Top 3 akaBot Use Cases For The Banking Industry

Integrating multiple intelligent technologies such as Process Mining, Task Mining, AI/ML, and IDP with RPA, akaBot’s Hyperautomation ecosystem is a companion to help banks solve security challenges, minimize interruptions and extend the scope of automation.

Anti-money laundering (AML)

In the globalization context, economic crimes with highly sophisticated and complex money laundering activities will emerge. However, all the AML-related operations are extremely complex and full of errors. This puts a lot of pressure on the banking back office when facing a huge transaction volume every day while ensuring fast and accurate validation. 

akaBot uses RPA robots in comprehensive anti-money laundering monitoring, allowing banks to identify accounts, check transactions and initiate fraud investigations. When detecting a suspicious transaction, banks only need to create a transaction review ticket with the security department and the whole process will be 100% automated by the bots.

During the transaction review and inspection process, if there is any fraud or the anti-money laundering model matches the evaluation criteria, the bots will automatically review the information of the accounts that have been laundered and send an alert to the security department.

akaBot’s solution is the answer to AML challenges faced by banks. (Source: eleviant.com)

Automated report generation

Reporting plays an important role for every business, especially banking, an industry that requires a lot of statistical data to be agile in capturing market changes. Because this task needs to be performed daily with repetitive frequency, it is prone to errors due to manual handling. This leads to efficiency and resource problems.

With digital workers of akaBot, banks can easily prepare reports with accurate data and information, reducing operating costs and saving time.

The bots will collect data from multiple sources, then deploy the validation, extraction, and sorting process. Employees then simply use pre-built workflows and set schedules. Any changes in the date, time, and frequency of bots running can be edited right on the system.

Report processing with RPA can be applied to some typical processes at banks, including:

• Financial analysis: Combining AI and RPA to automate the data collection and reporting process, helping the banks get a complete picture of the business and make more strategic financial decisions. 
• Customer analysis: RPA is effectively applied to extract customer information, automatically aggregate customer-related data, and generate reports including customer behavior, and customer relationships with businesses. This helps banks have a more general view of customers to improve services/products tailored to their needs and expectations.

Bot protection enhancement

Banks require a high level of security, especially when security intrusions are on the rise.

Defending against bot attacks is now a priority for every business. (Source: securitybrief.asia)

With most RPA platforms today, account information, and passwords (credentials) are stored in asset sets, where RPA Bots (Agents) access to get login data to the enterprise system. A set of assets is usually only decentralized to a fixed department. However, all users in that department can completely view and change the password to login bot systems even when the Agents are not under their management. This makes it difficult for banks to manage and therefore increases the security risks such as data destruction, security holes, malicious code, etc.

To solve this problem, akaBot has developed a feature that allows flexible asset decentralization.

In addition to giving users the right to edit all assets, the admin can also choose to assign access rights and change the credentials of each asset for a certain user. Accordingly, only the admin has the right to access and edit information in the asset set, and all the users can only access the bot information that they are decentralized to manage. With this feature, the bank can eliminate the risks related to information leakage and ensure a smooth bot flow, limiting interruptions during operation.

Read more: Automating The Bank’s Front Office: How to Overcome Challenges?

Leave us a message for free consultation!