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Contract AI and O2C Automation for BFSI Modernization

The blend of Contract AI and O2C Automation is helping banking and insurance companies replace up to 80% of their manual document and data handling. It is powered by bi-directional exchange of information between different tools and databases. This way, automation does not become a standalone project related to a specific repetitive task or activity.  You can deliver exceptional digital experiences for your member banks, credit unions, network partners, and end-users.

Make RPA do more with O2C automation: Go Beyond Optical Character Recognition (OCR) Software

In most modernization projects involving Banking, Insurance, and Fintech companies, adoption of RPA implies on-boarding an OCR tool. An OCR tool can typically help with the following:

  • Data extraction from unstructured texts
  • Intelligent categorization of key value inputs
  • Creating rule-based data validation workflows
  • Integration with the downstream software or tools

By combining Contract AI and Workflow Automation, you can take automation beyond data extraction and ingestion. This powerful combination can help launch exceptional service experience when dealing with – dozens of different document types, multiple branch locations, multiple legacy data warehousing protocols, disparate systems, and internal frameworks.

Why Evaluate Compatibility of Use-Cases with Existing Systems

We regularly come across large banks and insurance companies who want to begin with smaller RPA use-case projects involving document automation. This requires a thorough evaluation of the internal systems and software used by the different teams that are built using older programming languages. These systems differ from team-to-team and often require upgrades in order to embrace a modern digital front-end. The legacy process-flow also must be understood thoroughly for any modernization project to be successful.

Downstream workflow integration is complex in banks and insurance companies. It requires a thorough evaluation of the compatibility of new RPA tools and add-ons into the existing system. By not thoroughly evaluating the challenges involved in downstream workflow integration, many RPA projects fail to deliver expected outcomes.

Evaluate these Banking and Insurance use-cases that you can enable by using Contract AI and Workflow Automation:

Loan Processing Document Automation and Workflow Transformation

Contract AI and Workflow Automation can significantly reduce the time taken in manual paperwork by unifying data and automating workflow routing. It can simplify data extraction and transfer of data between different systems and document types. For example, it can auto evaluate the applicants’ documents >> automatically match with the details existing in the records Auto-initiate follow-ups to authenticate the loan applicant >> Auto-route it to the next round for further action or approval >> Auto-notify the customer through an email and phone message.

Contract AI powered systems can be taught to perform the following:

  • Automate document filling experiences in loan application
  • Automate documents processing of loan applications
  • Automate entire lifecycle of underwriting documentation
  • Automating document quality control for accurate evaluations
  • Automate process of disbursing the loan to the end customer
  • Automate monitoring the loan repayment performance

Trade Finance Documentation Automation and Workflow Transformation

Documentation in trade finance involves opening of trade accounts, issuing Letter of Credit (LC), processing bank guarantees and more. By combining Contract AI and O2C you can automate the cumbersome and time-consuming process of verification and audits required to go through contract documents. This would ensure data capture accuracy whereby the verification team need not relook at assessment documents 95 out of 100 times and also be assured that any changes made or updates sought are automatically triggered downstream without any human intervention.

Examples of effective trade finance automation:

  • Automate processing of multiple bank guarantee docs with distinct formats
  • Automate evaluation of customers’ credit history documentation
  • Automate the process of processing invoices and cash transfers
  • Automate debt calculation provisions for the next fiscal period
  • Automate estimations involving working capital requirements
  • Automate sending emails or messages with payment link

Automation to replace Manual Payment Clearance Handling

Manual handling of invoicing related documentation can lead to duplication of records that can go unnoticed. While running a clearing house, you certainly do not want to end-up paying the same invoice twice. To avoid such situations, clearing house processes are repetitive in nature and it keeps the accounting staff busy with manual checks. It can also enable faster verification process of invoices with fewer errors. An Automated Clearing House (ACH) can enable smooth multi-bank and multi-branch communications.

Here’s how payment clearance automation can help your network:

  • Automate the Accounts Payable (AP) Team’s time spent on processing invoices
  • Automate scheduled payments as planned with rule-based workflows
  • Automate payment release with systems that mimic human controls
  • Automate request validations to pull money from specific accounts
  • Automate request validations to push money in specific accounts

KYC Automation and Workflow Transformation

Manual KYC is costing many banks upwards of $30 Million which can be easily saved with the right type of automation. Automation will reduce the time taken for entering the same information or data multiple times in different systems as required for KYC related processes. Also, for the same customer or account, whenever a new file for a new service portfolio is created, the bank need not input the existing data once again. This way manual effort which is an investment for the organization can be saved.  Automated workflows will allow both the bank as well as customer to scan the required documents and let the software do the rest of the form filling automatically.

Here’s how KYC automation can help your network:

  • Automate input of ID, Business, and Proof of Address verification
  • Automate risk scoring and identity documentation
  • Automate media files screening and authentication
  • Automate raising alerts on identifying a risk parameter
  • Automate self-servicing of all customer KYC communication

How Sun Technologies Enabled Contract AI for a Large US Based Bank

A large consortium of 11 regional banks across the U.S. that provide a reliable stream of cash to other banks required automation of their Contract Management System.

UI/UX has been revamped to provide a big boost to the bank employees’ productivity through auto-populated fields of data that they use for performing various tasks using a digitally enhanced front-end. Employees from member banks can now easily view their capital stock reports, get a drill down of the total deposits secured and status of each customer’s application once they upload the KYC documents on their behalf.

Automating Repetitive Tasks Handled by the Bank’s Audit Teams

Solution Architects from Sun Technologies helped the bank create a self-service portal for the member banks. It allows member banks to create and upload home loan applications on behalf of their customer.

Using the new front-end and digital services enablement, the bank is now able to do the following:

  • Automate credit checks
  • Automate commitment
  • Automate approvals
  • Automate audit confirmations
  • Auto-update application status
  • Automate customer profile creation
  • Automate evaluation of KYC
  • Automate loan disbursal
  • Automate account statements

Automated report generation for the bank’s employees has made it possible to:

  • Reduce 80% time taken for customer KYC enquiries
  • Automated 90% of tasks related to credit analysis and loan disbursal
  • 75% faster cash advances to end-customers

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