INDUSTRY: Banking and Finance
How Accelirate’s Banking Automation Solutions
Enable Leading North American Bank Reduce Cheque Processing Time by 76%
76%
Faster Cheque
Processing
90
Secs Per Cheque
(vs. 6-7 mins)
225
Hrs Saved
Monthly
Client Overview
A leading North American bank focused on providing innovative financial solutions, including a specialized cheque processing program designed to prevent customers from incurring insufficient fund fees by allowing them to resubmit cheques once sufficient funds are available.
Key Takeaways
- Streamlined cheque processing program enrollment with advanced robotic process automation (RPA)
- Significant reduction in processing time for enrollment forms
- Enhanced customer service efficiency and satisfaction
The client, a prominent North American bank, offers a specialized cheque processing program to assist customers in managing overdrawn cheques. Despite the program’s value, the enrollment process was labor-intensive, requiring customer service representatives (CSRs) to handle numerous forms manually. This not only reduced CSR availability for other tasks but also introduced potential for human error.
Seeking an automated cheque processing option, the bank collaborated with Accelirate to implement a robotic process automation (RPA) solution to streamline the process. The bank chose Accelirate for their expertise in banking automation solutions and their ability to deliver robust, scalable solutions.
Overcoming Enrollment Challenges with Automated Cheque Processing
The client faced several challenges in its cheque processing program enrollment process that affected efficiency and customer satisfaction. The high volume of repetitive tasks, such as handling numerous forms for enrollment, resubmission, or unenrollment, demanded significant time and effort from customer service representatives (CSRs). This manual process was not only time-consuming but also prone to errors, particularly when differentiating between new enrollments and unenrollments. The accuracy and speed of processing these forms were critical, as any delays or mistakes directly impacted customer satisfaction. Additionally, the labor-intensive nature of the process meant that valuable CSR hours were diverted from more strategic, high-value tasks, limiting their ability to address other customer needs.
To address these challenges, the bank partnered with Accelirate to implement an advanced RPA solution.
01 - Form Type Identification:
The RPA bot efficiently identifies whether a form is for a new customer enrollment or unenrollment from the program. This automation reduces the likelihood of errors that can occur when CSRs manually differentiate between form types.
02 - Resubmit Indicator Identification:
The bot locates the Resubmit Indicator on each account to determine whether the customer is enrolling or unenrolling from the program. This ensures accurate processing based on the customer’s current status.
03 - Processing for Existing and New Users:
Depending on the form type and indicator, the bot processes enrollments for existing users, creates new profiles for new users, and links the Resubmit profile to the banking account and the IRX. This comprehensive approach ensures all customer scenarios are handled efficiently.
04 - Banking Automation as a 4-Branch Process:
Accelirate implemented a 4-branch process to address various customer scenarios, ensuring a robust and scalable solution. This development approach catered to the complexities of different customer needs and scenarios, providing a reliable and adaptable solution.
Transforming Banking Operations and Efficiency with Tangible Benefits of Automation
The implementation of cheque processing automation in the enrollment process at the North American Bank has yielded remarkable results, revamping the way the bank handles customer enrollments. By leveraging advanced robotic process automation, the bank has successfully streamlined its operations, significantly reducing processing times and enhancing customer satisfaction. This innovative solution has not only improved the efficiency of the bank’s operations but also enabled its customer service representatives to focus on higher-value tasks, leading to a substantial increase in productivity.
Don’t believe us? Just look at these remarkable results derived from Accelirate’s tailored RPA solution:
01 - 76% Reduction in Processing Time:
The RPA solution in Banking slashed the resubmit form processing time by 76%, allowing forms to be handled much more quickly than before.
02 - 90 Seconds Per Form:
The automated system processes each form in just 90 seconds, a substantial improvement from the previous 6-7 minutes, demonstrating significant efficiency gains.
03 - 225 Hours Saved Monthly:
Cheque Processing Automation led to a monthly time savings of 225 hours, freeing up CSR resources to focus on high-value tasks and customer interactions, thereby boosting overall productivity.
04 - Enhanced Accuracy:
The precision of the RPA bot in identifying form types and resubmit indicators minimized errors, ensuring that forms were processed correctly the first time, enhancing operational reliability.
05 - Improved Customer Satisfaction:
Faster and more accurate processing of forms directly improved the customer experience, as clients received timely and error-free service.
06 - Scalability and Robustness:
The 4-branch process development ensured the solution was robust and scalable, capable of handling various customer scenarios without compromising performance.
Embrace Automation Today for a Future-Ready Banking Experience
Today, embracing automation is no longer a luxury – it is a necessity. The success of this cheque processing automation case study highlights how intelligent automation can streamline operations, reduce costs, and elevate customer experiences. Can you imagine freeing up hundreds of hours each month for your team to focus on what truly matters – engaging with customers. Solving complex issues and driving strategic initiatives. Automation can make this a reality.
The benefits extend beyond just operational efficiency. Faster processing times and reduced errors mean happier customers who receive prompt and accurate service. This improvement in customer experience can set your bank apart in a competitive market, fostering loyalty and trust. Automation also brings scalability and flexibility. As your business grows, automated processes can easily adapt to handle increased volumes and new challenges without compromising performance. This ensures your operations remain smooth and efficient, no matter how the landscape changes.
Are you ready to transform your business operations and achieve similar results? It is never too late to get started or upscale, especially with expert guidance and clear intent. Associating with a trusted AI and Automation Provider like Accelirate makes the job easy and efficient. Let us empower you to navigate the path to automation success.
