Robotic Process Automation (RPA) is an advanced technology that can automate repetitive tasks with the help of software robots. This technology has become increasingly popular across multiple industries, particularly the financial and banking sector. The benefits of RPA include increased efficiency, cost savings, improved accuracy, and enhanced customer service.
Parth Pandya, an expert in RPA and founder of the start up Team Synergein Global Solutions, has witnessed remarkable growth in his company since its inception in 2017. Team Synergein Global Solutions delivered innovative RPA solutions and in just two years, the company experienced remarkable growth with revenue increasing from 100,000 USD to 3 million USD. Currently, Parth works as the Vice President of First Horizon Bank in Memphis and he is a key player in the bank's expansion of the Robotics Process Automation (RPA) program at the bank in Memphis. In his role, he supports the bank's initiatives to enhance business operations efficiency through RPA and other process automation. His contributions are instrumental in driving the bank's business transformation efforts. Similarly, Parth has achieved several notable accomplishments in his career. In 2022, he won the RPA Leader of the Year Award at First Horizon Bank and the International Achievers Award for 2022-2023. While at TATA Business Support Services, Parth led the RPA implementation which helped reduce the headcount from 800 to 350. He is also a senior member of IEEE and has judged the Globee Awards for Information Technology and Cybersecurity, as well as the Stevie Awards for American Business and Asia Pacific.
In an interview Parth explains how RPA can be utilized in various aspects of the financial and banking sector, including customer onboarding, fraud detection, compliance monitoring, account reconciliation, and loan processing.
Customer Onboarding:
Automating the customer onboarding process using RPA can improve productivity and efficiency, reduce costs, improve accuracy, and enhance customer service.
For example, when a new customer wants to open an account with a bank or financial institution, they typically need to provide personal information such as their name, address and identification documents. This process can be time-consuming for both the customer and the bank employee. With RPA technology however this process can be automated by using software robots to extract relevant information from scanned documents or online forms. This not only saves time but also reduces the risk of human error. In addition, it enhances customer experience.
Fraud Detection
Similarly, RPA can also be used for fraud detection by automatically monitoring transactions for suspicious activity. If any unusual patterns are detected the software robot can flag it for further investigation by a human employee. This helps banks to quickly identify potential fraud cases which could save them from significant financial losses.
Compliance monitoring
This is another area where RPA can be useful in the financial sector. Banks are required to comply with various regulations such as anti-money laundering laws or data protection rules. By automating compliance checks using RPA technology banks can ensure that they are always adhering to these regulations without having to manually check every transaction.
Account Reconciliation
Account reconciliation is another task that can benefit from automation through RPA technology. Reconciling accounts involves comparing records from different sources such as bank statements or invoices to ensure that they match up correctly. This process is often tedious and time-consuming but with RPA it can be done quickly and accurately.
Loan Processing
Loan processing is yet another area where RPA technology can make a big difference in terms of efficiency cost savings accuracy and customer service. When someone applies for a loan there are many steps involved such as checking their credit history verifying their income or assessing their ability to repay the loan amount. By automating these steps using software robots banks can speed up the loan approval process while also reducing errors.
Companies in the financial and banking sector that embrace RPA technology can gain a competitive advantage in the market. By automating repetitive tasks businesses can save time and money which can be utilized in other areas of the company such as developing new products or improving customer service.
With ever-increasing demand for efficient cost-effective solutions use of RPA is becoming a necessity in modern business landscape Parth Pandya's success story is testament to the benefits of using RPA in the banking sector.
