Robotic Process Automation for Bank’s Operations

RPA automation to assist operations team of a major investment bank with the tax liability calculations, reporting and payments.

RPA bots help with tax liability calculations, reporting and payments to the tax authorities globally including APAC with 24x7 support to users.


RPA bots automatically gather data from disparate sources, including federal bodies, government websites, and news outlets,

and input this information into a bank’s internal system following data structuring guidelines, dramatically speeding up the process and decreasing its costs.

Objectives

1. Increase efficiency


RPA software robots operate with high precision 24/7, freeing up employees to focus on more strategic tasks.

2. Major cost savings

   

Automating repetitive manual tasks to educe operating costs and free up capital for other investments.

3. Improved regulatory compliance

100% compliance with regulations and standards. ZERO internal and external audit impact.

4. Higher accuracy

RPA improve accuracy by enabling a bot to do repetitive tasks that are prone to human error. 

ZERO tolerance towards incorrect output from process.

5. Align with data security measures

RPA can comply with data anonymity requirements and inform customers about potential data breaches.

Solution Implementation

1. Data Sourcing and standardisation


Source data from government Tax authority, Bank Origination systems, Payment systems, Clearing and Settlement systems and clean, aggregate and standardize the data.

Data required to generate report is fetched from various internal/external system hosted on web, windows, linux and proprietary legacy mainframe systems.

2. Build Data Rules

   

Once all data is fetched region specific rules and methods are applied to derive meaningful data output. Each region has separate set of rules and expects reports to be generated in their specifications. Actions like payments on government portals are dependent on complex calculations done on derived data.

3. Prepare the Report

Once such reports are created, payments are done on government web-sites. If payment amounts are above predefined limit, concerned parties are notified with a email. Upon successful report upload all parties are notified with a email with details.

Benefits