RPA and Smart Automation
Bank Account Maintenance – Status & Rate Changes
The Account Maintenance team at a Mid-Sized Regional Bank is responsible for handling requests to update account statuses, rates and service changes. These requests come periodically throughout the day and vary in volume, ranging from 40 to 100 requests submitted per day. The Account Maintenance agents spend 12-20 hours each week manually handling these time-sensitive requests. Accelirate’s RPA solution automated this high-volume manual task to ensure the requests were processed quickly and without errors, while freeing up time for the agents to focus on other high-priority tasks.
- Bot Accesses Change Form – The Bot logs in to the Bank’s internal system to access the Account Maintenance Change Form from the queue of new requests.
- Bot Validates Form – The Bot inspects the form for three boxes, marked ‘Rate Changes’, ‘Rate Variance Indicator’, and ‘Account Status Options’.
If one or more of these three boxes are checked, the Bot confirms the form is an Account Maintenance Change request and sends it to the next step.
- Bot Makes Requested Changes – The Bot enters the organization’s internal system and accesses the ‘Change Master’ screen to change the account status or update the rate variance, based on the box checked.
- Bot Notates Form – If there is a business exception, the Bot rejects the request and adds a comment on the form specifying why the request was rejected.
If changing the Account Status, the Bot may also leave a comment indicating why the status was changed.
- Bot Completes Workflow Form – The Bot saves the changes made to the account and moves the corresponding form to the ‘Completed’ queue.
- Bot Repeats Steps – The Bot moves on to the next submitted request and repeats steps 2-5 until all Account Maintenance requests in the queue have been processed.
The client quickly saw a measurable increase in service quality as Accelirate’s automated solution yielded a lower error rate and speedy request turnaround. Automating this process also produced major productivity gains: Relieved of the cumbersome and high-volume account change forms, the Account Maintenance team were able to dedicate more time on decision-based tasks with high business value.