Serving as Managing Director of Unistanz Software Private Limited for 18 years now, Mr. Jayendra Desai specializes in providing software products and IT Services across numerous domains and technology platforms. Mr. Desai has also been a crucial part of launching QuickReco Tool, an efficient and user-friendly Tool that can automate manual Excel Operations by a 100%. Now in his new role as an advisory, a new period of deep learning has started as stated by Mr. Desai. In his previous experience, he has worked with eminent organizations like Mutual Industries Limited, Reliance Industries Limited and Lauren Information Technologies Pvt Ltd.
When we think of digitization and automation in financial services, only dynamic areas such as payments and digital wallets come to mind. But the roots of automation have managed to spread into multiple realms of the finance sector. In this rapid era, lending institutions have increasingly banked on investments in technology to streamline their processes, minimize risk and boost their portfolios and profitability during the past decade. The financial institutions and other lenders who have invested in financial technology are experiencing a triggering dramatic transformation in their processes and getting a jump on their competitors.
With the rapid escalation of technology, there is now a considerable global need for the financial-services industry to evolve comprehensively from traditional, age-old business models and walk right beside evolution. The inclusion of automation is particularly set to play a pivotal role in task execution within financial institutions for the next few years. As it is working as a driving force for financial institutions to enhance the customer experience, achieve greater operating efficiencies to remain competitive, and comply with more stringent regulatory and compliance requirements.
Effective and efficient compliance processes
Many financial institutions who are still relying on old traditional forces are ending up paying a sizable price for failing to modernize their application processes in the internet age. As the grey areas of multiple compliances of oversight operations can easily be enhanced with automation implementation. The advanced tool’s capability to pull and aggregate data from multiple sources can enhance the efficiency of regulatory, non-financial, and risk reporting as it can help eliminate or reduce the time taking processes of collecting, summarising, and cleansing large amounts of information. Tools such as QuickReco Tool are engineered in a way that it cannot only make operations work smoothly and efficiently but also helps in the risk assessment process, automating tasks that eliminate user intervention and investigating/root-cause analysis processes.
Answering the right questions
The operations thrust with the power of automation will have a significant impact on BFSI’s compliance activities, which is especially advantageous given the rising regulatory requirements that these financial institutions have borne to adhere to. It will significantly reduce human error, reduce costs and greatly improve the efficiency of the onboarding process for new clients. Another benefit includes the ability to monitor and test a larger amount of data than traditionally possible, such as the entire population as opposed to a sample. After accomplishing all this, organisations can avoid both reputational and financial damage.
In an industry that is evolving and innovating, with frequent changes in systems, regulations and product suites, tools such as QuickReco Tool are facilitating a platform of continuous risk assessment.
It has never been more important for software companies like Unistanz to provide the financial sector with tailored products and services and to reduce their costs to serve. With disruptions like these only the compliance will falter and function. A perfect combination of the right tools with a smart approach to implementation only holds the key to maximizing the value of automation.