Whether you are a company with in-house credit control or an outsourced credit control service, RPA will help in recovering debt and allocate cash with the minimum delay and minimum resources. In this use case, cash which is received in the bank account needs to be allocated to correct policy or policies (these policies are in thousands and cash would be in millions for large organisation). When cash has been received, credit control team also need to pay out correct tax to the relevant authority in certain period. Also, all legacy systems (core finance system, core policy system and core claims system) need to be reflected with relevant information. All of these are manual and error prone processes.
By using RPA and clearly defined business rules more than 70% of the manual task are automated and which has resulted in tremendous improvement in process quality, logging, auditability and elimination of human error. Also freed up skilled resources to work on higher value activities where human judgement is required.