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30+ use cases & examples of automation for Financial Services.

Intelligent Automation for Financial Services

Financial Services companies and Fintechs empower new-age enterprises and retail customers by offering fast and agile solutions. The speed-to-market is critical for them, whether responding to customers or floating new product features.

By automating the key business processes with Datamatics Intelligent Automation Platform, fintechs can respond to market requirements with speed and agility. With Artificial Intelligence at the core, Datamatics Intelligent Automation Platform helps fintechs to increase market share and customer mind space.

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Automation Use Cases for Financial Services

VAHAN Transaction system

Intelligent Automation enabled mobile automation to auto-verify and auto-validate vehicle registration certificates by fetching inputs from multiple third-party applications, in this case, Government mobile applications, mParivahan, and Vahan Master

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Inventory Funding

Get approval for loan indent request from multiple dealers based on pre-defined conditions. Send the approved consolidated data to specific departments via mail for further analysis. Process high daily volume of requests even with the existing resources in a scalable manner.

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Refund Processing

Disburse the refundable amount to the customer’s account and churn a daily volume of 100s of requests. Enter the required data, such as the agreement number, and customer number, check the number and calculate the refund amount in the system from Excel by using the maker profile. Enter the required fields in the system and approve the entry done by the maker by using the checker profile. Refund the amount to the customer on successful approval.

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EMI Registration

Schedule EMI for a loan to the customer by using Intelligent Automation. Scrutinize the payment instrument such as a cheque that is received from the customer during loan application. Validate the cheque account status with the bank based on certain pre-defined conditions. Schedule the EMI.

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Report Validation

Engage in Intelligent Automation to validate different reports with the trial balance as per pre-defined business rules and validations.

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Statement Reconciliation

Reconcile vendor statements using Intelligent Automation. Convert the unstructured data to structured data to generate a standard format intermediate file. Read the invoice number and supplier name from the intermediate file and call the invoicing system API to get the current invoice details and status. Fetch the payment status and other required details and generate the output file that contains the status of all invoices under the statement of accounts. Log in the CRM system, open the case and reply to the email with the output file and close the case.

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Brokerage Processing

Conduct structure verification & updation, whenever there is any change in brokerage structure or any New Fund Offer (NFO) is launched. Perform brokerage processing, process payment instructions, and dispatch of brokerages.

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Debit Card Issuance

Auto-process card requests, including entry and download of investor debit card data for processing and generation of PIN & card data. Generate debit card welcome emailer that is sent to investors. Automate simple to complex processes with robotic process automation (RPA) and intelligent document processing (IDP).

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Dividend Processing

Use Intelligent Automation for dividend updation, processing, payout, and email dispatch.

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Dividend Transfer Plan (DTP) Cancellation

Ensure that the Dividend Transfer Plan (DTP) cancellations are processed and whether DTP is canceled or not as per the defined timelines by using Intelligent Automation.

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Email Bounce Tracking

Communicate to investors in case of email bounce to update their email ID in the company records. Track delivery of emails sent to investors. In case of a soft bounce, re-trigger the email. Auto-mark email id for physical communication whenever email bounces more than 3 times.

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Online Mutual Fund Registration (Individuals)

Auto-process the online mutual fund registration mandate submitted by investors/distributors with Intelligent Automation. Register the single/multiple SIP or PSIP as per the investor's request, and dispatch registration/rejection intimation. Dispatch IPIN in case of registered cases.

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Online Mutual Fund Registration (Non-Individuals)

Ensure that the online mutual fund registration transactions through the website for corporates or non-individuals are processed and account statements are dispatched (refer subs/redemption/switch) as per the pre-defined timelines by using Intelligent Automation.

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Online Transaction Processing

Ensure the online transactions are processed as per the defined timelines. Auto-process Registration /IPIN generation, login into the core system, select transaction, and process as per request with Intelligent Automation. Process a whole gamut of online transactions, such as purchase transactions, redemption transactions, switch transactions, SIP / SIP insure registration and STP/SWP/DTP registration.

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Query, Request, Grievance (QRG) Resolution

Log & resolve the query, request, and grievance (QRG) as per stipulated TAT and in line with customer needs. Auto-create service requests, allocate cases to respective units for resolution, respond to customers, and close requests.

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Redemption Processing

Auto-process redemption requests and transfer the proceeds to investors for all eligible redemption applications received as per defined timelines.

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SIP Registration Processing

Ensure whether the SIP Insure registrations are processed and registered or not as per the defined timelines. Receive the SIP Insure registration application, process the SIP registration, credit the identification & unit allotment in case of SIP / SIP Insure with cheque, inform SIP approval/rejection to investors.

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SMS Bounce Tracking

Communicate to investors in case of SMS bounce to update their mobile number in the company records. Using Intelligent Automation, track delivery of SMS sent to investors and in case of soft bounce, re-trigger SMS, send communication to investor's email ID/letter and request to update/rectify mobile number in the company records.

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STP Cancellation

Ensure Straight Through Processing (STP) cancellations are processed as per the defined timelines by using Intelligent Automation. Receive STP cancellation request, process it, and communicate to Investor.

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STP Registration

Ensure Straight Through Processing (STP) registrations are processed as per the defined timelines by using Intelligent Automation. Receive STP registration requests, process them, and communicate to Investors.

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Subscription Processing

Automate subscription transaction processing and dispatch unit statements to all eligible unit holders as per the defined business rules. Read applications, auto-process them, generate and dispatch account statements, auto-send welcome emails and credit identification, and clear unit allotments.

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Switch Request Processing

Automate and process payment switches within defined timelines. Read switch request, process it, generate funding request to bank, generate and dispatch account statement.

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Loan Sanction Process

Log in to the loan disbursement application and pick up unsanctioned loan requests. Check the details corresponding to the loan requests in the core banking application. Perform data updates as per the business rules and update the document ID in the loan disbursement application.

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Lead Management Portal

Automate lead management data upload using Intelligent Automation. After receiving the leads in the online application, download the data, perform data massaging on the raw data, and create an uploader file. Next, upload the file in the lead management portal from back-end by using Intelligent Automation.

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Credit Finance Process

Automate the credit finance process by using Intelligent Automation. Read the required data from the Excel file from the shared drive. Log in to the CRM system and search for the applicant based on inputs from the Excel file. Next, log in to the credit bureau system to retrieve the negative list of applicants and search if the applicant exists in that list. In case of more than one match use fuzzy logic to match using the applicant's address. Send auto-email to the branch in a pre-defined format with approval/rejection status, tenure, and down payment details for the applicant.

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Complaint Processing

Acknowledge customer complaints in line with the SOPs and statutory regulations. Engage in Intelligent Automation to manage the complaint acknowledgments speedily and efficiently.

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Client On-boarding

Evaluate new customers, and auto-retrieve data about onboarding customers from regulatory agencies and law enforcement agencies to speed up onboarding, and auto-onboard them. Ensure credit process compliance, ensure agreement on legal terms, open a new account, and make it trading enabled in-line with the bank's policy and industry regulations with Intelligent Automation. Ensure digital storage of customer records and auto-retrieval.

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Customer Reporting to Regulators

Auto-collate new customer records, gather relevant data from different sources, and auto-report the onboarding customers to regulators with Intelligent Automation. Ensure clean and consistent data for internal management reporting and regulatory reporting including daily liquidity coverage, and delinquency. Auto-assimilate data and free up bandwidth to do analysis and review of those reports.

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Order Management

Automate order management to facilitate and manage the execution of trade orders. Input the order in the trading system to execute a buy or sell order for a particular security.

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Trade Executions

Auto-execute the buy or sell order for security on submission by an investor to a broker. Monitor the trade, complete trade capture, and allocations, and ensure smart monitoring.

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Trade Confirmations

Automate regulatory submission requirements, post-trade compliance checks, and issue trade confirmations to customers for the trades executed by using Intelligent Automation. Perform auto-extractions of data by using NLP tools. Auto-monitor and report unsigned confirmations to concerned authorities.

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Settlements & Payments

Monitor and escalate trades that do not have standing settlement instructions (SSIs) by using Intelligent Automation. Automate calculations and report distributions within the organization.

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Regulatory Reporting

Ensure the accuracy of information submitted to the regulator by using Intelligent Automation. Conduct full audit and review. Ensure fast approval with intelligent workflows and avoid any regulatory penalties and reputation impact. Automate manual, repetitive reporting requirements of upcoming and existing regulations that mandate frequent disclosures.

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Client Remediations

Reduce remediation efforts by cutting down manual processes. Align business practices to comply with regulations. Conduct good reporting and record-keeping to ensure audit preparedness.

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