Overview Of The Company
The case study features a North American Bank that provides a specialized checking program designed to assist customers when they sign a check for an amount greater than their available account balance. The program allows customers to resubmit the check once sufficient funds are available, reducing the occurrence of bounced checks and preventing customers from incurring insufficient fund fees.
However, enrolling customers in this valuable service involved a labor-intensive and repetitive process, performed by Customer Service Representatives (CSRs), impacting their availability to assist customers with other tasks. Seeking enhanced efficiency and improved customer satisfaction, the bank turned to banking automation to streamline the checking program enrollment.
Challenges
The bank faced several challenges in its checking program enrollment process:
- High-Volume, Repetitive Process: The manual handling of numerous forms for enrollment, resubmission, or unenrollment required significant time and effort from CSRs, impacting their overall productivity.
- Complexity in Form Types: Differentiating between new customer enrollments and discontinuations of the program added complexity to the process, making it prone to human errors.
- Accuracy and Speed Impacting Satisfaction: The accuracy and speed of processing forms directly influenced customer satisfaction, making it critical to optimize this procedure.
- Resource Allocation: Manual processing consumed valuable CSR hours that could be better utilized for more valuable tasks, limiting their availability to address other customer needs.
Solutions
To overcome these challenges and streamline the checking program enrollment process, the bank implemented an advanced robotic process automation in banking solution. The key components of the RPA solution included:
- Form Type Identification: The RPA bot efficiently identifies whether the form is for a new customer enrollment or unenrollment from the program.
- Resubmit Indicator Identification: The bot locates the Resubmit Indicator on each account to determine whether the customer is enrolling or unenrolling from the program.
- Processing for Existing and New Users: Based on the form type and indicator, the bot processes the enrollment for existing users, creates new profiles for new users, and links the Resubmit profile to the banking account and the IRX.
- Banking Automation as a 4-Branch Process: The development approach implemented by Accelirate involved a 4-branch process to address the various customer scenarios, ensuring a robust and scalable solution.
Results
The implementation of RPA in the checking program enrollment process resulted in substantial improvements and remarkable results:
- 76% Reduction in Resubmit Form Processing Time: The banking automation solution significantly expedited the processing time, resulting in a 76% reduction in the time required to handle each form.
- 90 Seconds Spent Processing a Single Form: The RPA bot can now process a single form in just 90 seconds, compared to the previous 6-7 minutes taken for manual processing.
- 225 Hours Saved Monthly: The banking automation of this process led to monthly time savings of 225 hours, which CSRs could reallocate to high-value tasks, enhancing overall efficiency and productivity.