Welcome to Part 6 the last part of the six-part series on “How to Manage your Time, Instead of Time Managing Us “.
In the previous parts, we have explored how “Staying Healthy”, “Planning the Day”, “Managing the Daily Tasks”, Staying Motivated” & “Discipline” can help us in Manage our Time effectively. In this final part, let us all evaluate what worked and what didn’t for each one of us…..
Welcome to Part 5 of the six-part series on “How to Manage your Time, Instead of Time Managing Us “.
In the previous four parts, we have explored how “Staying Healthy”, “Planning the Day”, “Managing the Daily Tasks” & Staying Motivated” can help us in Managing our Time effectively. In Part-5, we will discuss about “Discipline”.
Self-discipline is an art of getting yourself to take actions irrespective of your mental state
Welcome to Part 4 of the six-part series on “How to Manage your Time, Instead of Time Managing Us “.
In Part 1 ,2 & 3, we have explored how “Staying Healthy”, “Planning the Day” & “Managing the Daily Tasks” helps us in Managing our valuable Time. In Part-4, let’s understand how “Staying Motivated“ is important
To be able to stick to our plan, it is important that we also stay motivated until the time the task is complete. Staying motivated need, a lot of work on self. We cannot depend on external factors to keep ourselves motivated and expect to be happy and motivated throughout. We have to have a very good self-control and a strong will power to be able to manage our motivation.
3. Managing the Daily Tasks
Once planning and prioritization is done, the next important activity is to make sure we are able to manage the tasks in the given timeline. Else, the entire planning effort goes waste.
Welcome to Part 2 of the six part series on “How to Manage your Time, Instead of Time Managing Us “.
In Part 1, we explored how “Staying Healthy” helps us in Managing our Time. In Part-2 , we will dig deep into “ Planning the Day”
This is the most critical step to achieve your day’s goal. Planning has to be good to make sure we are satisfied with our accomplishments at the end of the day.
Is there a magic potion for being productive, meeting deadlines, and delivering more than what is expected?
Documents are part of every organization in one or the other form and handling/processing them become a cumbersome task when they are in bulk and when there is a huge number of documents to be processed manually.
Usually, an organization encounters the following major problems while dealing with its documents:
It is a common proverb that says “To err is to human”. Manual errors are a part of documents whether are missing document entries, misplacing documents, typing errors, or errors with digits in financial documents leading to losses. These result in rework to find and rectify the error caused and usually gets unnoticed due to the workload and is realized only when the error can’t be corrected. It is the most common problem encountered by staff members which is tiring, and time-consuming and is also responsible for about 62 percent of the cost being incurred by organizations for labor.
Efficiency in simpler terms is a ratio between the output and input. To improve efficiencies organizations usually tend to decrease their input as much as possible to reap the maximum output. But in the case of documents the scenario is worse, due to the number of documents generated daily, it is not only time-consuming but also laborious to manage the efficiency.
Other than this the type of information to be used from structured or unstructured sources makes the process more complicated and adds delay and further decreases the efficiency.
Auditing is a process that helps in matching the to and from the movement of information in any kind of document. It is not as simpler as it seems in the previous sentence as it includes the individual matching the information on all the documents from where it has been used from. For example, in the case of Invoices- the manual invoice is to be matched with the Purchase Order (PO) and the Goods Receivable Note (GRN) to reconcile the entries and release the payments. But as the example states, the more the number of items in the invoice as well as the invoices generated/ received by any organization daily/weekly/monthly the job becomes more complicated, prone to errors and inaccuracies, and hard to deliver within the stipulated time.
Data Entry is a kind of job wherein an individual manually sits and enters the information on the documents in paper format in the ERP or other financial documents of the organization so as to ease the processing. But since it is being entered manually field by field, item by item, etc. by the individual the chances of typing errors, fields being missed and entries in wrong fields are common. These account for about tons of information being approved by top authorities and consumes too much time as well to digitize the information on the paper prone to errors and decreased accuracy.
The documents usually in the form of invoices, contracts, bills, etc. are to be processed within a given time limit to be realized in the systems as well as for payments to be carried out. The increased workloads, busy schedules, and delays in approval leads to lost opportunities and tarnish the relationship between the stakeholders of the organization. Another challenge is the uneven workload and too much load during the last few days of the month-end or quarter-end or filing process.
Are you fed up with these M’s? Then it is time for your organization or business to consider automating the document digitization process to eliminate the errors, save time and improve your overall efficiency and accuracy.
For more information, contact us for a demo at info@AIQoD.com
Apart from government agencies, employees working in banks & other financial institutions have to adhere to the enormous amount of rules & regulations when it comes to managing information.
Information also includes the confidential data that is maintained on the bank’s servers, as well as documents that are submitted by customers & businesses that have some kind of working relationship with the bank.
As per a report, Identity of Client (bank accounts opened with names similar to other established business entities, false identification documents, etc.) is one of the most important factors that can make or break the reputation of a bank. Employees have to deal with a significant amount of paperwork, though financial institutions are trying their best in order to keep the costs of maintaining these paper documents under control. Take the case of maintaining the documents submitted by a new customer at the time of opening a new bank account. There is a significant amount of data from the account opening form that needs to be fed to the back-end system and any error caused by the manual entry can result in loss of business, indirectly impacting the ‘client satisfaction index’. As banks have to adhere to a lot of regulatory and compliance standards, maintaining documentation for compliance is also a big task. Irrespective of the nature of the documents e.g. account opening forms, loan processing forms, KYC (Know Your Customer), mortgage forms, etc.; they need to be maintained in a manner where less effort is spent on ‘Document Identification’. If the bank falters in any of these tasks, it would hamper the productivity of the staff.
Irrespective of the size of the bank, the overall structure of any banking organization is considered to be highly complex as there are a number of departments providing different services to their esteemed customers. Hence, each department might be having its own format of document descriptions, document folder structure, metadata, etc. which makes the task of accessing/editing/searching ‘common’ documents across departments a tedious task. Inadequate content management can make retrieval of important documents highly complex, thereby impacting the pace at which the other follow-on activities are executed. These delays can result in a sub-optimal customer experience which can negatively impact the bank’s brand & business. The tasks like document processing, extracting customer information from the form, matching customer signature to prevent frauds, etc. are mundane in nature, yet very critical in nature; so they need to be performed with utmost precision. However, due to the mundane nature of these tasks, they are more prone to manual errors. Though the problems mentioned so far are different in nature, there is a common pattern in each of them – bank representatives have to review a number of documents and in most scenarios, he/she has to manually enter the details at the back-end. How can banks get out of this ‘document chaos’ and keep their employees motivated to provide excellent services to their customers?
Intelligent information Management (IIM) platform from AIQoD can be instrumental in automating critical activities mentioned below
The platform leverages technologies like Machine Learning (ML), Artificial Intelligence (AI), Image Processing, etc. in order to bring intelligence to a routine, yet critical job like ‘Documentation’. Highly accurate Handwriting Recognition feature in the platform can be used for signature verification. Optical Character Recognition (OCR) feature in cognizance with mobile capture & recognition feature identifies and extracts text from documents and images, thereby eliminating chances of error in processing and management. Irrespective of the department, employees within the bank can use a common automated workflow for input, indexing, search, and processing of documents so that they can focus on activities that require creative intelligence, rather than spending their time in scouting for documents. Incorporation of IIM in a task like ‘documentation’ can have far-fetched benefits, some of which are listed below
RPA for ‘documentation identification & maintenance’ for BFSI sector has multi-fold benefits and can help in providing enhanced customer experience, engaging employees with important tasks and saving overhead costs.
The Banking and Fintech sector is developing rapidly in terms of improving current processes like Customer Onboarding, Claim Processing, and Face Detection & Matching, with the help of different technologies like Artificial Intelligence (AI), Machine Learning (ML), and Intelligent information management(IIM) platforms.
All this development and adoption is only possible and due to the futuristic and technology-oriented approach of companies. Recently, Reserve Bank of India (RBI) has also updated the KYC process, where they have given permission to do complete the KYC process digitally i.e. e-KYC. Means, now Customers can complete their KYC process in just a few simple steps which not only will save time but also improve the KYC process and better Customer Experience.
Investment in AML & KYC is rising steadily and 62% of Executives expect an increase in spend on KYC. The study also states that “KYC Solutions rank among the highest value Commercial Banking Technologies”. With this, Video KYC is also helping in preventing and detecting the frauds which had increased significantly.
Video KYC has also decreased the average turnaround time as compared to the old KYC process. The old process was time-consuming and had many steps which resulted in bad customer experience.
Another main benefit of video KYC process is banks don’t have to rely on customer’s availability, customer can complete the process as per the flexible time. Which resulted in quick customer onboarding.
Say bye-bye to the maintenance of physical files and manual data entry.
Documents in physical form can be misused in many ways but thanks to Video-KYC with the help of state of art technologies like Artificial Intelligence, Machine Learning, and Deep Learning documents are checked on a real-time basis and stored in a secure place.
With a vision of empowering enterprises through technological innovation AIQoD, a leading IIM platform with over 250 clienteles, has automated many complex and time-consuming processes not only in the Banking and Finance sector but also in the Insurance, Manufacturing, and Service industry. Our customer-centric approach helps us to develop state of the art IIM platform with plug n play and end to end customer onboarding process with video KYC feature.
To know more about the solution you can reach us at- info@AIQoD.com
The impacts of the current coronavirus crisis are being faced in pretty much every domain. From FMCG to the IT sector, from Entertainment to Travel sector, from Manufacturing to BFSI, every sector is getting affected in its own way and is experiencing its own challenges to overcome difficulties laid ahead.
The Banking industry is currently facing difficulties on various fronts: limitations on footfall due to Lockdown norms to social distancing which means that only a few couples of clients can be served in a physical branch, putting extra strain on other platforms like phone support, online and social media. Banks today are also feeling the squeeze to streamline expenses and improve efficiency.
Meanwhile, the Financial sector, are in the right position to manage the computerized requests and remote working necessities in such an unstable period. Many are offering their administrations to shoppers and organizations for nothing or enhancing to make new items or mechanize their present procedures that meet a particular need, while the coronavirus emergency is progressing. Different difficulties that the financial division is currently experiencing include the shortage of skilled resources, need to expand productivity in forms, and a sharp increment in workforce costs, which inside and out has offered a path to the selection of Intelligent information Management(IIM). The current situation will require consistent, cautious handling from the Banking sector as they try to reassure their consumers, react to their interests, and gain their trust during this pandemic period – and lot may depend upon, exactly, how well Banking sector can utilize digital infrastructure and services to handle this situation. Reserve Bank of India has given its approval for video-based KYC (Know Your Customer) which has brought great relief to complete the Indian Financial Sector. This declaration comes as an update to regulation under the Prevention of Money-laundering (Maintenance of Records) Rules, 2005. This will help reduce expenses by a colossal edge, yet in addition, it will empower remote on-boarding of clients that will give more prominent security.
In process to save expenses and time, the RBI chose to allow video-based KYC (Know Your Customer) which will be a huge relief to track remote customer verification, rather than physically onboarding clients. The arrangement permits an official of the organization to remotely vet a client’s personality through PAN or Aadhaar and a couple of inquiries. Client onboarding in banks is a long, drawn-out procedure, basically because of several records requiring manual check. Intelligent information management can make the procedure a lot simpler by collecting the information from the KYC documents utilizing the AIQoD KYC Suite.
Reserve Bank of India has given its approval for video-based KYC (Know Your Customer) which has brought great relief to complete the Indian Financial Sector. We at AIQoD are glad to offer 2 ways of Video KYC, by which the Bank Customers would be able to proceed with their KYC process either by Live KYC or Self KYC. Through Live KYC, Bank personnel would have the option of connecting with their customer, remotely through Video Call and get all required details verified and authenticated, wherein through Self KYC facility the bank customer will have an option to follow the pre-defined Video KYC process at any time as per their convenience. This will help in bringing the hassle-free KYC process for the Bank customers. Also below mentioned are additional benefits for AIQoD KYC Suite-
Video KYC- Video verification to get KYC done for customers who cannot visit office premises where the customer will read a statement which comes on mobile while the customer is taking a video from the phone.
KYC Documents Scanning which can be uploaded by clicking a photo of the documents from their own mobile which will validate the documents for its contents and inform the users immediately on eligibility.
Location Verification which will certify the address submitted in the KYC documents for their authenticity using geofencing technology.
KYC Face Recognition will help authenticate in identifying or verifying a person from a digital image or a video frame from a video source.
Its simple, fast, and most cost-effective. It is very important at this phase, especially the post-corona lockdown period, that the Banking organization identifies the right vendor for end-to-end Intelligent information Management, which would be inclusive of planning, execution, and support. Choosing the accurate IIM tool and implementation partner can be instrumental in impacting the final outcomes of the project. For More information on our product you can reach here
