Webinar on “Automation for BFSI Sector”
Trichy, India – (16-10-2021) – Bautomate of Vinga Software Solutions Pivate Ltd organized an international webinar on ‘Automation for BFSI Sector’ on October 14th 2021. This webinar was a global call for knowledge transfer on the crucial status of financial and banking industries dealing with sensitive data and to deliver a fairer and more inclusive system that provides a better platform for them to achieve their goal in an easy and efficient way through intelligent business process automation.
Mr Harish served as the meeting’s moderator. Mr Ravi from Bautomate and Ms Narmadha from Tentacle Tech introduced themselves and shared their overall experience in process automation, amongst other things. Later, Mr. Ravi went over the challenges and solutions that can help companies improve productivity and make processes simpler.
Mr Ravi Ramaswamy, thanked the gathering, which included a wider audience across India and Malaysia in different Banking Financial Services and Insurance sectors.
The enormous volume of sensitive data and the intense regulations, the BFSI sectors deals has made it very hard to handle and digitization has become a mandatory adoption for them for various reasons. In the global banking and financial industries, automation has been of prime importance.
Technical Project Manager
Then introduces the business automation solution, Bautomate for the BFSI sector to improve business workflows and achieve a higher level of efficiency. Adding value to the product information,
This can be a smooth digital transformation that is built with Artificial Intelligence(AI), Machine Learning (ML) and Natural language processing (NLP). This hyper- automation platform is a combination of Robotic Process Automation (RPA), Business Process Management (BPM), Document Mangement System(DMS), Rule Engine, Cognitive Content Extraction with OCR and ICR to simplify business processes. With this end-to-end automation solution one can simplify redundant and complex task to improve efficiency; enhance the service quality and achieve the target quickly by reducing operational cost. This is hence an intelligent business process automation solution improving customer and employee experience by removing friction from the workflows.
Technical Project Manager
The presenter exhibits a slide showing all the product specifications and key features. Also gave a deep knowledge about the processes that can be performed with these features
Internationally 51% of the BFSI Sector have adopted automation solution. This market size has projected to reach 1.12b in 2025.
The solution exhibited in this webinar
- Accelerates business processes
- Automates workflows
- Enforcing industrial standardization and policies
- Enhances efficiencies
- Eliminates bottle necks
- Gets rid of manual and paperwork
- Builds apps and workflows rapidly with low code technology
- Improves customer experiencing
- Reduces operational expenses
The presenter gave the gathering an enlightening on the product adoption and said,” The product implementation is made easy with just 3 steps – Define, design and deploy and then the organization will see improvements in real time statistics.” He went on to highlight the key benefits,” Once an organization becomes a Bautomate customer, it can easily drive high Return on Investment (ROI); strength work collaboration; increase the total work volume by 10% and decrease the average error rate by 15%”
Moving over to use cases the presenter covered all the details about the business process automation applications in banking. In Banking sectors along with BPA use cases like customer onboarding, commercial and retail banking and end-to-end loan processing the product extends its applications to
- Contact center optimization
- Fraud detection Remote workspace setup
- New operating model
- Rule based process automation
- Freeing up workspace.
Bautomate’s applications are multifaceted for any BFSI sector. Its personalized reporting feature can create any kind of workflows for report generation in four different criteria namely performance reporting, research, customer engagement reports, and reports that requires business intelligence such as corporate claim reports, company summary, disclosure, and credit risk on EMI reports.
Anticipating the circumstances and exploring the challenges faced by the BFSI sector organizations the presenter explains the use cases with the respective Bautomate solutions. Then he explained account payable optimization, KYC process, and claim processing with an invoice demo with the product. Moreover, Mr Ravi gave the steps to incline up the success through automation in 5 simple steps :
Step 1: Involve all stakeholders in the decision-making process.
Step 2: Map your process and select the process that can be automated.
Step 3: View technical specifications and use cases.
Step 4: Connect your automation with long-term goals.
Step 5: Don’t forget to optimize your automation work
The explanations made the attendees evident that this intelligent business process automation solution has an exponential effect and has given the certainty of not to be reluctant to embrace this technology for success. The webinar ends with a few questions from the attendees which were clarified. The huge gathering has taken adequate and lucid information on the automation solution for their easy business process making this webinar a grand success.
Bautomate is to launch another webinar on the same Automation solution for organizations of all sizes on the 21st of October, 2021. This gathering is for Business operations made easy, error-free, and paperless with hyper automation solution.
Join the webinar to Accelerate order processing; Automate invoice processing; Streamline procure to pay processing and boost up your productivity and gain employee satisfaction. Make your registrations here msmewebinar.bautomate.com
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