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RPA in Banking: Top Use Cases & Implementation Strategies in 2024

Did you know that human errors in the banking industry may lead to over $878,000 in wasted time and labor annually? Implementing robotic process automation (RPA) is a practical step, given the significant financial impact of human errors in the BFSI industry. According to McKinsey report, by utilizing RPA and AI, up to 30% of tasks across banking operations can be automated, allowing staff to concentrate on strategic activities while boosting productivity and cutting costs. The drive to automate redundant tasks and empower end users is expected to propel the industry forward in the coming years.So, in this article, we will analyze how to implement RPA in banks and the best use cases of it in the BFSI industry.  What is RPA? Robotic Process Automation (RPA) is a technology that uses software robots (often referred to as “bots”) to perform repetitive office tasks that were previously done by human workers or computers. These tasks can include things like data entry, moving files, copying and pasting data between software, and generating reports.RPA is particularly essential in the banking industry. Everyday, banking staffs need to handle large amounts of customer data, and manual processes are often error-prone. The extensive data extraction and manual...

RPA in Banking Use Cases
Technology Consulting for Financial Project

Why Technology Consulting is Critical to Financial Project

Contemporary businesses must incorporate and understand information technology (IT) like never before. In fact, ensuring that your IT systems are both efficient and reliable will be one of the key factors influencing your success, longevity, and customer experience.Unfortunately, this is easier said than done when your expertise lies elsewhere.As such, many financial institutions are now acknowledging the immense benefits of hiring a dedicated tech consultant to customise, introduce and maintain financial systems that integrate flawlessly with their business operations.In this article, our experts at KMS Solutions will explore how business technology consulting services can deliver substantial value to your financial project. What is Technology Consulting? When in-house teams hold insufficient knowledge, or the financial burden of internal solutions is too high, external support is the best way to progress. For example, financial institutions seeking to enhance their operations and streamline processes often turn to business technology consulting services.Profit-oriented companies hope to discover new systems, technologies, and insights that reduce costs and maximise operational efficiency by hiring a tech consultant specialising in this field. In doing so, they gain access to a variety of services, including: Custom software planning and development: The consultant will analyse your specific requirements, budget, market trends,...

Financial Services MVP Development Mistakes

Common Mistakes to Avoid in Financial Services MVP Development

A Minimum Viable Product (MVP) should embody a streamlined version of a product, integrating only the essential features necessary to address users' core needs and deliver immediate value, all while keeping development costs low. MVP development marks a pivotal moment for many startups, necessitating meticulous planning and execution. Nevertheless, banks and financial institutions frequently encounter pitfalls during this critical phase due to the complexity of their software and applications. In this article, our specialists at KMS Solutions explore some common mistakes in financial services MVP development that every organisation can avoid to ensure a smoother path to success. Examples of Financial Services Minimum Viable Products (MVPs) Mobile Banking App: Launch with core functionalities like account balance checks, basic money transfers, and bill payments, before expanding into more complex features such as investment services or loan applications.Investment and Trading Platform: A platform that allows users to buy and sell financial instruments effectively and track their investment portfolios. Ensuring the user-friendly interface and integrating the online payment gateways - a simplified version that only handles basic transactions between buyers and sellers and supports a limited number of payment methods.Insurance App: A basic online form that provides users with quick insurance quotes based...

Banking App Development Costs

How Much Does it Cost to Develop a Mobile Banking App in Australia?

The cost of developing a mobile banking app is a spectrum, ranging from as little as a few thousand to millions of dollars. Naturally, the price will reflect certain influences on the app development process, such as its design complexity, the range and intricacy of its features, the platforms it will operate on, its refinement level, and the development team's location.As such, business owners and entrepreneurs interested in learning more about how much investment it takes to develop a banking app should first understand the factors at play. For example, a simpler, entry-level, proof-of-concept app versus a high-end, extensively featured app with scaled features and scope will require completely different mobile development processes.As specialist app developers for BFSI clients across Sydney and around Australia, our team at KMS Solutions will explore the factors that influence the cost of app development in Australia, as well as strategic approaches to budget management in app development. How Much to Develop a Banking App: Questions to Ask When You Make a App in Australia What Type of Banking App Are You Building? The app's category, format, and operation significantly influence the overall app development cost in Australia.Understanding the implications of your banking app's category,...

Offshore Development Teams for Fintech

How to Leverage Offshore Development Teams for Fintech Innovation

The financial technology (FinTech) sector has rapidly become a serious influence in transforming the financial industry.As FinTech firms aim to lead the market and introduce innovative solutions, many are deciding to hire offshore developers as part of their strategy.In this article, our team at KMS Solutions explores how a team of offshore developers, or wider offshore software development services, can empower Fintech innovation operations. What is Offshore Fintech Software Development? Offshore Fintech software development services describe the end-to-end process of delegating software development tasks, or IT projects to external service providers based in various countries or regions outside their own.Choosing to hire offshore developers has become highly popular across the globe due to numerous significant benefits, such as reduced costs, access to a wider talent pool, faster development cycles, and more.The typical structure of a relationship with an offshore development company includes:Client Organisation: The Fintech company or entity in need of offshore software development services.Offshore Development Team: A group of software developers, designers, business analysts, testers, project managers, and other IT specialists outside the client organisation.Project Delivery & Ongoing Management: The strategies and tools employed to effectively manage and supervise the development project. How Hiring Offshore Developers Assist Your Fintech...

Open Banking Use Cases in Financial Services

Open Banking Use Cases in Financial Services

Open banking enables consumers to share their financial data with third-party providers via the open banking API model, enhancing their ability to manage, transfer, and optimise finances. Operating within this system allows authorised providers to tailor financial products more effectively and make credit decisions more efficient.Despite its broad applications, however, many providers are still discovering how open banking apps can benefit them in not only improving their operating procedures, but also unlocking new revenue streams. In this article, our specialists at KMS Solutions outline some practical use cases that demonstrate how open banking is revolutionising banking innovation and advancing financial services across industries. The Need for Banking Innovation in Financial Services Traditional finance has long been dictated by the outdated routines of established institutions setting rigid market standards. In recent years, FinTech companies have been successfully challenging these norms with new points in banking innovation, propelled by the disruption of technology across financial industries.The limitations due to reliance on traditional data sources that they are trying to overcome include:Limited Data Scope: Often confined to structured data from banking systems and credit bureaus, these sources lack the comprehensive details FinTechs need to innovate and meet evolving consumer demands.Delayed Insights: Without real-time...

Types of Software Testing

Exploring Different Types of Software Testing

Ensuring the quality and functionality of applications through various testing methodologies is paramount in the fast-evolving world of software development.In this article, our team at KMS Solutions will delve into the diverse types of software testing methodologies, from manual and automated approaches to specific methods such as unit, integration, and system testing. Whether you're a developer, QA professional, or stakeholder, understanding these testing strategies will provide insight into how to best achieve a reliable, efficient, and effective software product. Comparing Manual and Automated Types of Software Testing Techniques Manual Testing Manual testing is a software testing approach where testers manually execute test cases without the use of automation tools. In manual testing, the QA team carefully goes through the app's functionalities, features, and user interfaces to identify defects, bugs, and other issues.Although this method can be time-consuming, repetitive, and prone to human error, it is essential to verify automation feasibility. Manual testers are not required to obtain specific knowledge and skills related to automation testing.Manual testing is ideal for small-scale testing due to its simplicity. Even in large-scale testing scenarios involving hundreds of features, manual testing remains essential to assess the feasibility of automation.  Advantages of Manual Testing Techniques: Cost...

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