Retirement Plan Client Request Automation
The Money Out Unit at a Major Financial Services Company is responsible for managing client retirement plan-based requests. The team receives email requests from clients asking to either withdraw, take a loan from, or disburse their retirement plan funds. Rather than bogging down the Money Out team with requests, requiring them to look up client retirement plans, plan dollar-amounts, previous disbursements and more, RPA was used to automate this process and eliminate all human errors made in the original client retirement plan requests process.
- Bot Logs Into Task Manager: Bot opens task manager to find email requests from retirement plan participants asking to either withdraw from their plan, take a loan from their retirement funds, or disburse their funds.
- Bot Checks If Spreadsheet Is Attached: Bot recognizes if the customer’s plan information from the knowledge management system and customer information from a separate system are attached to the task. If attached, the Bot pulls the combined sheet and makes a copy of it to append the OMNI CRM information. If there is not a sheet already attached, the Bot makes a new sheet for just the OMNI CRM information.
- Bot Gathers Information from OMNI: Bot logs into the OMNI system and looks in seven different areas for customer retirement plan-specific information. The items it searches for include if the customer has multiple plans, if they have different plan fund sources, how much money is left in their retirement account, tax restrictions, and so on. The Bot records all this information in the participant’s Excel sheet associated with the task.
- Bot Organizes Spreadsheet: After all the participant plan information from the knowledge management system, customer information system, and OMNI are added to the spreadsheet, the Bot saves the completed file to the task in the task manager. Once saved, the tasks are sent to the appropriate Money Out group to decide whether or not the customer’s request for a withdrawal, loan, or disbursement from their 401k can be executed.
This automation provides the Money Out Unit with all the relevant participant retirement plan information, allowing them to easily determine whether to execute the customer’s request. Using RPA for this process eliminated all human errors previously made. It also allowed for more accurate request outcomes based on the quick ability to pull all relevant data as opposed to an employee only checking for a few decision-making indicators from request influx time constraints.