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Friday, June 21, 2024
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HomeBiz NewsLB Finance Partners with POTENZA and UiPATH to transform their Intelligent Automation...

LB Finance Partners with POTENZA and UiPATH to transform their Intelligent Automation Capabilities through RPA

LB Finance PLC (LBF), the country’s leading Non-Banking Financial Institution (NBFI), yet again reinforced its vision to be the pioneer in digitizing business processes with revolutionary automation practices of mundane tasks, by partnering up with POTENZA, the Global Digital Transformation Company along with UiPath, one of the leaders in the global Robotics Process Automation (RPA) space.

With the comprehensive stack of digital transformation services covering a vast spectrum of the Finance Industry, POTENZA was able to help LBF unlock the true potential of the business through Digital Transformation and Robotic Process Automation of mainstream activities including Financial Reconciliations and Insurance Payment Processes.

Automation of streamlined workflows resulted in an elevation of the overall ROI of LBF whilst boosting its agility, flexibility and responsiveness. Financial processes including LankaPay channel reconciliations such as Common Electronic Fund Transfer (CEFT), Sri Lanka Interbank Payment System (SLIPS),Common ATM Switch(CAS) and payment transactions pertaining to Visa Cards were also smoothened via the process.

Bank reconciliation could be challenging for any given organization as it involves immense manual tasks to perform from the time the bank statement is downloaded from the corresponding bank or NBFI and compared with the transactions in the core banking system. This equally applies to the daily reconciliation of digital channel transactions such as CEFT, SLIPS, CAS and VISA.  The partnership with POTENZA hasinculcated a strong sense of agility to the organization along with an‘automation first’ culture.

POTENZA also automated the entire workflow of Insurance Premium Payments Reconciliation to different insurance companies.As a result, LBF saves more than 5,200+ Man Hours annually and has shown an increase of 364% in the average speed of their operations on the automated processes.

Speaking about LBF’s strategy on Robotic Process Automation (RPA), DGM- IT, Chethana Kahandugoda said “whilst driving the core business with a human touch, LBF strived to provide superior services to our customers by numerous ways of optimizing the time using automation. Utilizing technologies such as UiPath has the potential to change paradigms of how our business operations will evolve along with new capacities that it would create. Our partnership with POTENZA ensured that intelligent automation was not just a mere technological conversation but also a realistic business lead initiative where strong KPIs were the key focus”

Chief Manager – IT/Business Analysis Dinusha Mudunkotuwa commented “through Financial Reconciliation Automation, LBF eliminated reconciliation delays and achieved better customer service by promptly identifying exceptions. Further, Insurance Renewal Automation allowed LBF to handle different data templates of insurance providers seamlessly while achieving fully automated insurance renewal data entry throughout the lease period.”

“Intelligent automation technologies such as RPA are now non-negotiable staples to have in any organization and are ever so relevant than before due to the effects of COVID-19”, stated POTENZA MD/CEO DhanushaMuthukumarana. He also stated that POTENZA hopes to co-innovate in future with LB Finance to cater to prevailing and potential business requirements by providing more automated and digitized solutions, enhancing the overall productivity of the company.

From its humble beginnings in 1971, LB Finance has seen remarkable growth over the last five decades, establishing its position today as one of the pioneers among the Non-Banking Financiers in Sri Lanka. The hallmark of its success has been the Company’s ability to adapt and innovate its product and service offerings to cater to the ever-changing needs of the local consumer. Company believes the agility and the dynamism in its business model are the key attributes in sustaining its performance at the highest level in this highly competitive financial services space.

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