Robotic Process Automation for Banking

Millennial customers have unique needs — hyper-personalization, omni-channel experience, social banking and the link. To serve them, banks need millennial methods. With RPA, banking institutions can worry less about ‘processes’ and focus more on their ‘customers’.

JiffyRPA performed Customer Identification Program (CIP) review for 150,000 customers in less than six months?

Our client, a global BSFI player with more than 90 million customers around the world, wanted to perform a Customer Identification Program (CIP) review for their trust account holders. This involved a comprehensive review of several unformatted documents for over 150,000 clients with trust accounts. This required a very comprehensive review process involving a huge volume of documents. Manual verification would have taken years and had to employ hundreds of personnel.
With JiffyRPA, the client saved time, reduced errors, saved costs and improved customer satisfaction by ensuring least inconvenience to them.

JiffyRPA: Making you penny wise, pound wiser

Banking, insurance, and financial service institutions are quintessentially process-driven. The job roles of most people employed with this industry are often reduced to filling up forms or grazing through piles and piles of paperwork, both physical and digital, to ensure that everything is in order. However, given the tediousness of these tasks, workers are prone to delivering far-from-perfect results, replete with omissions and errors.

JiffyRPA’s cognitive automation capabilities are built to change that.

Processes JiffyRPA can automate

Data management

Aggregation and curation of data, data cleansing, normalization, data wrangling, and creation or updating of metadata.

Format standardization

Extracting data across various document and format types and standardizing them into a consolidated database.

KYC verification

Verification of existing documents through intelligent document processing, identifying gaps, notifying users and updating online applications.

Account servicing

Performing account related tasks such as balance notification, statement generation, password change, standing instructions etc.

Query handling

Responding to customer queries both regarding their account and other banking products.

Contract management

Extraction and verification of contracts, for compliance and storage of contracts in relevant location for later use.

Claims processing

Review of claims requests, verification of documents, notifying customer regarding gaps, follow up and upload for decision-making.

Competition analysis

Monitoring various online channels to identify news, offers etc.

Payments processing

Receiving payments requests from customers, authenticating user, and processing payments accordingly.

Fraud detection

Data extraction, document verification, confirming identify, performing credit and background checks, and internal communication.

Data management

Aggregation and curation of data, data cleansing, normalization, data wrangling, and creation or updating of metadata.

Format standardization

Extracting data across various document and format types and standardizing them into a consolidated database.

KYC verification

Verification of existing documents through intelligent document processing, identifying gaps, notifying users and updating online applications.

Account servicing

Performing account related tasks such as balance notification, statement generation, password change, standing instructions etc.

Query handling

Responding to customer queries both regarding their account and other banking products.

Contract management

Extraction and verification of contracts, for compliance and storage of contracts in relevant location for later use.

Claims processing

Review of claims requests, verification of documents, notifying customer regarding gaps, follow up and upload for decision-making.

Competition analysis

Monitoring various online channels to identify news, offers etc.

Payments processing

Receiving payments requests from customers, authenticating user, and processing payments accordingly.

Fraud detection

Data extraction, document verification, confirming identify, performing credit and background checks, and internal communication.