They’re a great group of developers who really understand the reality of business.
Banking Robotic Process Automation Services
Boost the bottom line and stay ahead of the curve with Itexus profound expertise in banking robotic process automation
Banking Process Automation (BPA) solutions empower banks and financial services companies to process the repetitive work more efficiently, eliminate human factor errors, streamline interactions with their customers, and significantly increase back office productivity.
Itexus consults clients on process automation in the banking sector as well as develops banking software and helps expand their operational capacity at a reasonable cost without hiring additional staff.
Automated Processes in Banking Industry
Account Opening and KYC (Know Your Customer)
Automated KYC eliminates endless back and forths between the customer and the bank and makes the account opening process quicker and more accurate. The technology automatically verifies customer identity, documents, checks the client against CFT, PEP, OFAC and other databases of heightened risk individuals and entities to dramatically reduce screening, identification, and verification time.
Accounts Payable Management
We equip Robotic Process Automation (RPA) software with the Optical Character Recognition (OCR) technology to streamline the monotonous processes of extracting vendor information, validating it, and processing the payment. OCR reads the vendor information from the digital or physical copy and transmits it to the RPA system, which, in its turn, validates the information and processes the payment.
LIBOR Transitions
The London Interbank Offered Rate (LIBOR is turning the industry upside down and making bank executives invest millions of dollars in reviewing contracts and looking for solutions for remediation. Itexus implements NLP based solutions which recognize legal entities in the corpus of LIBOR-related contracts and remediate them in seconds across thousands of documents.
Customer Service Operations
To provide superior user experience to customers and reduce the cost of the support operation the management of the bank can implement omni-channel customer support automation of banking systems that are able to automatically answer calls, emails and chat requests, perform client verification, handle basic support requests and route advanced cases to appropriate human personnel, saving all interactions in the log and capturing client’s feedback.
Digital Mortgage Lending
As the mortgage industry stays highly regulated and still relies on manual document exchange, many banks are losing their share of the market to Fintech startups. Automation in mortgage lending allows banks to accelerate these processes, including mortgage fraud checking, better loan workflow navigation, and reconciliation process management. With clearly defined rules, banking robotic process automation software processes information verification and analyzes applicant’s identity, background, employment history, credit score, credit history, and financial status in next to no time.
Loans Processing
Financial institutions need solutions that will enhance loan applications, help in the management of loan payments for the banks, and eliminate the risk of defaults in the payments of loans. Itexus develops custom banking robotic process automation bots that will process loans, provide an accurate lending report for each loan application, and handle the back-office loan verification, processing, and management.
Credit Application Processing
Itexus builds custom software tools that pull data from various sources, including credit bureaus and other public institutions, provide online credit applications forms, input ratios and period-to-period comparisons into the credit scoring model, and generate approvals/denials in line with the predefined parameters. Once the application is approved, our solutions can go the extra mile and generate new customer documents like approval letters, contracts, leases, and security agreements.
General Banking Ledger Management
Banks handle and process enormous amounts of data – interest incomes, account receivables, account payables, expenses, assets, liabilities, and so on – every business day, storing it in the general ledger and withdrawing it from there to prepare reports and financial statements. Updating and managing the general ledger is a non-trivial task, and Itexus knows how to handle it. We deliver advanced software that automates these processes, accurately updates the general ledger, and communicates with distributed systems regarding the required financial data.
Anti-money Laundering (AML)
AML processes are challenged by heightened regulatory scrutiny and the increasing cost pressures. To address these challenges, our specialists design advanced algorithms that evaluate massive data sets for targeted accounts, process thousands of checks, discover suspicious patterns, and generate alerts. The automated AML compliance process results in reduced regulatory risks and an improved quality of investigations.
Suspicious Transactions Reporting
We create automation of banking systems which investigate and uncover suspicious activity, complete a Suspicious Activity Report (SAR) correctly, and submit it to the appropriate authorities like FinCEN. According to your needs we create the custom software that automatically completes the necessary data fields, ensures one click e-filing, transforms dispersed SAR workflows into a regulated business process with a proper status control, and provides custom dashboards and charts for better reporting history analysis.
Trade Operations
Itexus works with central securities depositories (CSDs), investment banks, custodians and other trade players developing systems for trade validation, confirmation, settlement, reporting, and accounting operations. We automate and centralize standard trade finance processes, ensure adherence to SLAs and regulatory requirements by implementing checklists and other forms of internal controls, and replace manual case reviews with an automated rules engine.
Why Use Custom Software for Banking Automation?
No license costs
Along with regular subscription fees, off-the-shelf solutions often come with upfront license costs which vary significantly and may run into huge sums. A tailor-made solution is paid for once and for all, and a client becomes the owner of its source code which he/she can later modify, upgrade, and share in accordance with their own preferences and needs.
Fully customized & scalable solution
We deliver banking robotic process automation solutions in line with your needs and equip them with new technologies to give you an edge over your competitors. You don’t adjust your business processes to off-the-shelf software – but get a product fitting your goals.
Extra security
We know that bulletproof security across the entire financial application ecosystem is the principal requirement. Our engineers apply the zero trust and “never trust/always verify” approach and test every aspect related to data privacy and customer trust multiple times before handing the project over to the client.
Long-term partnership
With dedicated engineers and managers assigned to your project and fully investing into it, you get personalized high-quality service. As your project is evolving, our experts will take into account new ideas and needs, add features, and provide post-launch support and maintenance services.
Profound expertise in Fintech
Since 2013, we have been focusing on financial software development. Our developed products meet the most stringent financial regulations, feature numerous frictionless integrations, and tackle the exact problem our clients are facing.
Benefits of Process Automation in Banking & Financial Services
Cost savings
Expedited operational efficiency
Higher accuracy and reduced manual errors
Increased customer satisfaction
Stronger team management and reporting
Strengthened regulatory compliance
Trends Disrupting Banking Process Automation
Robotic Process Automation (RPA)
We help our clients use robotic process automation in banking for their front office, back office and support functions. RPA in the banking industry is efficient for operations with a well-defined set of rules and repetitive tasks to train the automation, such as invoice processing operations, expediting card issuance, and executing transactions.
Artificial Intelligence and Machine Learning
Itexus uses predictive AI software and incorporates special algorithms to monitor backlogs, detect frauds, and drive data-driven day-to-day decisions. Neural networks, deep learning, and big data services are only some of the technologies used by our team to scale our clients’ automation initiatives and refocus their workforce on business transformation across the whole banking value chain. The predictive models further apply to real-time evaluation of extensive volumes of data sets and pattern recognition in various processes, including loan approvals, stock forecasts, and fraud prevention.
Blockchain
We use distributed ledger technology (DLT), cryptographic hash functions, and public and private keys to code smart contracts, enable encrypted updates to client’s details spread across banks and institutions, provide a historical record of all documents shared and all compliance activities undertaken, and process KYC checks on the blockchain.
Intelligent Automation
For more complex scenarios where a system needs to learn and adjust over time., Itexus deploys cognitive Intelligent Process Automation (IPA) solutions. Equipped with prescriptive and predictive analytics tools, text analytics, computer vision, and NLP, they process unstructured data, handle exceptions, and cope with judgement-based tasks, like regulation compliance, suspicious pattern monitoring, and fraud prevention.
NLP
We integrate Natural Language Processing software, including text classification and clusterization, entity extraction, sentiment analysis, into our analytics programs, chatbots, AI-based digital assistants, and compliance monitoring systems, to help the system understand unstructured data, unlock actionable insights from it, and support users throughout their journey.
FAQ on Banking Process Automation Services
How process automation can help my bank provide superior customer experience?
For years, we’ve been helping banks redefine their relationship with customers through service automation. We know that middle- and back-office processes and workflows affect customer experience deeply, so we don’t just focus on what’s happening in your front office, we ensure efficiency and transparency across the entire infrastructure so you can get the most out of automation.
Can you describe the process? How will the workflow and our interaction be organized if I choose Itexus for my project?
We usually start with an intro meeting to clarify details, determine desired outcomes, assess their feasibility, and sign an NDA. We then thoroughly analyze your current ecosystem and processes, explore your goals and needs, and propose the best automation options that meet your goals, timeline, and budget. Upon your approval, we assemble a cross-functional team of Itexus specialists tailored to your specific needs that will transform strategic vision into action.
Your project manager will provide you with regular updates on the project’s progress.
Your project manager will provide you with regular updates on the project’s progress.
Can you improve mobile banking experience for our customers?
Sure! There are multiple ways to create stellar mobile banking experience — for example, by automating registration and onboarding processes. We utilize the best practices in mobile banking to help financial institutions not only attract and retain customers, but also gain their loyalty, and we will gladly share our expertise with you.
Can you guarantee the security of my automation solution?
As a seasoned fintech development partner, we understand all aspects of automating processes for banks and financial institutions and are well aware of the need to keep your employees’ and users’ sensitive data secure. To this end, we follow international data security and protection protocols to develop high-quality and secure automation software with an extra layer of security to eliminate any vulnerabilities.
Do you sign an NDA?
Yes, we can either sign your agreement or ours. It’s a standard process for us.
Do you provide post-development support?
Yes, we offer post-production support on a regular basis or on demand.
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