Industry: NBFC
Department: FINANCE
Process: BANK RECONCILIATION
85%
process time reduced
100%
accuracy achieved
95%
less human intervention
Client Overview
Muthoot Finance is one of India’s largest non-banking financial companies (NBFCs), with a nationwide network and over eight decades of experience in gold-loan services and other financial products.
The Challenge
With 1,898 bank accounts spread across 24 banks and daily reconciliation requirements, the finance team relied on manual data downloads, entries, and matching. This led to:
- Time-intensive processes
- Frequent errors
- Inefficient process
The Solution
RPATech developed an intelligent bot that:
- Securely logs into multiple bank portals using net-banking creds and OTP handling
- Ingest and clean data from various statement formats using in-house parsing libraries
- Matches and reconciles bank statements with CBS entries automatically
- Generates and delivers reconciliation reports to stakeholders daily
Adopting automation for Muthoot Finance is more related to the changing trend in technology. We're growing exponentially and automation is most important to match with that scale of growth... The advantages we've seen with automation is more related to compliance. We're also trying to create a mindset of automation within the organization.
Piyush Srivastava
Head of IT- North, Muthoot Finance
The Outcomes
- 85% reduction in processing time
- 100% accuracy in reconciliations
- 95% reduction in manual efforts
- Timely daily reporting to stakeholders
