It is important to have a sound idea, but what is more important is the way the idea is implemented.

In a single masterstroke Finance Ministry merged 10 PSBs into 4 following the BoB Vs Dena Bank & Vijaya Bank model. But the question is if the amalgamation was successful on ground? And more importantly has the systems changed? But unfortunately even after 9 months of amalgamation of BOB and Dena & Vijaya bank system integration is still a task. Industry experts from banking Technology believe it’s a full 3-4 year exercise. The systems integrations and maneuvering over legacy IT systems will take its own course of time. But Industry experts believe that RPA can fix and settle the PSU Merger issue.

Organizations can automate heavy manual processes through RPA. RPA can help PSU banks in the areas such as new account entry to multiple systems, high volume transfers, service desk requests, Deposit Processing, Month-end Reporting, High availability & Disaster Recovery and Data Backup & Purging.

Impact of RPA on Data Access

“If there are two or three different entities using different technologies then one common structure has to be designed, which is a right fit for RPA to come in from manual transfer to automated transfer by bots,” said Arup Roy, VP Analyst at Gartner.

“RPA will impact functions of data access across multiple systems, data migration, data security, and compliance management. It handles all of the documentation and eliminates errors, audits become much less cumbersome. Furthermore, this technology is capable of being altered rapidly, making it ideal for a field that evolves so often,” said Murli Mohan, VP- India Domestic, UiPath.

Compliance drives automation

one of the major challenges for financial services organization in India and organizations worldwide is compliance. Most often there are media reports about regulators imposing fines for not complying with regulatory guidelines.

Compliance drives automation and bots can build significant degree to audit and check compliance which could’ve never been done earlier. One such instance is where ANZ Bank uses bots to audit bots and the entire audit is 100 per cent sampling said Milan Sheth, EVP (IMEA), Automation Anywhere.

“Banks have to constantly check information against regulations and compliance guidelines, which can change overnight. RPA processes can be altered just as quickly, keeping the organization up to speed and in line with regulations,” concludes Mohan.