Axis Bank and WorkFusion win CFO Innovation Award for Excellence in Finance Automation
NEW YORK, Dec. 12, 2017 /PRNewswire/ — 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.”
About CFO Innovation Awards
The CFO Innovation Awards, inaugurated in 2012, recognize Asia’s leaders in all aspects of financial management. Nominated and voted on by the readers of CFO Innovation, the awards provide an opportunity to celebrate excellence and network with hundreds of leading CFOs and their partner suppliers. The annual awards ceremony acknowledges not only chief financial officers and their teams, but also the firms that provide them with the services, support, and technologies that enable their success.
WorkFusion’s Intelligent Automation software empowers enterprise operations to digitize. WorkFusion combines all of RPA and AI-powered automation capabilities that global businesses need to digitize into enterprise-grade products purpose-built for operations professionals. Operations teams at data-intensive organizations, such as global banking and financial services companies, healthcare and insurance providers, and BPO firms use WorkFusion Intelligent Automation to become leaner, more productive and agile. WorkFusion is headquartered in New York City with offices throughout the US, EMEA and APAC. For more information about WorkFusion, please visit www.workfusion.com.