The tool OCR (Optical Character
  Recognition) technology, which were initially
  ineffective has now became so popular and gained
  maturity, can help with automation. With the use
  of the automation process, the uncertainty were
  balanced, which is one of the greatest benefits.
• Tax Accounting
• In order to carry out tax, enterprises spend a
  lots of time and energy in tax calculation
  manually. It is no doubt a repetitive process as
  well with a little bit of changes every year.
  However, all the necessary information can work
  in combining with ERP platforms, financial

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• management and payroll processing software.
  Automate the tax accounting is the most common
  use case of RPA in accounts.
• Bank Settlement
• It takes a huge time every year to review and
  validate the inline transactions manually.
  Challenges like transaction volumes, jumbled
  processes and the huge source of data still
  exists. A settlement was considered to be the
  most primary use cases which is recognized by
  the developers in automation. With the help of
  RPA, the data can be compared and the journal
  entries can be automated easily. It also reduce
  the workload and making the employee look after
  different processes with an ease.
• Detecting Fraud
• The RPA technology has also shown its impact in
  the field of fraud detection. As per a report by
  Javelin Strategy Research, around 15.4 million
  customers were becoming sufferers of some form
  of fraud in the year 2016 approximating a total
  loss of about 16 billion.
• With the help of RPA techniques, the banks are
  now able to monitor and eliminates the risk of
  fraud. The automated alerts and notifications can
  be opted to included stakeholders and can also
  be used to activate the events which confirm
  recovery. Furthermore, the predictive analytics
  and machine learning platforms are used to
  examine the current data and the previous risks
  to generate security mechanism, so that the real
  fraud transactions can
• be identified and eliminated
• Opening and Closing of account
• Automation has come as a relief to the bank.
  Recently, Axis bank in India transformed about
  85 of household and savings account opening
  through tablets of which 50 done through
  eKYC. This combined with RPA can streamline
  customer onboarding where they can easily
  monitor credit ratings and score, analyze default
  risks, and
• also complete eKYC processes.
• Similarly, when it comes to account closure of
  any customer, bots can work on the service
  request generated by the branch and update the
  banking system.
• We can help you with highly efficient RPA
  solution. Contact us today for a free
  consultation!

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