About The Client
The client is among the three largest private sector banks in India offering a wide assortment of financial products. They offer a wide range of financial products and services to customer segments including large and mid-size corporates, MSME, agriculture, and retail businesses, besides personal banking.
Business Context
Adoption of Robotic Process Automation (RPA) that combines Artificial Intelligence (AI) and Machine Learning (ML) capabilities to handle high-volume, repeatable manual tasks is the natural next step for banks offering diverse financial products and services to their customer base.
As one of the largest players in the sector, the client struggled with complex workflows and manual processes involving a huge number of transactions on a daily basis. Operational bottlenecks and transactional delays and errors affected the bank’s competitiveness.
The client wanted to automate several manual processes by adopting RPA to reduce operational overheads, increase productivity, improve customer service, and minimize processing errors.
The Challenge
The bank has multiple departments performing high-volume, highly transactional process functions. Any technology upgrade to the bank’s processes was fraught with risks considering the sheer volume of transactions and the customer base.
The bank’s loan closure process involved creating daily MIS reports with account information of the loan books that were to be closed. It involved taking inputs from various sources, including the bank’s loan management system (LMS), loan origin software (LOS), core banking solution (CBS), and other relevant sources on a case-by-case basis. On average, a dedicated team would manually complete 6,000 entries every day.
The Solution Offering
The client chose Tejora for the implementation of RPA into their processes going by the company’s track record in working with banking and financial sectors. A team of experts from Tejora understood the processes and the technology platforms used by the client’s banking operations. They conducted a feasibility study and developed a blueprint for a pilot implementation for the bank’s loan closure project.
The adoption of RPA required reimagining their processes and organizational inter-dependencies before engineering the technology changes. The efforts called for the involvement of domain experts, high-caliber technology professionals well-versed with processes in the banking industry, etc.
Due to the involvement of multiple web applications, databases, excel handling, consolidation, and reporting, WorkFusion’s Robotic Automation was chosen as the best solution for the client.
We successfully integrated the client’s LOS, LMS, and other reporting systems with the WorkFusion platform to complete the automation of the process.
Key Features
WorkFusion, a complete automation solution for global operations, integrates core capabilities required to digitize complex business processes. Processes such as Business Process Management (BPM), Robotic Process Automation (RPA), workforce orchestration, and machine learning-powered cognitive automation were migrated to a single platform.
The platform combines the best of human and machine intelligence to increase productivity and engagement, automate predictable manual work, and improve data quality. We used RPA Express (a sub-module of WorkFusion) for this task. RPA Express allows the automation of any application, including standard enterprise software like Citrix, Office, Oracle, and SAP, as well as custom applications.
The Impact
The client realized multiple benefits of implementing RPA into their complex workflows. Some of the key outcomes of the automation solution include:
- Lower TATs: Processes requiring over 50 manhours per week were cut to a few minutes, resulting in considerable cost savings and higher customer satisfaction
- Error-free reporting: The system processed over 6,000 records every day. The reports generated were found to be ‘error-free’
- Improved employee satisfaction: Since the RPA process reduced employee involvement in monotonous and tedious processes, the client utilized them on projects requiring human intelligence, leading to higher employee satisfaction
- Higher customer satisfaction rates: Processes that took days to complete can now be completed within a few minutes. This led to higher customer satisfaction rates
