85% of time saved in Bank Reconciliation with Intelligent Automation for India’s Largest NBFC




Bank Reconciliation


The case study highlights how RPATech successfully transformed the bank reconciliation process for one of India’s largest NBFC through customized intelligent automation solution. By leveraging intelligent bots and advanced data processing techniques, the solution streamlined the reconciliation process for 1898 accounts across 24 different banks. The implementation of this solution resulted in increased efficiency, accuracy, and reduced manual effort for our client.

About the Client

Our client is one of India’s Largest NBFC, specializing in gold-loan services and other financial solutions. With a widespread presence throughout the country, our client has been serving customers for over eight decades. Their comprehensive portfolio includes diverse offerings such as gold loans, various types of loans, insurance, and more.

The Problem 

Our client, with its extensive network of regional branches, faced the arduous task of reconciling ledger entries with bank statements across multiple banks. With 1898 accounts spread across 24 banks, the manual reconciliation process required the efforts of 4 employees. The manual process proved to be time-consuming, prone to errors, and resource-intensive. Each branch were responsible for reconciling their ledgers with bank statements on the company’s core banking solution (CBS) portal, with daily reconciliations being the norm.

The Solution

We developed a comprehensive solution to address our client’s bank reconciliation challenges. Leveraging customized intelligent bots and advanced data processing capabilities, the solution offered a seamless and efficient approach to reconcile ledger entries with bank statements.

The process begins with the intelligent bot downloading bank statements from various bank portals through secure login using net banking login credentials and an expert designed intelligent automation solution that could read OTPs. Once the statements were obtained, our intelligent bot performed data cleaning, using an in-house library built specifically to decipher various bank statement formats.

This ensured a standardized and streamlined reconciliation process, significantly reducing manual effort, and eliminating human errors. Moreover, the solution incorporated advanced pattern recognition algorithms to decode payment descriptions, enabling precise identification of vendors associated with each transaction.

Business Outcomes

The implementation of our customized bank reconciliation automation solution resulted in the following transformative outcomes for our NBFC client

85% time saved on processing transactions

100% Accuracy achieved

95% reduction in manual process

Daily on-time reporting to stakeholders

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