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Sivaram Sivanarayanan
Head, Artificial Intelligence (Intelligent Process Automation) - EIA & AI, TCS
Nirmalya Shome
Automation Consultant, Enterprise Intelligent Automation, TCS
JM Kumar
Senior Consultant, Banking, Financial Services, and Insurance unit, TCS
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AI-powered automation frameworks help reduce manual intervention, improve accuracy
Financial spreading is the process of presenting financial information at a granular level to aid strategic functions. Currently, financial spreading is predominantly manual or at best a semi-manual exercise. Manual processes demand skilled resources and are expensive and error-prone which means that the analyses and inferences may not be reliable. This could compromise the quality of strategic business decisions underscoring the need for a higher degree of spread accuracy, which is where automation comes in. However, diverse technology stacks and non-standardized formats mean that conventional automation may not work. This paves the way for the adoption of an AI-powered financial spreading automation framework underpinned by natural language processing (NLP), robotic process automation (RPA), and machine learning (ML). With an AI-powered framework, banks can: