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Axis Bank and WorkFusion win CFO Innovation Award for Excellence in Finance Automation

December 14, 2017 Financial No Comments Email Email

WorkFusion, the leading Intelligent Automation software provider, today announced that Axis Bank won the Editor’s Choice Award for Excellence in Finance Automation at the 6th annual CFO Innovation Awards in Singapore. The award was given to Axis Bank and WorkFusion for the outstanding automation of two of the bank’s critical customer journeys: trade finance and customer account opening.

“Our view is that rather than eliminate the human touch from this process, we wanted to reduce the time taken to do the matching,” said Rajiv Anand, Executive Director at Axis Bank. “After RPA, what used to take 15 minutes now takes only 2-3 minutes.” In only 60 days, Axis Bank achieved a 70% process automation rate and significantly improved accuracy and turnaround time. To achieve these results, Axis Bank tapped the advisory services of The Boston Consulting Group (BCG) and chose WorkFusion Smart Process Automation (SPA) as its software solution.

“Axis Bank’s impressive achievement is an excellent example of how WorkFusion SPA drives operational excellence,” said WorkFusion president Alex Lyashok. “Axis Bank recognized from day one the need for a single platform that combines RPA, cognitive automation, OCR, and human-in-the-loop exceptions handling. The rapid results affirm the importance of having these capabilities in one product rather than burning time with point tool integration projects.”

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