June 11, 2024 | 2 min read

Enables Banks to Stay Competitive with 4x Faster Rate Updates

Industry: Banking
Region: Americas
Department: Credit Bureau
Products:OpenBots RPA

90% Reduced data entry errors

Overview

Financial institutions need to update rates regularly to stay competitive. As per the process, the Treasury Department maintains rates in a single master rate file, which is updated daily, weekly, monthly, or quarterly. The updated file is saved in a shared folder. Using OpenBots RPA, the new rates are updated in the bank s application according to the effective date. The changes are reflected in the master rate file, which is then converted to a PDF and emailed to a reviewer. The reviewer checks the latest changes and saves the file in the required destination. This process ensures timely and accurate rate adjustments, helping financial institutions stay competitive in the market with OpenBots solutions.

Challenges

Data Accuracy: Errors in the master rate file or during data entry, impacting profitability and customer trust.
Timeliness: Prompt updates are essential to reflect current market conditions; delays resulted in outdated rates.
System Integration: Integrating RPA tools with banking applications and SharePoint required more time and meticulous planning.
Review and Approval: Ensuring timely access and thorough review by the reviewer.
Security: Difficulty in protecting sensitive financial data from unauthorised access.
Scalability: Handling increasing volume and frequency of updates without compromising accuracy.

Learn how OpenBots Automation can streamline your financial operations.

Solution

Automated Validation Checks: Used automated checks to make sure data is accurate during entry and updates.
Scheduled Rate Updates: Scheduled and automated rate updates with OpenBots Cloudserver to keep up with market changes.
System Integration: Integrated OpenBots seamlessly with banking applications and SharePoint using strong APIs and connectors.
Automated Notifications: Automated notifications and provided reviewers with quick access to updated files for timely review using Openbots Business Center.
Data Encryption: Protected sensitive financial data with encryption and secure communication protocols.
Scalability: Ensured scalability with automation by handling data and frequent updates efficiently.