RPA is quick- win solution in automating MF reconciliation process
MF Reconciliation is a very systematic and repetitive process in any banking company. A small company can still manage the process manually, but big companies face a lot of issues with cost, time, and complexity of the process.
Hence, MF reconciliation is an ideal use case to be implemented by the RPA process. A bot can extract data from different data sources with different formats and the document the same. It can check the total records to determine the discrepancy size of the process. Next, it can match the data at the transaction level and clear the matched transaction immediately as per the pre-defined rules. It can instantly identify mismatched, reconciled items, and notify the concerned person about the same. It can help in fixing errors and finally generate reports and insights to get approval from the higher management.
So, the end-to-end process of MF Reconciliation can be integrated using an RPA solution which is an efficient and cost-effective trend used by many competitive firms to stand ahead in the market.