An Indian bank automated its letter of the credit process and reduced human intervention by upto 80%
Letters of Credit (LOC) are essential to the banking industry. They allow businesses to take out loans from banks and make payments over time. The process is tedious and time-consuming, so it’s difficult for a team managing these transactions to keep up with all the documents involved.
The client was looking for an automated solution to streamline their LOC transaction management system that would enable them to:
- Automate the process of creating and processing LOC documents, including approval letters, approval notes, draft sale deeds, etc.
- Eliminate any human errors during the approval process due to repetitive tasks being performed by multiple people over time
In this case study, we help a leading Indian bank by developing an RPA solution that automates the LOC process and helps them save time and money while increasing efficiency.