Know more about Deploying Digital Work Force using Veribot!!!

Yesterday I met Sankhadeep Chakraborty our Head of Engineering over Coffee. Where he spoke at lenght about Verinite Labs recently developed solution for the Banks  and Financial Institutions in the field of Robotic Process Automation which is called as “VERIBOT” !!!

He mentioned that Verinite Labs is very much excited to launch this omni solution to transform the businesses for customers of banks. Below are the glimpse of the discussion we had about Veribot!!

Prasanna: So, first things first – What is Veribot?

Sankhadeep: Veribot is our process automation Product which will help banks and financial institutions to automate most of the manual, repetitive tasks performed on the systems using robots. Veribot allows the user to record processes which can be executed manually or scheduled automatically to perform the task without any human intervention.

 

Prasanna: Okay, Sounds interesting! Can you help me understand how relevant it is for the existing Verinite client and for the market?

Sankhadeep: Robotic Process Automation is the next focus areas for the banking sector. Most of the banks and financial institutes have started to realize that their work force is tied up with a lot of manual repetitive tasks. For example, one of the leading financial services company in Vietnam processes more than 10000 loan applications daily. While processing these applications, the risk team must fetch the credit history of all these customers from the credit bureau. The credit bureau provides the credit history information of the customers over a webpage where the users have to query the customer information. This is a typical scenario where the organization can deploy a RPA solution to perform the manual repetitive task and allow the users to perform other productive tasks. RPA solutions can easily perform such tasks without human intervention. The human workforce can be utilized to perform complex and more meaningful tasks which not only help to improve the skillset of the workforce but also improves the productivity of the organizations.

Verinite focuses primarily in the banking and finance sector. Most of the banks have processes which are repetitive and consumes a lot of time and effort of the resources. The example mentioned above clearly shows the type of effort associated with the manual repetitive tasks in such organizations. Also, traditionally the banking sector has been pioneers in embracing new technology. Hence, I believe that a RPA solution from Verinite will be a right fit to solve some of the current problems faced by our customers.

 

Prasanna: How would you differentiate Veribot against other solutions out there in RPA space? What are Veribot’s USPs?

Sankhadeep: Veribot has been designed for the banks and financial institutes. Normally such organizations use a wide variety of applications for their daily operations. These applications consist of both legacy and newer technology. Veribot is capable of handling most of these applications quite effortlessly. This characteristic differentiates Veribot from all the other solutions in the RPA space.

Veribot also provides an option to use the OCR technology. This helps the automation scripts to replicate the exact human interactions with the system. This is also one of the USPs of the Veribot tool.

 

Prasanna: Wow, cool. I am ware that you have undertaken some PoCs too Right? How far has Verinite Labs progressed with it?

Sankhadeep: We have done a PoC with our existing client. During these PoCs we have been able to showcase the features of the Veribot. As part of these exercises we have been able to automate processes involving

  • browser-based applications,
  • legacy applications, &
  • interfacing with desktop applications etc.

We have successfully demonstrated the capability of Veribot in all the use cases shared by our clients till now.

Prasanna: What would be your advice to existing and potential clients regarding Veribot as the answer to their process automation needs?

Sankhadeep: My advice to them would be to follow the below steps prior to selecting Veribot as their solution for process automation:

  • Identify all the repetitive manual processes that are being performed as BAU
  • Categorize the processes into three categories – Effort Intensive, Error Prone, Cost Intensive
  • If the processes do not fall in the above categories it is better to keep them untouched for now
  • Study the processes which fall under the above categories and evaluate the savings in terms and effort and cost if these processes are automated
  • Evaluate if these processes can be automated without using an off-the-shelf product
  • If automation is possible without a standard product, then evaluate the cost associated with building such a solution. Most processes evolve over time, so it should also be considered that the solution developed to automate the process can handle any changes to the process in future.
  • Following this approach if clients find that the effort in building a customized solution for the process is not beneficial they should approach Veribot as an alternative. Before finalizing Veribot as the right solution, clients should share the use cases for the identified processes. And we will be happy to perform a PoC for the same. I am confident that Veribot will be able to automate most of these processes very easily.

Prasanna: What is typical implementation lifecycle for deploying Veribot?

Sankhadeep: The Veribot tool can be deployed very quickly including customizations within a period of 4-8 weeks. The following are the steps involved:

  • Share the use cases with Verinite for the PoC
  • Verinite will perform a PoC to show the processes are automated as per the expectations of the users
  • Deploy the solution in the client’s premise
  • Customize the solution to handle custom requirements (optional)
  • Train the end users on the usage of Veribot
  • Assist the client teams to create the processes in Veribot with minimum support
  • Provide post implementation support for the client for the implemented process for 2 weeks

Prasanna: What are the hardware & infrastructure requirements for bank’s to run Veribot?

Sankhadeep: Veribot can be deployed as a standalone application on a user’s machine. For a standalone deployment it can be deployed on any workstation which supports Java.

For an enterprise solution Veribot provides a central monitor which can be used by administrators to monitor the execution of the process from a remote location. The individual robots are deployed in user workstations or virtual machines in the network. The central monitor can be deployed on a server which is connected to the different user workstations in the network.

Prasanna: Is Veribot’s Robotic Automation Platform secure and auditable?

Sankhadeep: The Veribot tool provides reports showing the different processes executed by different robots. Using these reports the organization can easily audit the processes and identify the source of any anomaly in the processes.

Prasanna: That gives me plenty of insights in to this new Venture; how about some parting views?

Sankhadeep: Robotic Process Automation is the future. Coupled with Artificial Intelligence and Machine Learning this kind of tools will help to improve the productivity of the organizations to a great extent. Although 100% process automation is still a myth, the new innovations allow organizations to bridge this gap to a great extent.

 Coming together is a beginning; Keeping together is a progress; working together is success #Productlaunch.

Prasanna Chitale

Prasanna is Head of Innovation at Verinite and member of Leadership Team. He has worked across various locations including Europe, Middle east and India on projects providing services in retail and corporate banking domain. Outside his work, he is a photographer, a traveler, and a mathematics enthusiast.