A succesfully case study of automation working
AI-based technologies have been used in banking and financial institutions for a while. However, in the last few years, this industry has leveraged intelligent process automation for its transformation.
AI-based technologies have been used in banking and financial institutions for a while. However, in the last few years, this industry has leveraged intelligent process automation for its transformation.
Our client is a full-service financial institution that provides financial products and services in Colombia, Panama, El Salvador, Puerto Rico, the Cayman Islands, Peru and Guatemala. They provide services in 12 different countries, gaining a splendid reputation. Recently, the company decided to deploy its virtual force combining human talent, robotic, cognitive and analytic capabilities.
The decision is linked to three pillars of corporate strategy:
- De-robotize the human talent. This way, collaborators will be in charge of strategic and demanding activities instead of being in charge only of repetitive tasks.
- Delivering the best customer experience for the clients. It is known that enhancing digital transformation and workflow efficiencies will add benefits to this goal.
- Enhancing processes and aboard them in an innovative way to increase efficiency in every phase.
Automation in the decision-making process
While AI-based technologies have been used in banking, it’s understandable that companies struggle at the beginning. This happens while they determine which technologies they should prioritize to get the most out of their investments. At the same time, decisions should be aligned to business objectives from day one.
struggle to determine which technologies should be prioritized to get the most out of their investments and which can best align with their business objectives.
To ensure the best road to take, according to the company’s needs and purposes, the company defined three steps strategy to analyze, test and implement the automation process.
In the first stage, Discovery, the company defined, through several processes, if automation was applicable for the institution. Throughout this stage, The Business and IT teams incorporated new capabilities into the organization after the exploration process.
Stage #2 involved a laboratory phase, in which robots were included in 22 processes that needed more efficiency. Some tasks that were “traduced” in the automation tryouts included closing accounts, sending notifications, delivering security codes, or managing customer transfers. They were all aligned to provide better and faster customer service.
The third and last stage is an ambitious but precise operation of looking for more processes that could be automated. Attending more client issues and internal user issues is part of this stage. Trade finance, commercial lending operations cash management operations are in sight.
Successful case
When talking about AI-based technologies that have been used in banking, this company’s Intelligent Automation case is exemplary. The company counts over a hundred processes that have increased front and back office efficiency.
Some processes that have already transitioned are collections, credit reviews, clearance and settlements, capital markets and international business. The results are evident in the CSAT numbers, such as more than 127K hours of time in their branches, increased customer satisfaction and opened new revenue streams. The company had a $19M reduction in provisioning costs and a 13000 in ROI.
The banking company cites Automation Anywhere as a key partner in the automation process, incorporating AI to guarantee the best customer experience. The process will continue shortly, aligned with the Intelligent Automation Process Framework.
Let’s explore together how we can bring you closer to automation. Your satisfaction is our top priority at CRG.
