Transformational Manual Reconciliation Process to Automated RPA-Based Solution in UAE’s Dynamic Real Estate Industry

The real estate industry in UAE is highly competitive and dynamic. One of the leading real estate companies, with active relationships with more than 5 banks and 160 bank accounts, faced a critical challenge in reconciling banking statements. The process of matching 'like' data that were not an exact match, along with three different data sheets, was highly error-prone, leading to incorrect reporting. The entire reconciliation process was done on Excel, which increased the likelihood of copy-paste errors. This posed a significant challenge for the real estate company in terms of accurate reporting and timely decision-making. In addition, the communication and follow-up required for reconciliation were entirely manual. As a result, the company decided to explore the use of Robotic Process Automation (RPA) to automate the reconciliation process and improve the accuracy and efficiency of their operations.