Business Need

In any organization's operations, the Banking & Finance departments are some of the most paper-heavy departments, with multiple documents passing through them daily. Indian Bank is one of the leading players in the BFSI industry and has taken steps to overcome this business challenge- every document requires thorough review, approval, and transfer back to the appropriate person before being archived for future reference by accounting and audit departments.

Indian Bank had the vision to move to a completely paperless environment using digital signatures/AADHAAR-based eSign to improve compliance and gain real-time visibility into critical document processes. They were dealing with the constraint of spending significant time and effort by using outdated paper-based processes. Below were the pain areas of Indian Bank:

• Disorganized approval methods made it difficult to process approvals to formulate payments/manifests
• Dispersed information made it tedious to invoice customers and created unresolved errors in the billing system
• The need to improve cash management and enhance compliance
• Devoting long time periods for inventory management forms and error laden processes that had less visibility due to paper-based processes
• Manual/Hand-operated administration, the inefficiency of assets to be transferred, and challenges in linking them to the organization’s financial systems

The usage of outdated paper-based processes had left the financial department out of sync with the times and as a result, had built up higher costs. Hence, Indian Bank was looking to reduce their paper footprint and go digital by deploying a solution that allows for the paperless movement of fliers within and outside the Finance department- reducing cost and increasing agility.

Hear from our client- Mr. Mahesh Bajaj, GM Indian Bank