Why, Where and How of RPA in Banking and Financial Services Industry

The banking and Financial Industries are growing exponentially. To support this, growth industries have always adopted new ace technologies, like the RPA, which enables them to provide secure and faster solutions to customers.

Robotic Process Automation is a technology where software robots, or so-called bots, can mimic the human actions to complete tasks and eliminate the burden of manual and repetitive tasks.  But, why is RPA the best platform for the Banking and Financial Service Industry? 

RPA – Why the Best Ever Automated Platform?

Did you know, the research says, implementing Robotic Automation Process Services can cut the time and cost from 40% up to 60% when processing.

A well-known fact about Banking and financial institutions is that they have to deal with millions of customer documents and information every day which is collected from a myriad of sources. Also, multiple manual and repetitive processes are defined in the banks, like document verification, KYC, account closure, accounts payable, and many more. 

RPA can easily comply with your systems thus reducing the manual work also helps reduce or diminish errors that enhance productivity. The best part which can impact cost is the no infrastructure cost or no maintenance cost for implementation. 

How RPA Can Be Used in the Banking Industry?

Automate Report Generation

A regular requirement of the banking and financial institution is to generate a suspicious activity report when fraudulent transactions occur. RPA technology contains natural language capabilities that can read lengthy compliance documents in order to extract the necessary information for filling SAR.

Customer Onboarding 

A dragged long-term process, which requires several document verification manually. With Robotic Process Automation, banks can easily turn the drawn-out process much easily and quickly with the help of optical recognition technology to capture data from KYC. 

With a 100% match of the data entered by the customer & data available in the system, the data is automatically shifted to the management portal. This makes the process error-free as well as saves a lot of time too.

Account Opening

Opening up an account is an unwieldy process that conventionally was done manually. Thanks to the new technology RPA, which has systematically removed the data transcription errors that existed between the core banking system and new account opening requests. The process has also become much quicker, straightforward, and accurate than the traditional one. 

Mortgage Lending

The best area to test the strength of RPA is the critical process of Mortgage Lending. This process is one of the most time-consuming and process-driven, where RPA can make the task effortless and much easier to handle. Making the lending process automated, RPA can free employees to focus on high-value tasks. 

Loan Processing

Another data-intensive task can easily be automated through RPA. RPA has outperformed in catching suspicious process in less time and cost compared to traditional banking solutions. Also, this technology is proving to ease the crucial, tedious, and slow-moving process, like loan initiation, document processing, financial comparison, and quality control in minutes.

Where Can RPA Opportune in the Banking and Finance Sector?

Customer Service

Customer queries flood with large volumes every day and responding them within low turnaround time is strenuous. The tools available in RPA can automate bank tasks, such as rule-based processes to effectively respond to queries in real-time, which reduces the turnaround time substantially.

Credit-Card Processing 

RPA is proficient and an effective technology to help make quick decisions of whether to approve or disapprove the application in less time than the conventional solution. Banks that manually process credit card applications take several days to validate customer information before approving, which can be reduced by the rule-based approach of RPA services.

Account Closure Process 

Robotic Process Automation Services lets banks tackle the issue of enormous closure requests of multiple accounts. The major issue of handling the mandatory document of clients is the non-compliance taking part in the submissions. RPA allows you to track all accounts and send them in an automated notification. It can also pop reminders for the submission of the additional documents required. 

In the Nutshell –

In the array of technologies, Robotics Process Automation is the fastest and widely adopted technology. RPA represents the next wave of automation that will help address the slew of challenges in the banking and financial services industries.

Best Tech Apps for You to Work From Home

Can you offer similar to higher productivity working from home? Absolutely! Some of the greatest web and mobile application development companies have given us brilliant applications that have revolutionized the way to work.

With the advanced generation of developmental platforms, these easy-to-use applications are helping you to manage your work, keep you connected with other employees, and much more necessary in day-to-day life for being productive.

Did you know that 80 to 90% of the U.S workforce would like to work remotely? And around 38% of the U.S employers allow some employees to work from home regularly.

But, this is again a challenge for a myriad of companies to offer work from home to their staff. Because, it takes a lot of effort like varying schedules, tracking projects running on multiple time zones, and maintaining fellowship within the company staff. All of this requires advanced and smart tools.

So, let's explore some of the convenient, useful, and well-suited to the business applications build by some of the web and mobile app consulting agencies.

7 Best Tech Apps Build by Top Application Development Companies

      1. Toggl

There may be times when you lose track of your work, especially when working from home. Toggl is designed to keep track of that. Along with time, this cross-platform mobile application can manage your workflow too. Toggl breaks down your working hours by projects, clients, and tasks. Some of the features that might convince you to use this app are analytical time management reports, integrated calendars, suggestions to track activities, notifications, and leverage to customize and organize your client and projects. 

     2. Slack

A premium tool to connect with your co-workers. Be it small or large, assign them tasks easily, manage them, call or message them every day, and even share the documents easily.

Slack is a globally accepted platform, so you can easily collaborate with your clients across the globe. One of its brilliant features, you can integrate third-party apps such as Google Drive, Salesforce, Dropbox, Asana, Twitter, and Zendesk.

     3. Trello

Another hybrid and cross-platform application which is great for keeping track of your projects. Trello is an awesome portal to keep your to-do list sorted and keep a note of the work done by the team members.

In fact, Trello lets you calculate the work done on different projects give comments, and share work or important documents work links.

    4. Google Drive

A very familiar and the handiest tool to use on any device. Supporting both iOS and Android devices, Google Drive comes in-built in some of the mobile devices.

However, to use it seamlessly you need a Gmail account. Google Drive gives you a decent space to store your important documents and sheets. Also, it gives you the option to purchase more storage.

     5. Asana

An all-in-one project management tool for your Android or iOS smart-handheld devices. This tool gives you insights into all the projects that you and your co-workers are working on.

Asana receives timely maintenance and support from its savvy tech team so that you can use its features like to-dos, reminders, ideas, creating projects with the due dates, assignees, followers, details & files, comment on the task.

This hybrid and the cross-platform app can work even when you are offline and sync the updates when online automatically.

   6. Team Viewer

A tool most preferred for team collaboration and virtual meetings. Team Viewer is one of the best work from home tools to look for.

This tool allows you to share your desktop with your clients and co-worker sitting remotely. Moreover, you can set up an online meeting, set a web conferencing, and easily transfer files and documents between devices.

   7. Dropbox

This tool has been one of the brilliant work from home applications for a very long time. Dropbox is linked to the cloud, thus lets you share, upload, and transfer files. Dropbox is a smooth platform for you to remotely handle office projects.

Dropbox allows you to have a backup and store photos, videos, documents, and other files to the cloud. You can access these files and photos from any device at any point in time.

You can privately send files and documents to your co-workers, transform receipts, whiteboards, and notes in PDFs.   

In the Nutshell

The list of brilliant cross-platform and hybrid applications are infinite that can support you during work from home. They are designed to keep your productivity and efficiency consistent. Moreover, they manage all your work, lets you set up meetings, share files, store photos, share PDFs remotely.

Top Five Benefits of Outsourcing Application Support Services

These services involve among other things the means and ways of getting the business’ activities or work done professionally, on time and without errors by contracting the work to third parties (external experts or professionals) that are not part of or amongst the business workers and employees.

Secondly, a business or organization gets attached or linked to external experts to acquire and ensure that the best Application Support services are provided to them. Outsourcing assists or benefits the businesses and organizations in ways that help them prevent spending lavishly on irrelevant things.

Thirdly, it also leads to the reduction of the work or labour of the employee’s by doing the major or the most important part of the work, and this leads to greater productivity. What’s outsourcing application services?

What is Outsourcing Application Services?

As previously stated, it is getting the work done appropriately with an external professional and meeting up to the business satisfaction by preventing extravagant spending of money. Outsourcing application services brings about a higher production rate or higher productivity.

All businesses hire not because their employees aren’t capable of working but hire extra outside help or professionals to provide the services whenever they are required or become acutely aware of that need. Every business knows that this extra help gives them the ability to rise to greater heights of success they are aiming for or meet their expectations.

These software programs and applications are adopted to carry out the work or activities that are designed in such a way to impact positively and improve all day to day activities going on around the business. With this, the business doesn’t have any cause to worry or feel like everything they are doing is in vain.

Value Proposition of Application Support Services

(a). Application support services draw or pull the business to the centre of attention by helping the businesses to know a real deal when it comes to genuine transactions.

(b). These services help or aid to meet up to the business expectations  That is when businesses can provide goods and services to their clients and help the businesses retain them too.

(c). For a business to be successful, it depends on the connections, the way it interacts with its clients, and most importantly the services it renders to the clients or customers. Only businesses serving their customers well by providing all their needs can take a stand when it comes to competitive markets.

(d). About 45% of all businesses engage in outsourcing business support services in which 25% engage in outsourcing basically to improve their regulation of the business. On the other hand, 15% of businesses are into outsourcing to render services from outsider experts or professionals.

5 Exclusive Benefits of Outsourcing Application Support Services.

1. Prevents and Stops Business Extravagance.

For continued and sustained growth of the business, it is vital to spend money wisely and appropriately. It doesn't make sense when ultimately money spent is not yielding any profit or positive results for the business. That implies all the efforts are a total waste of precious capital. But with the right mechanism in prudent financial management bolstered by Application Management Services, it helps stop extravagance and helps improve the growth of the business and concurrently helps in client or customer retention.

By monitoring the costs of administrative overheads, employee allowances, payouts, daily expenses and essential expenses, it helps to make clean, accountable and well managed financial base for the business.

2. Reduce Wages Paid-Out to Employees

Employee payouts in the form of salaries, allowances, and other remuneration tend to cost the business dearly even in relatively areas outsourcing would suffice. And so with outsourcing, employees aren’t required to do the tasks where it would get the work done faster, cheaper and more efficiently. So the rate at which the employees get paid decreases. Additionally, outsourcing reveals to the business or organization the critical areas where manpower is needed the most and assign tasks accordingly. This also means since employees perform duties they are given/assigned they aren't doing all the business activities by themselves and are therefore not overburdened. It’s therefore easy to evaluate and calculate what is due to each employee.

3. Administrative Regulation and Monitoring.

Administrative regulation of the daily activities in the business helps improve the rate and extent to which the business can deliver or provide the services and products needed by its customers at the right time. Besides, the business can retain its old customers and acquire or win new ones too.

4. Instant Innovation Application 

Innovations that help provide better services and products also help access higher productivity. These must be instantly be adopted by businesses or organizations. By doing this, businesses reduce the rate at which they may experience or incur a loss. With these innovations, it doesn’t matter whether the businesses are newly started or have been in existence for long periods. Outsourcing application services make use of the same machinery that is used by bigger businesses.

5. Enhanced Data and Information Security

Outsourcing application services ensure enhanced security especially when it comes to important and delicate information of the customers or clients that are not meant to be disclosed to the other parties. Every business has a privacy policy and non-disclosure agreement of vital data central to its operations and legal operational requirements. Data and information security is a rising issue in B2B and B2C operations today.

Summary

With Application Support and Maintenance Services, by allowing external experts or professionals to carry out the business’ tasks, it means they are confiding in them and they have been assigned to take over the activities. The outsourced services aren’t mandatory to be done inside the company. The most important fact, however, is that they reduce manpower or labour requirement and impact the costs the business has to face as well as ensure optimum satisfaction.

How to Develop an Uber App with Cost and Features?

Several apps have been developed for various uses and adaption. However, developing an app like Uber requires having a specific industry focus in Mobile App Development. There are several features and functions to an Uber-like with a progressive or dynamic cost according to traffic rush and congestion. But what are the best ways to develop the app, its cost and basic features and functions?  Let’s discover more below.

Basic Development Process Requirements

1. API – unique applications programming interface

2. Attractive graphics and visual elements

3. A distinct business model based on market size.

4. Demographic analysis to know the target audience.

5. Have a strong USP to counter competition

6. Engage expert app developers and

7. Have user feedback and reviews.

Basic and Advanced Features of Uber-Like App

1. GPS, Location Map and Route Tracing

2. Online Payment Integration

3. In-App Call, Text and Messaging

4. Ride Cost Estimator and Tracker

5. Progressive Traffic Report Evaluator

6. Registration and Personal Data Manager

7. Push Notifications

8. Ride Booking, Status, Cancelling Options

9. Ride Evaluation and Service Quality

10. Fare Sharing and Booking Ride for Others

11. Destination Indication with Route Progression

12. Personal Profile

13. Monthly Report of Past Trips and Payments

14. Active and Nearest Driver Location

15. Advanced Interactive User Interface

Cost of an Uber-Like App Development Process

The cost of Uber-like is largely determined by the type of the app, functions and features, level of complexity, UI designs, integrated software, OS etc. The cost of each technical development team will vary across geography. From Asia to the US to Europe the costs are varied for development teams or app development outsourcing services. The estimated cost of app development teams in Asia, Europe, USA/Global. For fast reliable app project development, outsourcing has always proven cost-effective and efficient in delivering great apps.

How Does Making the app cost and what are its Benchmarks?

Successful app development is a function of commitment and dedication in the app making process.  By adapting iiOS and Android mobile app platforms, allows better and enhanced connectivity, seamless interaction with interactive and engaging user interfaces (UI).  Uber-like all rides and drive requests can be sent to riders and drivers This makes the app deliver fast and prompt booking and both the driver and passenger can see each other by the location tracker feature and GPS.

1. Ride Request with Destination.

2. Ride Verification.

3. Matching Nearest Driver.

4. Integrated Online Payment Process.

5. Ride Quality Rating

Summary

Most apps are products of great development team efforts. That's why developing great apps has variables and constants across different geographies in terms of hiring the right talent, access to resources, etc. In Hybrid App Development, designing an app with precise service potential takes dedication, time sufficient resource allocation to fulfil the apps true real purpose.

How to Prevent and Monitor Traffic Violations with Video Analytics

Traffic violations and video analytics are inseparable in modern traffic management. As the number of automobiles rise on a daily basis sometimes it’s near impossible to keep track/monitor or follow, manage, prevent even the very basic traffic offences.

And so with Next-Generation Video Analytics India applications are undeniably redefining and shaping how modern traffic management is done and achieved with least number of traffic violations. Yet it begs the question, how do you prevent and monitor traffic violations with video analytics data in real-time. Let us discover below.

Basic Preventions in Traffic Violations with Video Analytics

1.  Major Traffic Issues Solved With Video Analytics.
2. Solving Potential Traffic Collisions
3. Preventing Accidents
4.  High Traffic Congestions
5. Parking in Public Places and Spaces
6. Fast and Efficient Toll Booth Operations

Ways to Monitor and Prevent Traffic Violations with Video Analytics

1. Enhance Communication for Better Response Coordination

Adapting traffic control systems from several organizations relies on the phone for communication for matters of security and urgency. The modern traffic control systems, however, resolve these issues through consolidated data on unified platforms.

2. Real-Time Capacity to Track Traffic Violations and Issue Instant Fines

With video data streamed into the platform in real-time, authorities can view vehicles that violate traffic rules, and playback footage to verify the exact violations and review traffic statistics at peak demand

times. Integration with third-party ‘ticketing’ systems send automated fines and other penalties to vehicle owners via email, SMS, or traditional mail.

3. Intelligent Technology Integration for Low Traffic Congestion

Is maximizing of road safety and helping lower traffic congestion is an achievable aspiration? Yes. How? Intelligent technology integration by adapting cameras, velocity radars, servers, and control room

infrastructure together avails real-time traffic incident views across the road networks. Iy also helps to speed up response times dramatically.

4. Integrated Systems with Deep Learning Technology

Integrate systems with deep learning technology to detect several additional traffic violations. Besides detecting speed rule violations, it is also possible to determine whether drivers are wearing safety seatbelts or not from distance.

Through recognition of vehicle license plates, it is possible to support local traffic and law enforcement authorities to detect stolen vehicles and affirm that right registered vehicles travel on highways and urban streets through the determination of vehicle attributes.

5. Track and Detect Lane Violations, Illegal U-turns and Wrong-Lane Driving

Traditional intersection monitor solutions focus on violation of red lights rules through cross-referencing license plate information with traffic light status. However, integrating lane properties to detect and respond to the abuse of lane rules, illegal U-turns, wrong-way driving, and other traffic violations cause accidents and delays.

6. Illegal Parking Tracking and Detection

Reliable tracking and detection of vehicles and recording of their license plates mean traffic violation tracking and detection solutions that address the hardship using illegal parking detection cameras. The

cameras avail 4-megapixel video images in worst low-light conditions. Traffic cameras reliably track and detect vehicles and capture license plates after entering the pre-defined illegal parking zones on highways and urban streets.

Illegal parking detection cameras help implement rules that allow parking only at certain times of day, or for short periods. That makes the cameras the best choice for town car parks, parking bays on high

streets, airport pick-up bays, .etc

7. Follow and Enforce Illegal Public Parking Rules

Illegal parking presents difficulties in road safety and traffic congestion. Besides, inconvenience or danger to cyclists and pedestrians who have to pass by badly parked vehicles.

8. Monitor Driving Actions and Behaviours

Traffic violations are both dangerous for motorists, cyclists and pedestrians and slow down traffic and cause long delays. The solutions help to track driving behaviour and actions and reduce the risks of

accidents and speed up traffic flow.

9. Improve Traffic Control Systems with Smart Technology

Integrating video analytics into traffic control systems and monitors gives clear pictures of what’s happening in real-time. Prevents road accidents, road congestions, traffic slowdowns, and other traffic

violations are detected or traced in advance with step-by-step on- screen guidance to follow standard operating procedures.

They also act as intelligent transportation systems designed to reduce workload and confusion by breaking down silos of the data coming in from multiple sources for interpretation. That means faster response times overall, prompt road clearance and safe and smooth overall driving experience for commuters.

10. Follow Video Database Analysis of Traffic Trends and Patterns

Analyzing and studying the traffic violation video trends over time creates a pattern and usable database for proactive and effective traffic control, prevention and monitoring. With the best of Video Analytics

Software India creating coherent patterns and trends is possible.

Summary

In a modern world overwhelmed by traffic control, management and monitoring at every level, Video Analytics Applications India solutions are the ultimate catalyst to seamless and flawless management,

prevention and monitoring of traffic violations in real-time.

Reasons Why Salesforce is the Best CRM

Salesforce CRM is a known, perfect & reliable platform to find, nurture, and convert leads and close deals easily & faster. Salesforce integration helps businesses of any size manage leads, contacts, sales opportunity, customize dashboards & reports. 

This CRM allows you to easily follow up on leads & identify key contact. Moreover, you can let your CRM automatically track emails, calls, & meetings. Salesforce offers a speedy, intelligent, and personalization to every transaction. 

Salesforce integrated services boast to improve sales productivity by 36%, deals with 26%, sales revenue by 28%, and better forecasting 38%. Salesforce Integrated services can benefit you in different ways. Here let's view the reasons for a business adopting Salesforce as a CRM.

Reasons & Benefits of Using Salesforce CRM

Salesforce services give you ground-breaking consistent innovation with regular upgrades and advanced services from time to time. 

Visual Data 

Using and managing spreadsheets & graphical representation of data is the most crucial task, which requires manual effort. But, Salesforce's Smart CRM can easily help you with most of the manual work. Its Dashboards feature is the most advantageous attribute, as it showcases the metrics & the information that matters the most to you. Thus every team member, be it the management team or developing team, can personalize their dashboard.

Personalized Automated Outreach

Since every tool and technology, every innovative idea is addressed to outreach a wide audience for a profitable business. Thus, many companies put the manual as well as automated campaign efforts to attract more and more customers. 

Salesforce CRM lets you easily set up a series of automated emails and trigger specific actions for outreach. You get the leverage to personalize messages and use drip campaigns throughout the sales funnel.

Enhanced Customer Service

As a major advantage of automating outreach and personalized messages, the Salesforce CRM marketing funnel helps to enhance customer service ability or efforts. 

Through insights into customer data, the sales team or a support representative can meet the customer needs efficiently & solve their respective problem proactively.

Also, with the help of available data, team members do not have to dig for information, which saves time and improves the bottom line through higher customer satisfaction.

 Enhanced Automation Efficiency

Automation is a time and cost-saving attribute, which most companies use today. Salesforce CRM offers email and nurtures leads with drip campaigns automatically. Teams are levered to prioritize marketing qualified leads with the help of leads or customer's parameter set with the help of AI. Automated chatbots or automated messaging features can solve real-time problems of a customer quickly and at any point in time.

Collaboration Simplified

Salesforce CRM is a cloud-based platform that allows you to record a conversation, interactions, needs, notes, and contact information. You can always have an up to date data, which your teammates can always look up to make some important decisions. Collaboration tools of this CRM allow multiple people to work on a single file at the same time. Your teammates can share files and work through shared records too.

Secure Reporting

Every business decision or marketing tactic is made based on data gathered from different sources. To make data useful, it must be sorted cleaned, analyzed, and made actionable. 

Google Analytics is the most important tool for any business to monitor website traffic and rely on its metrics. Here CRM is useful to dig deeper metrics and data. Salesforce also helps you organize and maintain clean & error-free data, which is easy to interpret. Salesforce CRM also lets you check who is interacting with your company.

You can run reports to see where your opportunities are, how you interact with leads and customers, customer service efforts, and trends in your sales. The CRM is capable of showing the number of times a person opens your email marketing message and clicks made through that message. Also, the best CRM can tell the number of conversations & their needs put in front of the sales team. 

With the help of Artificial Intelligence, CRM can produce value through actionable data. Reports created by CRM allow businesses to keep an eye on current statistics, which also helps in the decision-making process.

To Conclude -

The marketing team can focus on creating campaigns, resonate with the audience, analyze data, and test different strategies. Similarly, the Sales team can focus on selling the right product or service to the customers and address their pain points. And Customer service agents can dedicate themselves to listening to problems and solving complex issues. And the rest can be managed through Salesforce integration services.

How Artificial Intelligence Will Change Our Perception of Customer Experience

Natural intelligent learning & processing (AI) and machine learning are adopted by the giants to quickly access insights and automate campaigns and processes. The capabilities of AI are far beyond, it can directly be embedded to new customer touchpoints. 

Along with strategic design and development, Artificial Intelligence is unleashing new approaches for exquisite customer experience (CX). A survey says that 50% of companies have already taken action to deploy AI services, however, others do not have the acceptable capabilities or strategies to meet Artificial Intelligence aspirations. 

AI Capabilities Causing Seismic Shifts 

AI is gaining popularity and is adopted because it can understand the unstructured information and patterns similar to humans. Moreover, the huge data is not just consumed by AI but also has learned to interact at greater speed. Thus companies are trying to utilize the power of the AI system, which feels like natural human engagement.

Experts reported that almost 70% of tech-industries believe that they are ready to leverage  Artificial Intelligence Services for better customer experience and predict that AI will play an important role in the future.

What companies lack - Is the confidence that their organization doesn’t have the ability to adopt this technology and relevant skills, or hire trained resources, knowing the rapid demand for technology.

Better customer experience means improved customer satisfaction, long term advocacy, and loyalty. Thus to promote and educate excellent customer experience, and have comprehensive loyal customers, AI can help you with it. 

Research says - Around 57% of executives want to adopt AI to respond and provide the customer with a more personalized experience. 

Certain AI tools offer white space analysis for sales and can suggest immediate action needed when the opportunity arises. Highly efficient AI-enabled customer assistants can improve customer experience by reducing response time.

Some great tech advisers have shared ways for application leaders to use cognitive computing services to get a real-time understanding of customers. 

Steps to Enhance Customer Experience With AI

Craft customer experience strategy

Learn about the tools valuable for stimulating customer experience. Before engrossing AI, you must strategize how and where would you need its service. The entire team focusing on the betterment of CX must plan it dedicatedly to make AI successful in their business. 

Understanding the touchpoints

Monitoring and analyzing the customer’s journey - from engaging in a product or service for the first time to continuing with the same or trying others will help you plan for your brand. Here AI can help you improve the customer journey with your brand, which will benefit your business in the end.

Reveal rich real-time Insights

Adopting and getting acquainted to using AI in your business helps in understanding customers swiftly and efficiently. However, you might be using some very effective and polished robust tools to determine customer experience from ages, but surely might not be able to reveal the core of it. AI here, can analyze, categorize customer data, whether it is in the form of text or verbal, through understanding sentiments of customers.

Measure and Decide to Build or Buy

You can either decide to buy an AI solution from the AI service providers or simply build it if, you have a robust & potent team. Also, your budget is an essential aspect to figure out for developing an AI solution.

Finally, track and measure your metrics of the AI solution. The key performance indicators will showcase the success of your AI/CX initiative and will also help you improve your strategies.

In the Nutshell -

These are just a few measures that can be taken for customer experience transformation. An AI service provider in India can support you to automate processes and develop core technology for customer joy and loyalty.